金融经济学研究

基于2006—2019年中国A股上市公司数据，采用机器学习技术对企业年报进行文本分析，从数字化战略、平台、人才和文化四个维度度量企业数字化转型程度，研究其对企业权益资本成本的影响。实证结果发现，数字化转型显著降低企业的权益资本成本。机制检验显示，投资效率是数字化转型影响企业权益资本成本的主要途径，表现为企业的投资效率越低，数字化转型对企业权益资本成本的抑制作用越大；而企业经营风险和信息披露效率不会对数字化转型与企业权益资本成本的关系产生显著影响。拓展研究发现，数字化转型带来的权益资本成本下降能够增加企业的权益融资规模，对债务融资规模的影响不显著。建议应更全面地看待企业数字化转型行为，将数字化转型与企业的长期回报相联系。

Using data from Chinese companies listed on the A-share market between 2006 and 2019,this study employed machine learning techniques to analyze annual reports.It measured the extent of digital transformation across four key dimensions: digital strategy, platforms, talent, and corporate culture.It aimed to investigate how digital transformation impacts a company's cost of equity capital.The empirical findings suggest that digital transformation significantly lowers this cost.Upon further analysis, investment efficiency emerged as the primary channel through which digital transformation influences the cost of equity capital.Specifically, companies with lower investment efficiency experienced a more pronounced reduction in their cost of equity capital due to digital transformation.Neither the operational risk nor the quality of information disclosure significantly affected this relationship.Extended research revealed that a lower cost of equity capital, brought about by digital transformation, increased the volume of equity financing but had no significant impact on debt financing.This study recommends that the broader implications of digital transformation should be considered, particularly its connection to long-term corporate returns.