基于2012-2022年 A 股非金融行业企业数据，运用实证方法和双向固定效应模型，检验了企业数字化转型对企业商业信用融资的影响。结果表明，数字化转型通过提升信息透明度、降低商业信用交易成本以及降低供应商集中度，扩大了企业商业信用融资规模。此外，通过选取公司治理变量进行异质性分组检验和交互性检验，发现企业数字化转型对企业商业信用融资规模的正向促进作用在盈利发展能力较强、创新投入相对较少的企业样本中更明显，且主要集中在非国有企业和内部控制有效且透明度较好的企业。因此，企业应积极开展数字化转型，这有利于增强企业在供应链中的话语权，降低信用融资成本，增加商业信用融资规模，缓解融资压力。
The Impact of Enterprise Digital Transformation on Commercial Credit Financing
Based on the data of A-share non-financial industry enterprises from 2012 to 2022,the impact of enterprise digital transformation on enterprise commercial credit financing is examined by using empirical methods and two-way fixed effect models.The test results show that digital transformation expands the scale of corporate commercial credit financing by enhancing information transparency,reducing commercial credit transaction costs,and lowering supplier concentration.In addition,by selecting corporate governance variables for heterogeneity grouping test and interaction test,it is found that the positive promotion effect of enterprise digital transformation on the scale of enterprise commercial credit financing is more obvious in the sample of enterprises with stronger profit development ability and relatively less innovation investment,and it is mainly concentrated in the non-state-owned enterprises and enterprises with effective internal control and better transparency.Therefore,enterprises should actively carry out digital transformation,which is conducive to enhancing their voice in the supply chain,reducing the cost of credit financing,increasing the scale of commercial credit financing,and alleviating financing pressure.
digital transformationcommercial creditfinancing scaletransaction costcorporate governancesupplier concentration
NETL
NSTL
万方数据
