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企业数字化转型抑制了过度负债吗?

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以2011-2022年沪深A股非金融上市企业为研究对象，采用文本分析方法衡量企业数字化转型，探究企业数字化转型对过度负债的影响及作用机制，并进一步分析这一影响对不同特征企业的异质性效应。研究结果表明:企业数字化转型可以有效抑制过度负债，这一结论在经过一系列稳健性检验后依然成立。作用机制检验结果显示:数字化转型通过提升企业信息透明度和缓解企业融资约束抑制了企业过度负债。进一步的异质性分析结果发现:在高盈利能力、内部治理水平高和非国有企业中，数字化转型对企业过度负债的抑制效果更为显著。研究结论不仅扩展了企业数字化转型经济后果的相关文献，而且为企业过度负债的治理提供了新思路。
Does the Digitization Transformation of Enterprises Curb Excessive Debt?
Taking non-financial listed companies on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2022 as the research ob-jects,this paper uses text analysis methods to measure the digital transformation of companies.It explores the impact and mechanism of excessive debt on the digital transformation of companies,and further analyzes the heterogeneous effects of this impact on companies with different characteristics.The results show that the digital transformation of enterprises can effectively restrain excessive debt,which is still true after a series of robustness tests.The results of mechanism test show that digital transformation inhibits excessive debt of enterprises by improving corporate information transparency and easing corporate financing constraints.The results of further hetero-geneity analysis show that in high profitability,high internal governance and non-state-owned enterprises,digital transformation has a more significant inhibition effect on excessive debt.The research conclusion not only expands the relevant literature on the economic consequences of enterprise digital transformation,but also provides a new idea for the governance of enterprises'excessive debt.

Digital TransformationTransparency of InformationFinancing ConstraintsExcessive Debt

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郑州轻工业大学经济与管理学院,河南郑州 450002

数字化转型 信息透明度 融资约束 过度负债

国家社会科学基金青年项目河南省高等学校青年骨干教师培养计划河南省高校哲学社会科学创新团队支持计划河南省高等学校哲学社会科学基础研究重大项目河南省高等教育教学改革研究与实践项目

21CJL0062023GGJS0932024-CXTD-042024-JCZD-162021SJGLX020

2024

经济经纬
河南财经学院

经济经纬

CSTPCDCSSCICHSSCD北大核心
影响因子：1.006
ISSN：1006-1096
年,卷(期)：2024.41(1)
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