A Study of Digital Transformation and Corporate Commercial Credit Financing Behavior
Based on the data of Chinese listed companies from 2013 to 2019,this paper constructs the digital transformation index of micro-corpo-rate with the help of text analysis method,and examines the impact and mechanism of digital transformation on corporate commercial credit financing.The results show that the digital transformation of corporates is significantly positively correlated with commercial credit financing.The investigation of the mechanism shows that digital transformation has played a enhancing effect on commercial credit financing by reducing corporate information risks and opti-mizing corporate operation efficiency.The investigation of heterogeneity factors shows that the effect of digital transformation to improve business credit is more significant in financial underdeveloped markets,fierce industry competition and state-owned corporates.Finally,the value effect test shows that dig-ital transformation reduces the demand for debt financing by improving the financing of business credit,and has a certain financing value effect.This paper provides empirical evidence for understanding the transformation behavior of corporates in the era of digital economy,reveals the mechanism of digital ap-plication on corporate commercial credit financing and its economic consequences,and provides micro evidence for promoting the integration of digital e-conomy and real economy.
Digital TransformationCorporate FinanceCommercial Credit
万方数据
维普
