企业数字化如何影响企业杠杆率?

How does Enterprise Digitalization Affect Enterprise Leverage?

本文在理论分析基础上提出研究假说,然后基于2008—2019年数据进行实证检验,以研究企业数字化对其杠杆率的影响及其机理。研究结果表明:企业数字化水平与企业杠杆率之间为“正U型”非线性关系,企业数字化水平存在拐点,拐点两侧,企业数字化水平分别降低和提高企业杠杆率。其机理在于企业数字化具有盈利抑制效应和抵押增强效应。企业数字化提高了企业盈利能力,强化了企业内源融资,进而降低企业杠杆率;相反,通过增强企业的抵押能力,提升了企业外部融资可获得性,进而提升了企业杠杆率。

In 2021,the development of the digital economy was incorporated into the outline of the 14th five-year plan.The digital economy includes digital industrialization and industrial digitization.Industrial digitization refers to the digital transformation of enterprises based on digital technology.The digital economy is becoming an important engine of China's economic growth,and consequently,the enterprise digitization level has become a micro variable that drives China's economic growth.Enterprise digitalization is inseparable from financial support.External financing is an essential choice for enterprises to obtain financial aid.Therefore,the enterprise digitization level may also affect enterprise leverage.How will the enterprise digitization level affect enterprise leverage?This level is introduced into the production function of the representative enterprise,and the functional relationship between the enterprise digitalization level and enterprise leverage is obtained.Based on the theoretical derivation,the research hypothesis is presented.The National Bureau of statistics,as well as the CSMAR and Wind databases are utilized to conduct an empirical test.The impact of the enterprise digitization level on enterprise leverage and its mechanism can be examined.The results show that,first,there is a positive U-shaped nonlinear relationship between the enterprise digital level and the enterprise leverage:there is an inflection point at the enterprise digital level,and when it is lower than the inflection point,the improvement of the digital enterprise level will reduce the enterprise leverage.Beyond the inflection point,the improvement of enterprise digitization level will improve enterprise leverage.Second,there is a"positive U"nonlinear relationship between the enterprise digitization level and enterprise leverage because the former has profit inhibition and mortgage enhancement effects.On the one hand,enterprise digitalization improves labor productivity and enterprise profitability.According to the priority financing theory,the stronger the profitability,the more endogenous the financing available to the enterprise,the smaller the demand for debt financing,and the lower the enterprise leverage.This is the profit inhibition effect.On the other hand,enterprise digitalization has increased the proportion of fixed assets.Compared with intangible assets,the value of fixed assets is easier to measure and realize.This means that the higher the proportion of fixed assets,the better the collateral quality of the enterprise,and the smaller the degree of information asymmetry with banks.Moreover,it is easier for enterprise to obtain the debt funds of financial institutions such as banks,and thus the enterprise leverage is greater.This is called the mortgage enhancement effect.The findings of this article has reference significance for studying the economic impact of industrial digitization from the micro level,and also has certain reference value for studying the impact of enterprise digitization on the enterprise risk-taking.