Enterprise Digital Transformation and Misallocation of Credit Resources

Zhenyu Ke
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Abstract

Rational allocation of resources is the way to realize the high-quality development of China's economy. This paper empirically examines the impact of enterprise digital transformation on misallocation of credit resources using Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as the research samples. Baseline regression results show that there is a significant inhibitory effect of enterprise digital transformation development on misallocation of enterprise credit resources. Through the mediation analysis, it is found that improving the quality of enterprise internal controls, reducing the management of accrued surplus and lowering the cost of debt financing are effective paths for enterprise digital transformation to inhibit misallocation of enterprise credit resources. Further, the heterogeneity analysis based on the perspectives of enterprise micro characteristics and macro market environment shows that the non-state and high-tech attributes of enterprises and high marketization degree will strengthen the inhibitory effect of enterprise digital transformation on misallocation of enterprise credit resources. The findings are of great revelation to futher promote the rational allocation of credit resources under the enterprise digital transformation.
企业数字化转型与信贷资源分配不当
合理配置资源是实现中国经济高质量发展的必由之路。本文以 2007 年至 2022 年沪深两市 A 股上市公司为研究样本,实证检验了企业数字化转型对信贷资源错配的影响。基线回归结果表明,企业数字化转型发展对企业信用资源错配存在显著的抑制作用。通过中介分析发现,提高企业内部控制质量、减少应计盈余管理、降低债务融资成本是企业数字化转型抑制企业信用资源错配的有效路径。此外,基于企业微观特征和宏观市场环境视角的异质性分析表明,企业的非国有和高科技属性以及高市场化程度将强化企业数字化转型对企业信用资源错配的抑制作用。研究结果对进一步促进企业数字化转型下信贷资源的合理配置具有重要启示意义。
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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