Research Article
Digital Transformation and Enterprise Financing Constraints
@INPROCEEDINGS{10.4108/eai.2-12-2022.2328724, author={Xiaoxiao Shao and Liu Yang}, title={Digital Transformation and Enterprise Financing Constraints}, proceedings={Proceedings of the 3rd International Conference on Big Data Economy and Information Management, BDEIM 2022, December 2-3, 2022, Zhengzhou, China}, publisher={EAI}, proceedings_a={BDEIM}, year={2023}, month={6}, keywords={digital transformation; financing constraints; asymmetry of information; debt financing; equity financing}, doi={10.4108/eai.2-12-2022.2328724} }- Xiaoxiao Shao
Liu Yang
Year: 2023
Digital Transformation and Enterprise Financing Constraints
BDEIM
EAI
DOI: 10.4108/eai.2-12-2022.2328724
Abstract
This paper examines the impact of digital transformation of enterprises on their financing constraints, using data from A-share listed companies from 2009 to 2020 as a sample. The findings show that: (1) based on an investment-cash flow sensitivity model, digital transformation is found to significantly alleviate the financing constraints of enterprises. (2) In terms of heterogeneity, digital transformation of enterprises is more effective in alleviating their financing constraints in regions with a high degree of financial development and a good legal environment. (3) In terms of the path of action, digital transformation significantly increases new bank loans and new equity financing, but has no significant impact on new bond financing. This result remains robust after accounting for endogeneity.