Digital Transformation, Corporate Innovation, and International Strategy: Empirical Evidence from Listed Companies in China

Fuxia, Gao; Lin, Chuan; Zhai, Haomiao

doi:10.3390/su14138137

Cited by 21 publications

(28 citation statements)

References 26 publications

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“…As for the mechanism, previous research done by Gao et al (2022) also uses the intermediary effect model. However, it shows that corporate innovation exhibits the intermediary effect, which is different from that in this paper.…”

Section: Discussionmentioning

confidence: 99%

“…Researchers show that digital transformation help enterprises to optimize production processes (Earley, 2014), reshape organizational business form (Li, 2020;Kretschmer & Khashabi, 2020) and change value creation mode (Berman, 2012;Rachinger et al, 2018). Now more and more scholars begin to study the impact of digital transformation of enterprises empirically, such as enterprise performance (Peng & Tao, 2022;Chen & Hao, 2022), risk-taking (Tian et al, 2022), the total factor productivity (Zeng & Lei, 2021), corporate innovation (Wen et al, 2022), merge and acquisition, corporate social responsibility (Meng et al, 2022), international strategy (Gao et al, 2022), etc.…”

Section: Digital Transformationmentioning

confidence: 99%

“…Based on this, referring to the research by Gao et al (2022), this paper builds a recursive model of mediating effect and uses analyst attention as a variable to measure information asymmetry to test whether the degree of enterprise information asymmetry is the mediating mechanism of digital transformation affecting debt financing cost. Referring to the research of Bhushan (1989), this paper measured the attention of analysts by the number of analysts (teams) who have conducted tracking analysis on the company in that year.…”

Section: Mechanism Testmentioning

confidence: 99%

“…High-tech enterprise. As the main body of the national and industrial innovation system, enterprises build the dual-core of enterprise innovation through the innovation elements, such as technology investment and R&D and the use of new technologies (Gao et al, 2022). Due to the great differences in industrial chain characteristics among different industries, enterprises will also have different levels of digital technology application in the process of digital transformation.…”

Section: Further Testmentioning

confidence: 99%

“…In this context, it is of great academic value and practical significance to discuss the economic consequences of digital transformation. At present, scholars have studied the economic consequences of digital transformation on corporate performance, total factor productivity, merge and acquisitions, international strategy and other aspects (Zeng & Lei, 2021;Chen & Hao, 2022;Gao et al, 2022), but less attention is paid to the impact of enterprise digital transformation on financing costs.…”

Section: Introductionmentioning

confidence: 99%

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Enterprise digital transformation and debt financing cost in China?s A-share listed companies

Sun

Zhang

Vochоzka

et al. 2022

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Research background: The rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life. Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy. Methods: Taking China?s A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression. Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation.

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Section: Discussionmentioning

confidence: 99%