企业数字化转型、制度环境与股权融资成本

Enterprise Digital Transformation,Institutional Environment and Equity Financing Costs

数字经济背景下,数字化转型驱动企业全方位变革,这能否进一步降低股权融资成本?为此,以2007~2020年沪深A股上市企业为样本,实证检验了企业数字化转型对股权融资成本的影响、传导机制及边界条件。研究发现,企业数字化转型显著降低了股权融资成本,且这一作用在非高科技企业和处于成熟期的企业中更显著。机制分析表明,企业数字化转型通过提高创新效率并增强发展潜力、提升财务稳定性并降低破产风险以及缓解信息不对称并强化外部监督的渠道降低股权融资成本。进一步地,企业数字化转型驱动效应的发挥离不开外部制度环境的支撑,良好的制度环境会加强数字化转型对股权融资成本的作用效果。本文不仅丰富了企业数字化转型经济后果的相关文献,而且为微观经济主体推进数字化转型、迈向高质量发展提供了重要启示。

Under the background of digital economy,digital transformation drives all-round reform of enterprises.Can this further reduce the cost of equity financing?To this end,taking the A-share listed enterprises in Shanghai and Shenzhen from 2007 to 2020 as samples,this paper empirically tests the impact of enterprise digital transformation on equity financing cost,transmission mechanism,and boundary conditions.It is found that the digital transformation of enterprises significantly reduces the cost of equity financing,and this effect is more significant in non-high-tech enterprises and mature enterprises.Mechanism analysis shows that enterprise digital transformation reduces equity financing cost by improving innovation efficiency and enhancing development potential,improving financial stability,and reducing bankruptcy risk,alleviating information asymmetry,and strengthening external supervision.Furthermore,the driving effect of enterprise digital transformation cannot be played without the support of external institutional environment.A good institutional environment will strengthen the effect of digital transformation on equity financing costs.This paper not only enriches the literature on the economic consequences of firms’digital transformation,but also provides important insights for microeconomic agents to promote digital transformation and move toward high-quality development.