Dose Digital Transformation Improve Cash Holdings?
As a focus point to highlight the new advantages of China's digital economy and the new advantages of national competition,digital transformation has become an obvious choice for all enterprises.The existing research finds that the relationship between enterprise digital transformation and cash holding level is not consistent.,and the development of disruptive innovations brought by digital technology may have a more complex impact on this relationship.Based on a sample of A-share listed firms from 2010 to 2021,the study finds that there is an inverted U-shaped relationship between the degree of digital transformation and the level of cash holdings,and that financing constraints have a moderating effect on the above relationship.After distinguishing the differences in ownership attributes,enterprise size and industry characteristics,it is found that although the inverted U-shaped relationship remains,the moderating effect of financing constraints presents a different direction.Extending the relationship between digital transformation and the level of cash holding to a curve provides new ideas on how digital transformation affects corporate cash holding under the perspective of financing constraints.
enterprise digital transformationcash holding levelfinancing constraints
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