The Influence Of Digital Transformation On Debt Financing Efficiency Based On A-share Listed Companies

In the context of the 14th Five-Year Plan,which clearly points out the need to embrace the digital era and activate the potential of data elements,digital transformation has become a necessary strategic way for enterprises to survive and develop,enabling them to realize the transformation of old and new dynamics.This paper empirically examines the impact of corporate digital transformation on debt financing based on data of Chinese A-share listed companies from 2011 to 2020.It is found that The transformation mechanism dominates the impact of the digital transformation of enterprises on their debt financing,and the combined effect is reflected in a negative.The finding still holds after endogeneity test and a series of other robustness tests;digital transformation has a significant heterogeneity on the debt financing level of enterprises,with a more significant negative effect on the debt financing level of non-state-controlled enterprises and enterprises in competitive industries,and a more significant negative effect on long-term borrowing in terms of maturity structure.The digital transformation of enterprises is characterized by long maturity and high risk,which is not conducive to debt financing,and its facilitating effects such as reducing information asymmetry and industrial policy effects are not significantly reflected.This study reveals the economic consequences of digital transformation on debt financing,and the findings have important implications for the formulation of digital-related policies and development directions.