Can corporate digitalization deter leverage manipulation? Evidence from China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-17 DOI:10.1016/j.frl.2025.107796

Ningru Zhao , Lanlan Liu , Youyang Chen , Xiaoyu Yu

引用次数: 0

Abstract

Corporate leverage manipulation behavior can obscure the true operational performance of companies, ultimately harm investors’ interests and negatively impacting financial stability. With corporate digitalization trending globally and driving economic growth, this paper investigates whether it can help reduce companies leverage manipulation. We find that corporate digitalization can reduce the magnitude of leverage manipulation by relieving financial constraints and enhancing information transparency. Various robustness checks including the alternative model, the instrument variable and the propensity score matching validate our findings. This study deepens the understanding of the economic consequences of corporate digitalization.

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企业数字化能否阻止杠杆操纵？来自中国的证据

企业杠杆操纵行为会掩盖企业真实的经营业绩，最终损害投资者利益，对金融稳定产生负面影响。随着企业数字化在全球范围内的发展，并推动经济增长，本文将探讨数字化是否有助于减少企业杠杆操纵。我们发现企业数字化可以通过缓解财务约束和提高信息透明度来降低杠杆操纵的程度。包括替代模型、工具变量和倾向评分匹配在内的各种稳健性检查验证了我们的发现。本研究加深了对企业数字化经济后果的理解。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance