数字化转型对动态资本结构调整的影响:来自中国的证据

Ye Chen, Lei Shen, Yuchen Bian, Xi Zhang
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引用次数: 1

摘要

在过去的二十年里,数字创新出现了激增。中国是世界第二大数字经济体,建设数字中国的国家战略正在全面展开。中国企业在数字化转型过程中得到了大力支持。本文以中国上市公司为研究对象,探讨数字化转型对企业动态资本结构调整的影响。本文基于2011-2021年3855家中国a股上市公司的年度观察数据,采用面板数据固定效应模型来确定所提出变量之间的关联关系。结果表明,数字化转型对加快资本结构调整速度具有显著的正向作用。此外,我们发现数字化转型通过财务灵活性促进动态资本结构调整。数字化转型对动态资本结构调整的影响在所有权类型、资产规模和信贷周期上表现出异质性。此外,融资约束的减少和经济政策不确定性的增加将缓和数字化转型与动态资本结构调整之间的关系。我们的研究结果为数字化转型如何推动企业加速资本结构调整速度至最优提供了见解,并补充了现有关于动态资本结构调整决定因素的文献。
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Effects of Digital Transformation on Dynamic Capital Structure Adjustment: Evidence from China
Over the past two decades, there has been a surge in digital innovation. China is the world’s second-largest digital economy entity and the national strategy to build a digital China is in full swing. Chinese enterprises have received great support while pursuing digital transformation. This study aims to explore the impact of digital transformation on firm dynamic capital structure adjustment by taking evidence from Chinese listed firms. Based on the data of 3855 Chinese A-share listed firm-year observations during 2011–2021, this study employed a panel data fixed effects model to ascertain the association between the proposed variables. The results indicate that digital transformation has a significant positive effect on accelerating capital structure adjustment speed. Furthermore, we show that digital transformation promotes dynamic capital structure adjustment through financial flexibility. The impact of digital transformation on dynamic capital structure adjustment is characterized by heterogeneity in the ownership type, asset size, and credit cycle. In addition, reduced financing constraints and growing economic policy uncertainty will moderate the relationship between digital transformation and dynamic capital structure adjustment. Our findings provide insights into how digital transformation is driving companies to accelerate their capital structure adjustment speed to the optimal, and supplements the existing literature on the determinants of dynamic capital structure adjustment.
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