Can the implementation of enterprise resource planning systems reduce equity financing cost of enterprises?

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-15 DOI:10.1016/j.frl.2025.107782

Juanjuan Zhang , Song Zhou , Fuhui Ma

引用次数: 0

Abstract

We examine the impacts of ERP systems on equity financing cost from the dual perspectives of risk management and relative value creation based on corporate value maximization objectives. Using data manually collected from the listed companies in China, we find that enterprises with ERP systems have significantly higher equity financing cost. We addressed the endogeneity problems using the fixed effect, the two-stage least-squares regression (2SLS), and the Heckman two-stage regression. The underlying reasons for the result through mechanism analysis reveal that ERP systems can systematically and effectively enhance risk management levels and corporate value returns, bringing higher returns for investors and achieving a win-win situation. This result supports the investment-oriented role of the capital market and can help to resolve conflicts among its participants.

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企业资源规划制度的实施能否降低企业股权融资成本？

本文从风险管理和基于企业价值最大化目标的相对价值创造的双重视角考察了ERP系统对股权融资成本的影响。利用人工采集的中国上市公司数据，我们发现拥有ERP系统的企业股权融资成本明显更高。我们使用固定效应、两阶段最小二乘回归（2SLS）和Heckman两阶段回归来解决内生性问题。通过机制分析结果的深层原因，揭示了ERP系统能够系统有效地提升风险管理水平和企业价值回报，为投资者带来更高的回报，实现双赢。这一结果支持了资本市场的投资导向作用，并有助于解决资本市场参与者之间的冲突。

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