| 胡凯,刘家锋.企业数字化转型对权益资本成本的影响研究[J].唐山学院学报,2023,36(3):73-84 |
| 企业数字化转型对权益资本成本的影响研究 |
| Study on the Impact of Digital Transformation on the Equity Capital Cost in the Enterprises |
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| DOI：10.16160/j.cnki.tsxyxb.2023.03.012 |
| 中文关键词: 企业 数字化转型 权益资本成本 生命周期 |
| 英文关键词: enterprise digital transformation equity capital cost life cycle |
| 基金项目:甘肃省教育厅优秀研究生"创新之星"项目(2022CXZX-704) |
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| 中文摘要: |
| 文章以2007-2020年沪深A股上市公司为样本,实证分析了企业数字化转型对权益资本成本的影响。相关性分析和回归分析发现,企业数字化转型可以有效降低权益资本成本,且企业处于成长期和成熟期时,数字化转型对权益资本成本的降低效应更显著。机制检验发现,数字化转型对于权益资本成本的降低效应主要通过降低经营风险、减少代理问题和缓解信息不对称程度三条路径实现。异质性分析发现,对于国有企业,数字化转型更能有效抑制其权益资本成本。 |
| 英文摘要: |
| With the A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as samples, this paper empirically analyzes the impact of digital transformation on the equity capital cost. Correlation analysis and regression analysis show that digital transformation can effectively reduce the equity capital cost. When the enterprises are in the growth and maturity stage, digital transformation has a more significant effect on reducing the cost. The mechanism test shows that the reduction effect of digital transformation on the cost is mainly realized through three ways: reducing operational risks, reducing agency problems and easing the degree of information asymmetry. Heterogeneity analysis shows that for state-owned enterprises, digital transformation can restrain the equity capital cost more effectively. |
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