可持续发展视角下数字化转型对企业债务融资成本的影响

Impact of Digital Transformation on Corporate Debt Financing Costs from a Sustainability Perspective

数字经济时代,数字化转型成为企业提高市场竞争力、实现高质量发展的必由之路。立足于企业管理行为长期可持续发展视角,以2013—2022年沪深A股制造业上市公司为研究样本,实证探讨数字化转型对债务融资成本的影响。研究发现,数字化转型能够通过提高企业的可持续发展能力有效降低债务融资成本。异质性分析表明,对于中小型企业、融资约束较高的企业和媒体关注度高的企业,数字化转型更能显著发挥降低融资成本的作用。

In the era of digital economy,digital transformation has become a necessary way for enterprises to improve market competitiveness and achieve high-quality development.Based on the perspective of long-term sustainable development of enterprise management behaviours,the impact of digital transformation on the cost of debt financing is empirically explored by taking Shanghai and Shenzhen A-share listed companies in the manufacturing industry as the research sample from 2013 to 2022.It is found that digital transformation can effectively reduce the cost of debt financing by improving the sustainability of enterprises.Heterogeneity analysis shows that digital transformation can play a more significant role in reducing financing costs for small and medium-sized enterprises,enterprises with higher financing constraints and enterprises with high media attention.