【摘要】 本研究借助中国2007～2020年沪深两市A股上市企业数据集，考察企业杠杆率对于数字化转型的影响及其内在机理，并进一步将金融监管纳入分析框架。研究发现，企业高杠杆率显著抑制数字化转型，上述结论经过多重稳健性检验后依然成立，并且上述影响随着企业属性以及生命周期展现出了较强的异质性特征。机制研究发现，企业杠杆行为通过增加财务成本、加剧财务不稳定性、恶化市场预期，并进一步从创新的“投入-产出”层面形成挤出，这些都无益于数字化转型。特别地，金融监管是改善“企业杠杆率—数字化转型”负向关系的重要因素，并展现出了显著的结构性优化特征。有鉴于此，想要充分利用杠杆行为驱动数字化转型绩效水平，就必须要在差异化去杠杆条件下加强金融监管，这是当下促进数字经济高质高速发展的必由之路。更多还原

【Abstract】 This article investigates the impact of corporate leverage on digital transformation with A-share listed companies’ data from 2007 to 2020. It finds that the high leverage ratio of enterprises significantly inhibits digital transformation. The effect varies with the characteristics and life cycle of the companies. The results survive various robustness checks on specifications and assumptions. Further investigation shows that corporate leverage ratio is positively correlated to financial costs,financial instability,and negative media exposure. Higher corporate leverage ratio is also correlated to lower R&D investment,while financial supervision can significantly decrease the negative correlation between corporate leverage ratio and digital transformation.更多还原