企业数字化转型、供应链协同与资本结构动态调整

Enterprise Digital Transformation, Supply Chain Collaboration and Dynamic Capital Structure Adjustment

摘要:

在数字经济时代，全球产业链和供应链加速重构，企业面临更复杂的竞争环境与资源配置挑战，数字化转型成为提升竞争力和优化资本结构的重要战略。本文以2011-2022年A股上市公司为样本，探究企业数字化转型对资本结构动态调整的影响机制及其供应链溢出与协同效应。实证研究发现，数字化转型通过降低信息不对称、缓解代理成本和提高商业信用三种渠道，显著加速企业资本结构向目标值收敛。异质性分析表明，该效应在治理效率高、市场竞争激烈、市场化水平较低及环境不确定性高的企业中更为明显。基于供应链视角的研究发现，客户和供应商数字化转型在供应链中存在正向溢出效应，且当供应链上下游协同数字化时促进效应更明显。本文为企业在数字化转型过程中优化资本结构提供了实证依据，同时为政策制定者推动数字经济发展和支持企业转型升级方面提供了重要参考。

Abstract:

In the era of the digital economy, global industrial and supply chains are rapidly restructuring, and enterprises face increasingly complex competitive environments and resource allocation challenges. Digital transformation has become a critical strategy for enhancing competitiveness and optimizing capital structure. This study investigates listed A-share companies in Shanghai and Shenzhen stock markets from 2011 to 2022, systematically examining the impact mechanisms of digital transformation on dynamic capital structure adjustment, along with its supply chain spillover effects. Empirical findings demonstrate that digital transformation significantly accelerates capital structure adjustment speed through three primary channels, mitigating information asymmetry, alleviating agency costs, and enhancing commercial credit availability. Heterogeneity analysis reveals more pronounced positive effects in enterprises characterized by high governance efficiency, intense market competition, operation in low marketization regions, and exposure to elevated environmental uncertainty. Based on the supply chain perspective, it is found that the digital transformation of customer and supplier enterprises has positive spillover effects in the supply chain, and the promotion effect is more obvious when the upstream and downstream of the supply chain collaborate in digitalization. This research provides empirical evidence for optimizing capital structure during digital transformation processes, while offering policymakers crucial insights for advancing digital economy development and supporting corporate transformation and upgrading.