Impact of Digital Transformation on Corporate Debt Financing Costs from a Sustainability Perspective
In the era of digital economy,digital transformation has become a necessary way for enterprises to improve market competitiveness and achieve high-quality development.Based on the perspective of long-term sustainable development of enterprise management behaviours,the impact of digital transformation on the cost of debt financing is empirically explored by taking Shanghai and Shenzhen A-share listed companies in the manufacturing industry as the research sample from 2013 to 2022.It is found that digital transformation can effectively reduce the cost of debt financing by improving the sustainability of enterprises.Heterogeneity analysis shows that digital transformation can play a more significant role in reducing financing costs for small and medium-sized enterprises,enterprises with higher financing constraints and enterprises with high media attention.
digital transformationsustainabilityESG(environmental,social,and governance)performancecost of debt financing
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