摘要
将微观企业层面的数字化转型速度与宏观政策层面的“降成本”和“去杠杆”任务相结合,实证检验数字化转型速度对企业债务融资的影响。研究发现,数字化转型速度能够有效抑制代理风险、信息风险及声誉风险,从而降低企业债务融资成本,有助于实现“降成本”的目标。对于非成熟期、供应链集成与智力资本水平较高的企业来说,数字化转型速度的“降成本”作用更明显。基于数字化转型速度优化的研究发现,一方面,相较于数字化转型匀速与减速,数字化转型加速显著降低了债务融资成本,数字化转型减速提升债务融资成本的原因在于数字化转型的边际递减效应而非管理层自利行为;另一方面,反映外部数字化发展水平的“宽带中国”政策与内部数字化转型速度在降低债务融资成本方面具有“互补”效应。基于“去杠杆”视角的债务结构优化研究发现,数字化转型速度能够优化债务期限结构、风险结构及资本结构,从而实现“去杠杆”目标,其中数字化转型加速的“去杠杆”作用尤为突出。
This paper combines the digital transformation speed at the micro-enterprise level with the“cost reduction”and“deleveraging”tasks at the macro-policy level to empirically test the impact of the digital transformation speed on debt financing.The study finds that the speed of digital transformation can effectively inhibit agency risk,information risk and reputation risk,thus reducing corporate debt financing costs and achieving the goal of“cost reduction”.For growing and declining enterprises,enterprises with high level of supply chain integration and intellectual capital,the“cost reduction”effect of the speed of digital transformation is more significant.Based on the research on the optimization of the speed of digital transformation,on the one hand,the acceleration of digital transformation can significantly reduce the debt financing cost,compared with the constant speed and deceleration of digital transformation.The reason for the deceleration of digital transformation to increase the debt financing cost is the marginal diminishing effect of digital transformation rather than the self-interest behavior of management;on the other hand,the“Broadband China”policy,which reflects the external digital development,and the speed of internal digital transformation have“complementary”effect in reducing the debt financing cost.Based on the research of debt structure optimization from the perspective of“deleveraging”,the speed of digital transformation can optimize the debt maturity structure,debt risk structure and debt capital structure,so as to achieve the goal of“deleveraging”,in which the accelerated digital transformation plays a particularly prominent role.
作者
杜善重
马连福
DU Shanzhong;MA Lianfu(International School of Business&Finance,Sun Yat-sen University,Zhuhai 519082,China;China Academy of Corporate Governance,Nankai University,Tianjin 300071,China)
出处
《审计与经济研究》
北大核心
2024年第2期52-62,共11页
Journal of Audit & Economics
基金
国家自然科学基金面上项目(72172063)。
关键词
数字化转型速度
债务融资成本
债务结构优化
降成本
去杠杆
the speed of digital transformation
debt financing costs
optimization of debt structure
cost reduction
deleveraging
