数字化转型对流通企业融资约束的影响研究——基于沪深A股上市流通企业的经验证据

A Study of the Impact of Digital Transformation on the Financing Constraints of Circulation Enterprises—Based on the Empirical Evidence of Shanghai-Shenzhen A-Share Listed Circulation Enterprises

数字经济浪潮下,传统产业深度融合的数字化转型成为企业创新发展的必由之路。本文基于2011~2022年沪深A股上市流通企业数据,研究了数字化转型对流通企业融资约束的影响。结果显示,数字化转型能有效缓解流通企业融资约束,渠道机制研究还表明提高流通企业内部控制质量、促进流通企业供应链金融的发展可以缓解融资约束。进一步异质性分析发现,企业产权性质、地区差异、细分行业差异均对其作用效果产生影响。运用倾向得分匹配法、滞后解释变量两种方法弱化内生性问题后,以上结论仍然稳健。本研究丰富了流通企业数字化转型经济效果的相关理论,为更好地运用数字化转型缓解流通企业融资约束提供引导与启示,兼具理论与实际价值。

Under the wave of digital economy, the digital transformation with the deep integration of traditional industries has become the only way for enterprises to innovate and develop. Based on the data of Shanghai-Shenzhen A-share listed circulation enterprises from 2011 to 2022, this paper studies the impact of digital transformation on the financing constraints of circulation enterprises. The results show that digital transformation can effectively alleviate financing constraints of circulation enterprises, and the research on channel mechanism also shows that improving the quality of internal control of circulation enterprises and promoting the development of supply chain finance of circulation enterprises can alleviate financing constraints. Further heterogeneity analysis shows that the property rights of enterprises, regional differences and sub-sector differences all have an impact on the effect. After using propensity score matching method and delayed explanatory variables to weaken the endogeneity problem, the above conclusions are still robust. This study has enriched relevant theories on the economic effects of digital transformation of circulation enterprises, and provided guidance and inspiration for better using digital transformation to alleviate financing constraints of circulation enterprises, which has both theoretical and practical value.