企业数字化转型与杠杆操纵

Corporate Digitalization and Leverage Manipulation

企业杠杆操纵行为会增加企业财务风险和系统性金融风险。从信息互补视角的实证分析表明,企业数字化转型能显著降低其杠杆操纵程度,且数字化转型对弱银企关联型企业杠杆操纵的抑制作用更显著。机制检验表明,数字化转型提高了弱银企关联型企业公开信息透明度,缓解了融资约束,抑制了企业杠杆操纵行为。进一步分析发现,媒体关注度、研发投入和银企关联强度在企业数字化转型对其杠杆操纵的影响中发挥了调节作用。经济后果分析表明,企业数字化转型调整了弱银企关联型企业杠杆结构,促进企业“脱虚向实”,且优化了银行信贷资源配置效率,降低了银行对抵押品的依赖。上述结论不仅从信息互补视角厘清了企业数字化转型抑制企业杠杆操纵的路径,更为深化企业数字化转型、推动银行金融科技发展并促进数字技术与实体经济深度融合提供了有益参考。

Corporate leverage manipulating behaviors can increase both corporate financial risks and systematic financial risks.From the perspective of information complementarity,this paper conducts an empirical analysis.The findings show that corporate digitalization can significantly lower the degree of its leverage manipulation,and that the digitalization has a more significant inhibiting effect on their leverage manipulation of the enterprises with weaker relationships with banks.The results of a mechanism test show that corporate digitalization increases the public information transparency of the enterprises with weaker relationships with banks,release financing constraints and inhibit the leverage manipulation of the enterprises.Further analysis reveals that the media attention,R&D investment,and the strength of bank-firm relationships can play a moderating role in the impact of corporate digitalization on its leverage manipulation.The result of the economic consequence analysis indicates that corporate digitalization can adjust the leverage structure of the enterprises with weaker bank-firm relationship,promote the enterprises from virtual to real,optimize the efficiency of resource allocation of bank credit,and reduce bank dependence on collaterals.The above-mentioned conclusions not only clarify the channel through which corporate digitalization reduces corporate leverage manipulation from the perspective of information complementarity but also provide insights for promoting corporate digitalization,the development of bank-fintech,and the integration of digital technology and the real economy.