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论文编号：	13937
作者编号：	2120213302
上传时间：	2023/6/6 17:31:54
中文题目：	企业数字化程度对权益资本成本的影响研究
英文题目：	Research on the Impact of Enterprise Digitalization Degree on the Cost of Equity Capital
指导老师：	李姝
中文关键字：	企业数字化程度;权益资本成本;经营风险;会计信息透明度
英文关键字：	Enterprise Digitalization Degree; Cost of Equity Capital; Business Risks; Accounting Information Transparency
中文摘要：	党的二十大报告指出要加快发展数字经济，促进数字经济和实体经济深度融合，打造具有国际竞争力的数字产业集群。随着我国数字经济的蓬勃发展、人工智能、区块链、云计算、大数据等数字技术构成核心底层技术架构，我国上市公司纷纷抓住数字化浪潮下的发展契机，加快数字化转型，从而落实政策指示、提升竞争力、推动高质量发展。同时，随着我国资本市场深化改革的持续推进，股权融资在直接融资体系中具有重要价值。而权益资本成本的高低直接决定了股权融资的有效性，结合我国企业“融资难、融资贵”等重大现实情况，如何降低企业权益资本成本始终是学术界和实务界重点研究的课题。本文将企业数字化程度与权益资本成本联系起来，探究上市公司提高数字化程度能否有效降低权益资本成本。 本文通过文本分析法，从底层技术、技术实践应用构建企业数字化基本词库，以上市公司年报数字化词频作为代理变量。以2009-2021年我国A股上市公司的数据作为样本，分析考察我国上市公司数字化程度对权益资本成本的影响。研究结果发现：第一，上市公司提升数字化程度能够显著降低权益资本成本，二者间存在明显的负向关系；第二，降低经营风险、提升会计信息透明度是企业数字化程度影响权益资本成本的主要路径；第三，数字化的影响在不同企业特性下有着显著差异：内部控制质量高、机构投资者持股比例高和行业竞争程度高的公司数字化程度提高更能降低权益资本成本。此外，为了使研究结论更加稳健并排除内生性干扰，本文进行了稳健性检验与内生性处理，通过更换核心变量、延长窗口期、控制个体固定效应、工具变量法、倾向得分匹配法等方法，进一步支持了本文结论。本文的研究证实了企业提升数字化程度能降低权益资本成本，扩展了数字化转型经济后果的研究视角，为企业在实践中推进数字化程度提升与降低融资成本等方面提供有益参考。 关键词：企业数字化程度；权益资本成本；经营风险；会计信息透明度
英文摘要：	The report of the 20th CPC National Congress pointed out that we should accelerate the development of digital economy, promote the deep integration of digital economy and real economy, and build digital industrial clusters with international competitiveness. With the vigorous development of China's digital economy, artificial intelligence, block chain, cloud computing, big data and other digital technologies constitute the core underlying technical architecture. China's listed companies have seized the development opportunities under the digital wave to accelerate digital transformation, so as to implement policy instructions, enhance competitiveness and promote high-quality development. At the same time, along with deepening reform of capital market, equity financing plays an important role in the direct financing system. However, the cost of equity capital determines the effectiveness equity financing. Combined with the practical situation of Chinese enterprises, such as "difficult and expensive financing", how to reduce the cost of equity capital is always the focus of academic and practical circles. This paper links the enterprise digitalization degree with the cost of equity capital, and explores whether listed companies can effectively reduce the cost of equity capital by improving the degree of digitalization. Through text analysis, this paper constructs the digital transformation lexicon from the underlying technology and technical practice application, and takes the word frequency of the digital transformation of listed companies' annual reports as the proxy variable. Taking the data of A-share listed companies in China from 2009 to 2021 as samples, this paper analyzes and investigates the impact of the degree of digitalization on the cost of equity capital. The research finds that: firstly, the improvement of digitization degree of listed companies can significantly reduce the cost of equity capital. Secondly, reducing business risks and improving the transparency of accounting information are the main ways for enterprises' digitalization degree to affect the cost of equity capital. Thirdly, digital transformation of companies with high quality of internal control, high proportion of institutional investors and high degree of industry competition can reduce the cost of equity capital more. In addition, in order to make the research results more robust and eliminate endogenous interference, this paper conducts a robustness test, which further supports the conclusions by changing the definition of core variables, extending the window period, controlling individual fixed effects, instrumental variable method and propensity score matching method. The research of this paper confirms that increasing the degree of digitalization of enterprises can reduce the cost of equity capital, expands the research perspective of the economic consequences of digital transformation, and provides a useful reference for enterprises to promote the process of digital transformation and reduce financing costs in practice. Key Words: Enterprise Digitalization Degree; Cost of Equity Capital; Business Risks; Accounting Information Transparency
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