企业数字化转型程度对融资成本的影响

近年来，大量企业基于数字化转型实现了弯道超车。选取2007—2021年A股上市公司数据，利用企业年报中数字关键词的词频来描述数字化转型程度，研究企业数字化转型程度对企业融资成本的影响。研究发现：企业数字化转型与融资成本显著负相关；检验延长时间窗口发现，在企业实施数字化转型后的一段时间内，数字化转型仍然降低了融资成本；根据异质性分析，数字化转型对非国有企业降低融资成本产生的效果更好，且东部地区企业深化数字化转型降低成本的作用更显著。

The Influence of Enterprise Digital Transformation Degree on Financing Cost

In recent years, a large number of enterprises have achieved cornering overtaking based on digital transformation. Based on the data of A-share listed companies from 2007 to 2021, the degree of digital transformation is described by using the word frequency of digital keywords in the annual report of enterprises, and the influence of the degree of digital transformation on the financing cost of enterprises is studied. The findings are as follows: the digital transformation of enterprises is negatively correlated with the financing cost.After testing the extended time window, it is found that digital transformation can still reduce the financing cost for a period of time after enterprises implement digital transformation. The heterogeneity analysis shows that the digital transformation has a better effect on reducing the financing cost of non-state-owned enterprises, and the deepening of digital transformation in eastern enterprises has a more significant effect on reducing the cost.