摘要
本文以2007—2019年中国沪深A股上市企业为样本,检验企业数字化转型对股权资本成本的影响及其机制。实证结果表明:企业进行数字化转型显著降低了股权资本成本;在财务压力更大、信息复杂程度更高、公司治理水平更低的企业中,数字化转型降低股权资本成本的效应更强。机制分析显示,数字化转型主要通过降低企业盈余波动、吸引外部关注以及提高公司治理质量三条渠道,降低企业的股权资本成本。
Using a sample of Chinese A-share listed firms from 2007 to 2019, this paper examined how firms, digital transformation influence the cost of equity. Empirical results show that digital transformation significantly reduces firms, cost of equity. In addition,the mitigating effect of digital transformation on the cost of equity is stronger in financially stressed firms, firms with higher information complexity, and firms with worse corporate governance. Mechanism analysis shows that digital transformation reduces the cost of equity mainly by reducing firms, earnings volatility, attracting external attention, and improving corporate governance.
作者
郑晓佳
张雪彬
蒋先玲
ZHENG Xiaojia;ZHANG Xuebin;JIANG Xianing(School of International Trade and Economics,University of International Business and Economics,Beijing,100029)
基金
国家自然科学基金青年项目“数字经济时代的网络安全风险与企业创新研究”(72202035)
国家自然科学基金面上项目“新股发行上市中的投资者行为研究”(71872044)
对外经济贸易大学中央高校基本科研业务费专项资金“绿色治理与金融稳定——基于ESG的视角”(CXTD12-03)。
关键词
数字化转型
股权资本成本
信息不对称
外部关注
公司治理
Enterprise Digital Transformation
Cost of Equity
Information Asymme-try
,External Attention
Corporate Governance
