【摘要】 基于2007至2021年中国A股上市企业数据，实证检验了数字化转型与资本结构变化之间的关系。研究发现，数字化转型导致实际杠杆率偏低，且在私有性质、小规模和数字化产品生产的企业间表现更为明显；机制检验表明，数字化转型能为企业开拓内源融资和股权融资的渠道，以缓解债务杠杆的压力；以不同杠杆水平为限，数字化转型对资本结构的优化具有非线性特征，且相比短期资本结构，缩小长期资本结构偏离程度时的最佳杠杆区间更广。更多还原

【Abstract】 Based on the data of China’s A-share listed firms from 2007 to 2021, the relationship between digital transformation and capital structure change is empirically tested. It is found that digital transformation leads to low real leverage and is more obvious among firms of private nature, small scale and digital product production. The mechanism test suggests that digital transformation can open up channels of endogenous financing and equity financing for firms to alleviate the pressure of debt leverage. Limited by different leverage levels, the optimization of capital structure by digital transformation has nonlinear characteristics, and there is a wider effective leverage interval for optimization of long-term capital structure compared with short-term capital structure.更多还原