This article selected A-share listed companies in China from 2010 to 2022 as the research object,systematically examined the impact and mechanism of digital transformation on the cost of equity capital of enterprises,and analyzes the heterogeneity of the a-bove effects from a lifecycle perspective.The research has found that digital transformation of enterprises has a significant inhibitory effect on the cost of equity capital.The linear moderating effect of management equity incentives as a moderating variable on the rela-tionship between digital transformation and the cost of equity capital is not significant,but rather plays a significant"inverted U-shaped"moderating role,which still holds after a series of robustness tests.Further research has found that digital transformation can significantly reduce the cost of equity capital for companies in the growth stage,but is not significant for mature and declining compa-nies.In addition,when the proportion of institutional investors in a company is high,the company's digital transformation information is more likely to attract the attention of investors,thereby effectively reducing the cost of equity capital.
关键词
企业数字化转型/权益资本成本/管理层股权激励/"倒U型"调节
Key words
digital transformation of enterprises/cost of equity capital/management equity incentives/inverted U-shaped adjustment
维普
万方数据