数字化转型对企业债务融资成本的影响研究

The Impact of Digital Transformation on Enterprise Debt Financing Cost

摘要: 数字经济已经成为推动国家经济增长的主要力量。本文采用2007~2021年沪深A股上市公司数据，使用双重固定效应模型对企业数字化转型对企业债务融资成本的影响以及作用机制进行了研究。实证结果显示，企业数字化转型对企业债务融资成本有显著的抑制作用，也就是说，企业数字化转型程度越高，企业债务融资成本越低；同时，企业数字化转型可以通过降低财务风险和缓解融资约束来降低企业的债务融资成本。企业数字化转型对企业债务融资成本的影响存在异质性，对于大型企业、竞争性行业和制造业企业债务融资成本的降低作用尤为明显。

Abstract: The digital economy industry has become a major force driving the country’s economic growth. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2021, this paper uses the double fixed-effect model to study the impact and mechanism of enterprise digital transformation on corporate debt financing costs. The empirical results show that the digital transformation of enterprises has a significant inhibitory effect on the cost of enterprise debt financing, that is, the higher the degree of enterprise digital transformation, the lower the cost of enterprise debt financing. At the same time, the digital transformation of enterprises can reduce the debt financing cost of enterprises by reducing financial risks and alleviating financing constraints. The impact of enterprise digital transformation on the debt financing cost of enterprises is heterogeneous, especially for large enterprises, competitive industries and manufacturing enterprises.