TMT Sability,Debt Financing Costs and Digital Transformation——Moderating Role Based on Innovation Efficiency
Based on influence of TMT stability、debt financing cost on digital transformation,a sample of Chinese A-share manufacturing listed companies from 2017-2021 is selected for empirical research.The study shows that:executive team stability is significantly and positively related to digital transformation;executive team stability is significantly and negatively related to debt financing cost;debt financing cost plays a mediating role in the process of the influence of executive team stability on digital transformation;and innovation efficiency positively moderates the facilitating effect of executive team stability on digital transformation.The results of heterogeneity analysis show that the stability of the executive team of state-owned enterprises has a stronger effect on the prowenzhangbianmotion of digital transformation,and the degree of network infrastructure construc-tion also affects the relationship between the factors.The findings provide a reference for enterprises to promote digital transformation through execu-tive characteristics.
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