Digital transformation can optimize the allocation of resources, strengthen the connection between internal and external factors of the enterprise, and create conditions for reducing the financial constraints. Based on the sample of Shanghai and Shenzhen A-share listed companies from 2010 to 2022, this paper examines the impact and mechanism of digital transformation on financial flexibility. It is found that the digital transformation of enterprises can improve the financial flexibility of enterprises, and the digital transformation can optimize corporate governance and ease financing constraints to enhance the financial flexibility of enterprises. Heterogeneity tests show that when the degree of environmental uncertainty is higher, the government intervention is less, or the development level of digital economy is higher, the digital transformation of enterprises has a more obvious role in improving financial flexibility. The economic consequence tests show that with the deepening of digital transformation, a higher level of financial flexibility can promote the increase of innovation activities of enterprises and enhance the willingness to fulfill corporate social responsibility.
关键词
数字化转型/财务柔性/公司治理/融资约束
Key words
digital transformation/financial flexibility/corporate governance/financing constraints
维普
万方数据