摘要
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。基于2008-2020年创业板上市公司数据,研究了数字化转型对中小企业融资约束的影响。结果显示,中小企业开展数字化转型能有效降低融资约束,渠道机制研究还表明提高企业信息透明度、降低融资成本、加强创新能力可以缓解融资约束。进一步异质性分析发现,企业微观层面的股权质押、股票流动性及外部环境层面的机构投资者持股比例、经济政策不确定性均在数字化转型过程中发挥调节作用。运用工具变量法、PSM-DID弱化内生性问题后,以上结论仍然稳健。本研究丰富了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中小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 of traditional Industries’ deep integration has become the only way for enterprises to innovate and develop.Based on the data of listed companies on GEM from 2008 to 2020,this paper studies the impact of digital transformation on financing constraints of smes.The results show that smes carrying out digital transformation can effectively reduce financing constraints.The research on channel mechanism also shows that improving enterprise information transparency,reducing financing costs and strengthening innovation ability can alleviate financing constraints.Further heterogeneity analysis shows that equity pledge at the micro level,stock liquidity,institutional investors’ shareholding ratio at the external environment level,and economic policy uncertainty all play a moderating role in the process of digital transformation.After the use of instrumental variable method and PSM-DID to weaken the endogeneity problem,the above conclusion is still robust.This study enriches the theories related to the economic effects of digital transformation,provides guidance and enlightenment for better use of digital transformation to alleviate financing constraints of small and medium-sized enterprises,and has both theoretical and practical value.
作者
王敬勇
孙彤
李珮
龚钰轩
WANG Jing-yong;SUN Tong;LI Pei;GONG Yu-xuan
出处
《科学决策》
CSSCI
2022年第11期1-23,共23页
Scientific Decision Making
基金
国家社会科学基金项目(项目编号:19AGL033)
江苏省社会科学基金项目(项目编号:17HQ026)
江苏省社会科学基金项目(项目编号:22GLC004)。
关键词
数字化转型
信息透明度
融资约束
digital transformation
information transparency
financing constraints
