基于2012~2023年沪深A股上市企业的数据,采用文本分析法提取企业年报中有关数字化特征词的词频数衡量企业数字化转型,通过多元回归模型研究企业数字化转型对债务融资成本的影响。研究发现:企业数字化转型与债务融资成本显著负相关,数字化转型对降低债务融资成本具有正向促进作用。企业数字化转型对债务融资成本的抑制作用存在异质性,对比不同规模的企业,企业数字化转型在大型规模企业中降低债务融资成本的作用更加显著。进一步检验发现,高管持股在数字化转型与债务融资成本之间起到负向抑制作用。最后,分别从政府、企业两个层面提出了推动企业数字化转型的对策建议。Based on the data of Shanghai and Shenzhen A-share listed companies from 2012 to 2023, textual analysis was used to extract the frequency of digitalization-related keywords from corporate annual reports to measure the degree of corporate digital transformation. A multiple regression model was employed to study the impact of corporate digital transformation on the cost of debt financing. The research reveals a significant negative correlation between corporate digital transformation and debt financing costs, suggesting that digital transformation has a positive effect in reducing these costs. The study also finds heterogeneity in the inhibitory effect of digital transformation on debt financing costs, with the effect being more pronounced in large-scale enterprises. Further examination indicates that executive stockholding exerts a negative moderating effect between digital transformation and debt financing costs. Finally, the paper offers strategic recommendations for promoting corporate digital transformation from both governmental and corporate standpoints.
