Gao Yu, Yang Huiyun, Sun Xiaojie, Tian Xinyu, Xu Jian
School of Business, Qingdao University, Qingdao, 266071, China.
School of Economics and Management, Qingdao Agricultural University, Qingdao, 266109, China.
Heliyon. 2024 Jun 17;10(12):e33199. doi: 10.1016/j.heliyon.2024.e33199. eCollection 2024 Jun 30.
In the age of digitization, digital transformation has emerged as a crucial pathway for companies to achieve sustainable development. In a sample of 24,103 firm-year observations from 3,508 listed companies in China's A-share market between 2007 and 2020, we investigate the relationship between corporate digital transformation and financing constraints based on dynamic capability theory. The proportion of intangible assets dedicated to digital technology is employed as a measure of the degree of digital transformation, and the SA index is utilized to assess the level of financing constraints. The findings demonstrate that digital transformation plays a significant role in alleviating financing constraints. In addition, greater institutional ownership leads to a pronounced negative correlation between digital transformation and financing constraints. From the perspective of dynamic capability theory, this study provides empirical evidence supporting research on economic consequences associated with digital transformation. Our results may contribute towards government formulation and implementation of policies promoting digital transformation to create a supportive external environment for businesses. Companies must seize opportunities associated with digital transformation to mitigate financing constraints.
在数字化时代，数字转型已成为企业实现可持续发展的关键途径。基于2007年至2020年间中国A股市场3508家上市公司的24103个公司年度观测样本，我们依据动态能力理论研究了企业数字转型与融资约束之间的关系。用于数字技术的无形资产比例被用作衡量数字转型程度的指标，而SA指数则用于评估融资约束水平。研究结果表明，数字转型在缓解融资约束方面发挥着重要作用。此外，更高的机构持股比例导致数字转型与融资约束之间存在显著的负相关关系。从动态能力理论的角度来看，本研究提供了实证证据，支持了与数字转型相关的经济后果研究。我们的研究结果可能有助于政府制定和实施促进数字转型的政策，为企业创造有利的外部环境。企业必须抓住与数字转型相关的机遇，以缓解融资约束。
