企业杠杆率如何影响数字化转型？

doi:10.13529/j.cnki.enterprise.economy.2024.01.013

	企业杠杆率如何影响数字化转型？
	蔡雪玲
	2024
发表期刊	企业经济
卷号	43 期号:01 页码:127-138
摘要	如何驱动数字化转型成为当下推动经济高质量发展的重要课题。选取2010—2021年A股上市企业作为研究对象，检验企业杠杆率对数字化转型的影响关系、作用机制及作用边界，并拓展分析不同条件下企业杠杆率对数字化转型的差异性影响。研究结果表明：企业杠杆率显著抑制数字化转型，且在控制内生性问题与稳健性检验后结果仍成立。机制检验结果表明：融资约束和研发投入在企业杠杆率与数字化转型之间起部分中介作用。调节效应表明：管理层能力与环境不确定性均负向调节企业杠杆率与数字化转型的关系。拓展性分析结果发现：企业杠杆率对数字化转型的抑制作用在非国有企业、非高科技企业、两职分离与非四大会计师事务所审计的企业中更加显著。企业应寻求内部杠杆水平的最优均衡点，提高资源获取与配置能力；提升内部治理水平与外部环境应对能力，缓解杠杆率对数字化转型的抑制作用；政府部门应完善监督管理措施，以防范化解金融风险。
其他摘要	How to drive digital transformation has become an important topic for the high-quality development of current economy.This paper selects A-share listed enterprises from 2010 to 2021 as the research object to test the impact relationship,mechanism and boundary of corporate leverage ratio on digital transformation and further analyzes the differential impact of corporate leverage ratio on digital transformation under different conditions.The results show that corporate leverage ratio significantly inhibits digital transformation,and the result still holds after controlling the endogeneity problem and robustness test.The results of the mechanism test show that financial constraints and R&D investment play a partial intermediary role between corporate leverage ratio and digital transformation.The moderating effect shows that both managerial ability and environmental uncertainty negatively regulate the relationship between corporate leverage ratio and digital transformation.The extended analysis finds that the inhibitory effect of corporate leverage ratio on digital transformation is more significant in non-state-owned enterprises,non-high-tech enterprises,enterprises with separation of duties and non-big four accounting firms audit.Enterprises should seek the optimal equilibrium point of enterprise leverage level to improve the ability of resource acquisition and allocation;improve the level of internal governance and the ability to cope with the external environment,and alleviate the inhibitory effect of leverage ratio on digital transformation;government departments should improve supervision and management measures to prevent and resolve financial risks.
关键词	企业杠杆率数字化转型融资约束研发投入
DOI	10.13529/j.cnki.enterprise.economy.2024.01.013
URL	查看原文
收录类别	北大核心 ; AMI
ISSN	1006-5024
语种	中文
原始文献类型	学术期刊
中图分类号	F275;F49;F832.51
CN号	36-1004/F
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/35519
专题	统计与数据科学学院
作者单位	兰州财经大学统计学院
第一作者单位	统计与数据科学学院
推荐引用方式 GB/T 7714	蔡雪玲. 企业杠杆率如何影响数字化转型？[J]. 企业经济,2024,43(01):127-138.
APA	蔡雪玲.(2024).企业杠杆率如何影响数字化转型？.企业经济,43(01),127-138.
MLA	蔡雪玲."企业杠杆率如何影响数字化转型？".企业经济 43.01(2024):127-138.