Research on the Impact of Enterprise Digital Transformation on Financing Constraints:Based on"Information Theory"and"Resource Theory"
Digital transformation has become a new engine for the transformation and upgrading of traditional enterprises and high-quality development.Can this further affect the performance of enterprises in fundraising activities?By means of big data text analysis,this paper explores the impact of enterprise digital transformation on financing constraints,taking A-share listed companies from 2011 to 2022 as research samples.Different from previous studies only based on information theory,this paper tests from the dual perspectives of Informa-tion Theory and Resource Theory.It is found that enterprise digital transformation can significantly alleviate financing constraints and the alleviation is achieved by reducing the degree of earnings management and impro-ving the efficiency of resource allocation.Further research finds that while internal control and risk taking pro-mote the easing effect of digital transformation on financing constraints,diversification inhibits it.The"appli-cation of digital technology"under digital transformation has the best effect on reducing financing constraints.
digital transformationfinancing constraintsearnings managementresource allocation efficiency
NETL
NSTL
万方数据
