摘要
基于中国2015—2021年A股上市企业数据,考察了数字化转型对困境企业债务违约风险的影响。研究发现,企业数字化转型显著降低了困境企业债务违约风险;缓解融资约束和减少非效率投资是数字化转型降低困境企业债务违约风险的两个关键机制;考虑企业债务违约风险周期,相较于发酵期和去杠杆期,数字化转型能够显著降低处于债务危机早期和强化期企业债务违约的风险;相较于非困境企业,数字化转型对困境企业债务违约风险的降低作用更强。
Based on the data of A-share listed enterprises in China from 2015 to 2021,the paper explored the impact of digital transformation on the debt default risk of distressed enterprises.The study found that,enterprise digital transformation significantly reduced the debt default risk of distressed enterprises.Meanwhile,relieving financial constraints and reducing inefficient investment were the two key mechanisms here.Considering enterprise debt default risk cycle,digital transformation could significantly reduce enterprise debt default risk in the early and intensified periods compared to the fermentation and deleveraging periods.Compared with non-distressed enterprises,digital transformation had a stronger effect on the debt default risk reduction of distressed enterprises.
作者
周灿
章激扬
ZHOU Can;ZHANG Ji-yang(School of Business,Nanjing University,Nanjing 210093,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2023年第5期113-126,共14页
Journal of Shanxi University of Finance and Economics
基金
国家社科基金青年项目(21CTJ026)。
关键词
数字化转型
企业债务违约风险
微观债务危机周期
融资约束
非效率投资
digital transformation
enterprise debt default risk
micro debt crisis cycle financing constraints
inefficient investment
