数字化转型与企业商业信用融资行为研究

A Study of Digital Transformation and Corporate Commercial Credit Financing Behavior

基于中国上市公司2013-2019年数据,借助文本分析方法构建企业数字化转型指标,考察数字化转型对商业信用融资的影响及作用机制。研究表明企业数字化转型与商业信用融资显著正相关。作用机制发现数字化转型通过降低企业信息风险、优化企业经营效率,从而实现商业信用融资的提升效应。异质性考察发现,数字化转型提升商业信用的效应在金融欠发达地区、竞争程度激烈的行业及国有企业中更加显著。价值效应检验发现,数字化转型改善商业信用融资,减少了对债务融资的需求,具有一定的融资价值效应。本文为理解数字时代企业转型行为提供经验支持,揭示数字化应用对商业信用融资的作用机制及经济后果,为促进数字经济与实体经济融合提供微观证据。

Based on the data of Chinese listed companies from 2013 to 2019,this paper constructs the digital transformation index of micro-corporate with the help of text analysis method,and examines the impact and mechanism of digital transformation on corporate commercial credit financing.The results show that the digital transformation of corporates is significantly positively correlated with commercial credit financing.The investigation of the mechanism shows that digital transformation has played a enhancing effect on commercial credit financing by reducing corporate information risks and optimizing corporate operation efficiency.The investigation of heterogeneity factors shows that the effect of digital transformation to improve business credit is more significant in financial underdeveloped markets,fierce industry competition and state-owned corporates.Finally,the value effect test shows that digital transformation reduces the demand for debt financing by improving the financing of business credit,and has a certain financing value effect.This paper provides empirical evidence for understanding the transformation behavior of corporates in the era of digital economy,reveals the mechanism of digital application on corporate commercial credit financing and its economic consequences,and provides micro evidence for promoting the integration of digital economy and real economy.