数字化转型能否降低企业资本成本

依据2007—2020年我国上市公司数据，考量数字化转型对企业资本成本的影响。结果显示，数字化转型可以有效降低企业资本成本；机制检验结果表明，数字化转型通过缓解信息不对称、强化企业创新动能、提高内部控制质量等路径降低企业资本成本。进一步研究发现，高科技企业以及企业面临较高环境不确定性时，数字化转型降低企业资本成本的效果更显著。结论从降低企业资本成本的视角为企业如何推进数字化转型战略提供了经验证据。

Can Digital Transformation Reduce the Cost of Capital for Corporations of Capital for Corporations

Based on the data of listed companies in China from 2007 to 2020, the impact of digital transformation on the cost of capital of enterprises is examined. The results show that digital transformation can effectively reduce the cost of corporate capital. Mechanism test results show that digital transformation reduces the cost of corporate capital through the paths of alleviating information asymmetry, strengthening corporate innovation dynamics, and improving the quality of internal control. Further research finds that the effect of digital transformation in reducing enterprise cost of capital is more significant in high-tech enterprises and when enterprises face higher environmental uncertainty. The above findings provide empirical evidence on how companies can advance their digital transformation strategies from the perspective of reducing corporate capital costs.