摘要
以2010—2021年沪深A股上市企业作为原始样本,采用固定效应模型探究数字化转型对债务融资成本的影响以及高管持股在数字化转型与债务融资成本之间的调节作用。实证结果表明:数字化转型程度对企业债务融资成本具有显著的抑制作用;高管持股在企业数字化转型与债务融资成本之间起到正向促进作用。异质性分析结果表明:非国有企业、中小规模企业的数字化转型对债务融资成本具有明显的抑制作用。
Using Shanghai and Shenzhen A-share listed companies from 2010 to 2021 as the original sample,a fixed-effects model is used to explore the impact of digital transformation on the cost of debt financing and the moderating role of executive shareholding between the digital transformation and the cost of debt financing.The empirical results show that the degree of digital transformation has a significant inhibi-tory effect on the cost of corporate debt financing and that executive shareholding plays a positive role in promoting the relationship between the corporate digital transformation and the cost of debt financing.The results of the heterogeneity analysis show that the digital transformation of non-state-owned enterprises and small and medium-sized enterprises has a significant inhibiting effect on the cost of debt financing.
作者
吴日中
王佳琪
WU Rizhong;WANG Jiaqi(School of Economics and Trade,Hunan Unviersity of Technology,Zhuzhou 412007,China)
出处
《常州工学院学报》
2024年第1期54-62,共9页
Journal of Changzhou Institute of Technology
关键词
数字化转型
高管股
债务融资成本
digital transformation
executive shareholding
debt financing cost
