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论文编号：	16163
作者编号：	2120243816
上传时间：	2026/6/10 14:55:39
中文题目：	商业银行数字化转型对企业债务违约风险的影响研
英文题目：	Research on the Impact of Commercial Banks Digital Transformation on Corporate Debt Default Risk
指导老师：	李姝 教授
中文关键字：	商业银行数字化转型；企业债务违约风险；融资约束；代理成本
英文关键字：	Digital Transformation of Commercial Banks; Corporate Debt Default Risk; Financing Constraints; Agency Costs
中文摘要：	在数字经济蓬勃发展的背景下，数字金融的高质量发展至关重要。商业银 行作为我国重要金融主体，在不断推进数字化转型，提升金融服务实体经济的 能力。与此同时，受我国经济进入增速放缓、新旧动能转换的“新常态”影响， 我国微观企业的债务违约风险逐步显现，探讨商业银行如何利用数字化转型治 理信用风险具有重要的理论与现实意义。 本文基于金融中介理论、融资约束理论、委托代理理论及溢出理论等多重 理论视角，系统考察了商业银行数字化转型对企业债务违约风险的影响及其作 用机制。本文选取2013—2023年我国沪深A股上市公司为研究样本，构建双向固 定效应实证研究模型，利用北京大学商业银行数字化转型指数与企业贷款数据 构建企业层面的商业银行数字化转型指标，深入探讨了两者之间的关系。研究 发现：第一，商业银行数字化转型能够显著抑制企业的债务违约风险，并通过 了内生性处理和稳健性检验。第二，机制分析表明，商业银行数字化转型主要 通过缓解融资约束与降低代理成本两条路径发挥作用。第三，异质性分析显示， 在银行端，相比于战略数字化、业务数字化，管理数字化对企业债务违约风险 的抑制效应最具解释力；在企业端，对于总经理与董事长两职合一、非国有企 业及高科技行业企业，银行数字化转型与企业债务违约风险的负向关系更为显 著。 本文不仅拓展了商业银行数字化转型的经济后果的文献，而且丰富了企业 债务违约风险影响因素的研究。基于此，本文建议政府应进一步完善数字金融 基础设施并实施精准引导政策；商业银行应持续深化数字化变革以更有效、更 精准对接实体经济需求；企业则应主动改善内部治理和提升信息透明度，以充 分释放数字化转型的政策红利与治理效能。
英文摘要：	As digitized markets continue their explosive expansion, the high-quality development of digital finance has reached a critical turning point. As the main financial institutions in China, commercial banks are constantly pushing forward their digital transformation to better serve the real economy. At the same time, as China's economy enters a "new normal" marked by slower growth and structural changes, the debt default risks of firms have begun to appear. Therefore, studying how commercial banks use financial technology to manage credit risk has great value for both theory and practice. Based on theories of financial intermediation, financing constraints, and principal-agent relationships, this paper studies how bank digital transformation affects corporate debt default risk and how this process works. Using a sample of A-share listed companies from 2013 to 2023, this study builds a two-way fixed effects model. It creates a firm-level index for bank digital transformation by combining the Peking University index with corporate loan data. The results show that: first, digital transformation in commercial banks significantly reduces corporate debt default risk. This finding remains solid after addressing endogeneity issues and performing various robustness tests. Second, the analysis shows that digital transformation works mainly in two ways: by easing financing constraints and lowering agency costs. Third, the heterogeneity analysis shows that on the banking side, compared with strategic digitalization and business digitalization, managerial digitalization has the strongest explanatory power in reducing corporate debt default risk. On the corporate side, the negative relationship between bank digital transformation and corporate debt default risk is more pronounced for firms where the CEO also serves as the board chair, for non-state-owned enterprises, and for firms in high-tech industries. This paper not only extends the literature on the economic consequences of digital transformation in commercial banks, but also enriches the research on the influencing factors of corporate debt default risk. Based on these results, the paper suggests that the government should improve digital finance infrastructure and implement targeted policies. Banks should continue their digital reforms to better serve the real economy, while companies should improve their internal management and transparency to fully benefit from the advantages of digital transformation.
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