数字化转型能否降低企业资本成本OA北大核心CHSSCDCSTPCD

Based on the data of listed companies in China from 2007 to 2020,the impact of digital transformation on the cost of capital of enterprises is examined.The results show that dig-ital transformation can effectively reduce the cost of corporate capital.Mechanism test results show that digital transformation reduces the cost of corporate capital through the paths of allevia-ting information asymmetry,strengthening corporate innovation dynamics,and improving the quality of internal control.Further research finds that the effect of digital transformation in re-ducing enterprise cost of capital is more significant in high-tech enterprises and when enterprises face higher environmental uncertainty.The above findings provide empirical evidence on how companies can advance their digital transformation strategies from the perspective of reducing cor-porate capital costs.