作　　者： ; ;

机构地区： 浙江工商大学财务与会计学院

出　　处： 《财经研究》 2023年第9期79-93,123,共16页

摘　　要： 技术变革对资本市场的影响深远。企业将数字技术融入商业实践的数字化进程如何影响其在资本市场上的权益融资?文章研究发现,企业数字化降低了权益资本成本。作用机制检验表明,企业数字化是通过降低投资者所面临的信息风险和治理风险而非经营风险,起到降低权益资本成本的作用。这表现为在企业数字化后,资本市场的信息环境得到改善,企业的公司治理水平得到提升,从而代理成本下降。这些都导致投资者所承担的风险减少,相应地他们所要求企业付出的权益资本成本随之向下调整。进一步研究发现,在不同类型的企业数字化中,较为基础的“底层技术运用”在商业实践中已较为普遍,其在降低权益资本成本上发挥了更加显著的积极影响;而较为复杂、实施难度较高的“技术实践应用”仍在探索中,其对权益资本成本的影响则不显著。此外,随着企业数字化经验的不断积累,其降低权益资本成本的作用更加明显。文章的研究为完善数字经济发展的体制与机制建设,尤其是改善数字化企业的融资环境提供了有益启示。 Digital technological change has a profound and lasting impact on capital markets. In the early days, investors' “crazy” for digital technology led to new economy enterprises, which take Internet applications as the main business, being blindly pursued by the capital market. However, due to the inability of most new economy enterprises to achieve profitability, the funds invested in these enterprises quickly “burned out”, leading to a stock price crash and gradually returning investors' understanding of digital technology to rationality. At present, with the rapid development of the digital economy and the integration of digital technology into business practices, the advantages demonstrated by enterprises are becoming increasingly evident.Can enterprises use these advantages to obtain low-cost equity funds through the capital market?Drawing on existing literature and using text analysis methods, this paper constructs the variables of corporate digitalization and empirically tests their impact on the cost of equity capital. The results show that, corporate digitalization reduces the cost of equity capital mainly through its role in reducing the information risk and governance risk faced by investors, rather than operating risk. This is reflected in the improvement of the information environment in the capital market and the improvement of corporate governance level after corporate digitalization, resulting in a decrease in agency costs, both of which could reduce the risks borne by investors, and the cost of equity capital they require enterprises to pay will be adjusted downward accordingly. Further research finds that:(1) Among different types of corporate digitalization, the relatively basic “bottom technology application” has become more common in business practice, and it plays a more significant positive role in reducing the cost of equity capital;while the “practical technology application”, which is more complex and difficult to implement, is still being explored, and its impact on the cos

关 键 词： 企业数字化 权益资本成本 信息环境 经营风险 代理成本

领　　域： [经济管理—会计学] [经济管理—国民经济]