Will Higher Energy Prices Inhibit Digital Transformation:Empirical Research Based on China's A-share Listed Companies
As the driving force of economic development,the price of energy directly affects the economic activities of micro-entities,and in the process of transformation of enterprise digitization,the impact of energy price should not be ignored.The Divisia index model is used to construct the Chinese energy price index,and the data of Chinese A-share listed companies from 2012-2022 are used as samples to explore the impact of energy prices on the digital transformation of enterprises by using the fixed effect model,and further test the mediating effect of financing constraints and the moderating effect of financialization of enterprises.The results show that higher energy prices inhibit the digital transformation of enterprises,and the inhibitory effect is more obvious in eastern enterprises,manufac-turing enterprises,and state-owned enterprises;moreover,financing constraints and financialization of enterprises play significant me-diating and moderating effects respectively in the process of inhibiting the digital transformation of enterprises by high energy prices.Based on this,three suggestions are put forward to calm energy price fluctuations,guide the entry of social capital and encourage enter-prises to"turn from the virtual to the real",provide a reference for the relevant decision-making departments and enterprises.
energy pricedigital transformationenterprise financializationfinancing constraintDivisia index
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