摘要
在新一轮科技革命和产业变革深入发展的背景下,着力推动企业数字化转型是完善现代化产业体系的关键要素,不仅能有效促进数字技术与实体经济的深度融合,也是进一步发挥创新主体作用、缓解企业融资困境的重要举措。基于2009—2022年我国沪深A股上市公司数据,实证检验数字化转型对企业融资成本的影响及ESG表现的中介效应。研究发现:第一,数字化转型能够显著降低企业的融资成本,且对企业债务融资成本的影响更明显。第二,数字化转型通过提高企业ESG表现降低企业融资成本,ESG表现在此过程中发挥了部分中介作用,且随着时间推移,ESG表现在数字化转型降低企业债务融资成本中的中介效应逐渐扩大。第三,异质性检验表明,数字化转型对企业债务融资成本的作用在民营、小型和非高新技术企业中的表现更显著,对权益融资成本的影响在国有、非高新技术企业中效果更明显;ESG表现的部分中介作用在国有、大型及非高新技术企业中更突出。为此,企业需要把握数字化转型及ESG发展机遇,切实制定适应性战略,推进数字化转型与ESG表现协同发展,而政府则要制定数字化转型及ESG发展的相关政策、完善顶层设计等,进而有效达到降低企业融资成本的目标。
In the backdrop of an intensifying technological revolution and industrial transformation,actively driving corporate digital transformation is a pivotal element in refining modern industrial systems.This not only facilitates the effective integration of digital technologies with real economy but also serves as a crucial measure to enhance the role of innovation and alleviate financing challenges for enterprises.Based on empirical data from Chinese companies listed on the Shenzhen and Shanghai Stock Exchanges from 2009 to 2022,this paper empirically investigates the impact of digital transformation on financing costs and the mediating effect of Environmental,Social,and Governance(ESG)performance.The findings reveal that firstly,digital transformation significantly reduces financing costs for enterprises,with a more pronounced effect on debt financing costs.Secondly,digital transformation decreases financing costs by enhancing ESG performance,with ESG playing a partial mediating role in this process.Over time,the mediating effect of ESG on reducing debt financing costs through digital transformation has grown.Thirdly,heterogeneity tests indicate that the impact of digital transformation on debt financing costs is more pronounced in private,small-scale,and non-high-tech enterprises,while its effect on equity financing costs is more notable in state-owned,non-high-tech enterprises.The partial mediating role of ESG performance is more pronounced in state-owned,large-scale,and non-high-tech enterprises.This study enriches the research on how digital transformation affects financing costs and provides practical insights for enterprises to advance their digital transformation and foster the development of ESG performance.It supports further encouragement of enterprises to expedite their digital transformation processes,harnessing the influence of ESG performance,thereby offering theoretical foundations and decision-making references for serving the long-term sustainable development of real economy enterprises.
作者
潘海英
牟慧林
秦远哲
PAN Haiying;MU Huilin;QIN Yuanzhe(Business School,Hohai University,Nanjing 211100,China;Faculty of Business,Economics&Law,The University of Queensland,Brisbane 4072,Australia)
出处
《河海大学学报（哲学社会科学版）》
CSSCI
北大核心
2024年第5期113-128,共16页
Journal of Hohai University：Philosophy and Social Sciences
基金
江苏省研究生科研与实践创新计划项目(SJCX23_0162)。
关键词
数字化转型
ESG表现
债务融资成本
权益融资成本
digital transformation
ESG performance
debt financing cost
equity financing cost
作者简介
潘海英(1970-),女,教授,博士,主要从事企业投融资决策研究。E-mail:hypan@hhu.edu.cn。
