How digital transformation affects the cost of equity capital: the role of information disclosure quality and stock liquidity

IF 2.8 4区管理学 Q2 BUSINESS

Industrial and Corporate Change Pub Date : 2023-10-17 DOI:10.1093/icc/dtad053

Lijun Ren, Jiajia Liu, Qianyi Hao

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引用次数: 1

Abstract

Abstract To achieve high-quality development, a critical question needs to be addressed: can enterprise digital transformation effectively alleviate enterprise financing problems by reducing the cost of equity capital? This study uses the text mining to analyze the financial statement from Chinese companies listed on Shanghai and Shenzhen A-share markets between 2011 and 2021, in order to define the digital transformation. Further, this study empirically tests the influencing mechanisms of digital transformation on the cost of equity capital, considering the perspectives of information disclosure quality and stock liquidity. The conclusions are as follows: (i) enterprise digital transformation can significantly reduce the cost of equity capital, and under the control of other variables, the cost of equity financing will be reduced by 8.8% for every 1% increase in digital transformation; (ii) digital transformation not only leads to a decrease in the cost of equity capital through the two independent mediation channels, improving information disclosure and accelerating stock liquidity, but also reduces the cost of equity capital through the chain mediation channel from information disclosure quality to stock liquidity; (iii) heterogeneity analysis finds that the effect of digital information on the cost of equity capital is more pronounced in larger, non-state-owned, non-high-tech and eastern enterprises. This study enriches the research of the influence of digital transformation on external financing, and plays an important role in the promotion of enterprise digital transformation and the formulation of targeted policies.

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数字化转型如何影响权益资本成本:信息披露质量和股票流动性的作用

企业数字化转型能否通过降低股权资金成本有效缓解企业融资问题，是实现高质量发展需要解决的关键问题。本研究采用文本挖掘的方法对2011年至2021年在上海和深圳a股上市的中国公司的财务报表进行分析，以定义数字化转型。进一步，本研究从信息披露质量和股票流动性两个角度实证检验了数字化转型对股权资本成本的影响机制。研究结果表明:(1)企业数字化转型可以显著降低股权融资成本，在其他变量的控制下，数字化转型每提高1%，股权融资成本将降低8.8%;(二)数字化转型不仅通过两个独立的中介渠道降低了权益资金成本，改善了信息披露，加速了股票流动性，而且通过信息披露质量到股票流动性的连锁中介渠道降低了权益资金成本;(3)异质性分析发现，数字信息对股权资本成本的影响在大型、非国有、非高新技术和东部企业中更为明显。本研究丰富了数字化转型对外部融资影响的研究，对推动企业数字化转型和制定有针对性的政策具有重要作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.