企业数字化转型如何有效降低权益资本成本

摘要/Abstract

摘要： 企业数字化转型如何更有效降低权益资本成本，缓解企业融资难问题？这一问题是学界和业界关注的重要问题。本文从企业内部控制视角，探讨企业数字化转型降低权益资本成本的有效途径，以我国沪深A股2011—2021年上市公司数据为基础，采用固定效应模型进行实证研究。研究结果表明：第一，企业数字化转型对权益资本成本具有显著的降低效应，但是这种降低效应具有滞后性；第二，信息披露质量和股票市场流动性在企业数字化转型对权益资本成本的影响中具有中介作用；第三，内部控制在企业数字化转型对权益资本成本的影响中具有U型调节作用；第四，企业数字化转型对于国有与非国有企业的权益资本成本都具有显著的降低效应，但是对非国有企业的影响更大。

关键词: 数字化转型, 权益资本成本, 内部控制, U型调节效应

Abstract: How can digital transformation of enterprises more effectively reduce the cost of equity capital and alleviate the difficulty of enterprise financing? This is an important issue of concern for both academia and the industry. From the perspective of internal control, this paper discusses the effective ways of digital transformation of enterprises to reduce the cost of equity capital. Based on the data of A-share listed companies from 2011-2021, this paper uses the fixed effect model to conduct empirical research. The findings are as follows. Firstly, digital transformation of enterprises has a significant effect of reducing the cost of equity capital, but this reduction effect lags behind; Secondly, the quality of information disclosure and stock market liquidity play a mediating role in the effect of enterprise digital transformation on the cost of equity capital; Thirdly, internal control has a U-shaped moderating effect in the effect of enterprise digital transformation on the cost of equity capital; Fourthly, digital transformation of enterprises has a significant effect of reducing the cost of equity capital for both state-owned and non-state-owned enterprises, but has a greater impact on non-state-owned enterprises.

Key words: digital transformation, cost of equity capital, internal control, U-shaped moderating effect

刘佳佳, 任丽君, 汪寿阳. 企业数字化转型如何有效降低权益资本成本[J]. 管理评论, 2025, 37(7): 249-261.

Liu Jiajia, Ren Lijun, Wang Shouyang. How to Effectively Reduce the Cost of Equity Capital in Enterprise Digital Transformation[J]. Management Review, 2025, 37(7): 249-261.

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