数字化转型与商业信用融资——以中国A股上市公司为例

Digital Transformation and Trade Credit——Evidence From China's A-share Listed Companies

企业数字化转型已成为数字经济时代下的必然趋势,能够对企业产生重大影响。本文以A股上市公司2007~2021年的数据作为样本,探讨企业数字化转型对企业商业信用融资的影响以及作用机制。研究发现,企业数字化转型能够显著提升企业的商业信用融资水平,两者的关系在经过稳健性检验后依旧成立。进一步研究发现,分析师关注度低以及融资约束程度小的企业,数字化转型对商业信用融资的促进作用更强。数字化转型可以通过提高企业的盈利能力和会计信息披露质量进而提升企业的商业信用融资水平。本文为企业如何利用数字化转型提高商业信用,进而提高商业信用融资水平,缓解融资约束提供了参考。

Digital transformation has become an imperative for firms in the digital era.Using the panel data of A-share listed companies in China from 2007 to 2021,this paper examines the impact of digital transformation on enterprises'trade credit.The re⁃sults reveal that digital transformation is positively associated with trade credit,and that the positive effects are more pronounced in firms with sever information asymmetry and low financing constraints.The conclusion remains consistent after a series of robustness test.Additionally,digital transformation can enhance profitability and accounting information quality,thus improving trade credit financing.The findings provide implications to encourage firms to embrace digital transformation to gain trade credit and alleviate fi⁃nancing constraints.