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引用次数: 0
摘要
本研究利用 2010 年至 2021 年中国 A 股上市公司的数据，采用双向固定效应模型研究了数字化转型对企业增长绩效的影响。我们发现，数字化转型对企业增长绩效有显著促进作用，且在一系列检验中保持稳健。机制分析表明，整体融资约束和债务融资对数字化转型与增长绩效之间的关系具有显著的调节作用，而股权融资只有在 PSM 匹配后才具有类似的作用。异质性分析表明，数字化转型对增长绩效的促进作用在民营企业、商业环境优越的地区和非高科技产业中更为明显。此外，研究还发现债务融资和股权融资对企业数字化转型的增长绩效促进作用都具有门槛效应。在此基础上，提出在追求企业数字化转型的积极效应时，应考虑企业资本规模和融资路径的配置。
The path of digital transformation driving enterprise growth: The moderating role of financing constraints
This study utilizes data from A-share listed companies of China between 2010 and 2021 to investigate the impact of digital transformation on corporate growth performance using a two-way fixed-effects model. We find that digital transformation has significantly promoted corporate growth performance, which remains robust across a series of tests. Mechanism analysis indicates that overall financing constraints and debt financing have significant moderating effects on the relationship between digital transformation and growth performance, whereas equity financing has similar effects only after PSM matching. Heterogeneity analysis shows that the promotion effect of digital transformation on growth performance is more pronounced in private enterprises, regions with superior business environments, and non-high-tech industries. Furthermore, both debt financing and equity financing were found to have a threshold effect on the growth performance promotion of enterprise digital transformation. Based on these, it is proposed that the configuration of enterprise capital scale and financing path should be considered when pursuing the positive effects of enterprise digital transformation.
期刊介绍：
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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