数字化转型能降低企业过度负债吗?

Can Digital Transformation Help Enterprises Prevent Financial Risks?:From Excess Leverage of Enterprises

防范化解金融风险是国家当前重要的金融工作之一,从企业这一微观主体角度来看,合理安排资本结构、降低过度负债有利于控制企业的金融风险。为此,本文以2011—2020年我国A股上市公司为样本,结合当前数字经济的发展,实证检验了企业数字化转型对过度负债的降低作用,并分别构建了中介效应模型和调节效应模型进行进一步研究。实证结果显示,企业数字化转型能够显著降低企业过度负债水平,融资约束和内部治理环境在这一过程中发挥了显著的中介作用,分析师关注度和地区数字金融水平对这一过程分别发挥了负向和正向的调节作用,即在分析师关注度低和地区数字金融水平高的条件下,企业数字化转型能够更好地降低过度负债。本文丰富了企业数字化转型经济效应的相关研究,同时为降低企业过度负债和防范化解金融风险提供了新的思路。

Currently,preventing and resolving financial risks is one of the important financial tasks for the country.From the perspective of enterprises as the micro subject,reasonably arranging capital structure and reducing excess leverage are beneficial for controlling financial risks of enterprises.Therefore,combining with the current development of the digital economy,this paper takes China's A-share listed companies from 2011 to 2020 as a sample to empirically test the effect of enterprise digital transformation on reducing excess leverage,and further study the mediating and moderating effects models separately.The empirical results show that enterprise digital transformation can significantly reduce the level of excess leverage,and financing constraints and internal governance environment play a significant mediating role in this process,and analyst attention and regional digital finance level have negative and positive moderating effects on this process.Another way to think of this is that,under the conditions of low analyst attention and high regional digital finance level,enterprise digital transformation can better reduce excess leverage.This study enriches the research on the economic consequences of enterprise digital transformation,and provides new ideas for reducing excess leverage of enterprises and preventing and resolving financial risks.