通过数字研发重新配置资本结构：机制和实证见解

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-09-08 DOI:10.1016/j.iref.2025.104610

Jie Wu , Kun Yang , Fei Song

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引用次数: 0

摘要

鉴于对资本结构调整无效的担忧日益增加，数字研发为财务增强提供了一种创新途径。本文利用中国a股非金融类上市公司的面板数据，考察了数字化研发对资本结构偏差的影响。结果表明，数字化主要通过缓解财务限制和提高信息披露质量显著降低了目标杠杆的偏差。这对信息环境不佳、财务资源控制受限以及位于较发达地区的公司的影响尤为显著，为数字驱动的金融政策和公司治理改革提供了实用见解。

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Reconfiguring capital structures through digital R&D: Mechanisms and empirical insights

In light of increasing apprehensions regarding the ineffectiveness of capital structure modification, digital R&D presents an innovative avenue for financial enhancement. This study examines the effect of digital R&D on capital structure deviation using panel data from Chinese A-share non-financial listed companies. The results demonstrate that digitization markedly lowers deviation from target leverage, chiefly by alleviating financial limitations and enhancing the quality of information disclosure. The impact is particularly significant among companies with subpar information environments, restricted control over financial resources, and those situated in more developed areas, offering practical insights for digitally-driven financial policy and corporate governance reform.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.