| The new round of scientific and technological revolution continues to deepen,and the integration of data and reality has become the theme of current economic and social development.Digital transformation has also become a new engine of economic development.For enterprises,digital transformation has also become a "required course".In recent years,various economic effects of digital transformation enabling enterprises have become a new hot direction for scholars to study,but there is little research on the impact of enterprise digital transformation on its financing efficiency.This thesis selects the data of Chinese A-share listed enterprises from 2014 to 2021 as the research sample,uses the classical DEA model to measure the financing efficiency of enterprises as the explained variable,and selects the python text analysis method to measure the characteristic word frequency of enterprises’ digital transformation as the explanatory variable of digital transformation index,and then conducts an empirical test on the relationship between the two.At the same time,this thesis considers that the global economic environment is highly uncertain in recent years,such as Sino-US trade frictions,COVID-19 epidemic,Russia-Ukraine conflict,etc.,which has led to great changes in China’s domestic macroeconomic environment.However,the impact of macroeconomic policy changes on the development of micro enterprises cannot be ignored,for example,it may increase the resistance of digital transformation of enterprises,make enterprises face pressure on investment and financing,and the investment and financing efficiency will also change.In the part of empirical test,this thesis uses the fixed effect model to test the impact of digital transformation on the financing efficiency of enterprises under the background of economic policy uncertainty.The empirical results show that digital transformation can significantly improve the financing efficiency of enterprises,and economic policy uncertainty has a negative moderating effect on the effect of digital transformation on promoting the financing efficiency of enterprises.The heterogeneity test shows that this promotion effect has significant differences on the property right attribute,regional location and enterprise size.Finally,this thesis gives some countermeasures and suggestions according to the test results. |
