【摘要】 本文以2007—2019年中国沪深A股上市企业为样本,检验企业数字化转型对股权资本成本的影响及其机制。实证结果表明:企业进行数字化转型显著降低了股权资本成本;在财务压力更大、信息复杂程度更高、公司治理水平更低的企业中,数字化转型降低股权资本成本的效应更强。机制分析显示,数字化转型主要通过降低企业盈余波动、吸引外部关注以及提高公司治理质量三条渠道,降低企业的股权资本成本。更多还原

【Abstract】 Using a sample of Chinese A-share listed firms from 2007 to 2019, this paper examined how firms, digital transformation influence the cost of equity. Empirical results show that digital transformation significantly reduces firms, cost of equity. In addition,the mitigating effect of digital transformation on the cost of equity is stronger in financially stressed firms, firms with higher information complexity, and firms with worse corporate governance. Mechanism analysis shows that digital transformation reduces the cost of equity mainly by reducing firms, earnings volatility, attracting external attention, and improving corporate governance.更多还原