重庆文理学院学报（社会科学版）2025，Vol.44Issue(4)：33-47,15.DOI:10.19493/j.cnki.issn1673-8004.2025.04.003
数字化转型与资本市场资源配置效率
Digital Transformation and Capital Cost Resource Allocation Efficiency:Empirical Evidence Based on Cost of Equity Capital
摘要
Abstract
As an important basis for corporate equity financing,the cost of equity capital not only guides the flow of funds in the capital market,but also directly reflects the allocation efficiency of financial resources.This paper takes China's A-share listed companies from 2010 to 2022 as A sample to explore whether digital transformation can improve the efficiency of resource allocation in the capital market.It is found that digital transformation can help reduce the cost of equity capital and improve the efficiency of resource allocation in the capital market.And the effect is more pronounced in companies with high analyst attention and regions with high levels of legalization.Mechanism analysis shows that digital transformation can reduce the cost of equity capital by improving the quality of information disclosure and internal control.The economic consequences analysis found that digital transformation can help enterprises achieve high-quality development by reducing the cost of equity capital.The research in this paper shows that keeping up with the development tide of digi tal economy and accelerating the pace of enterprise digital transformation is conducive to reducing the cost of corporate equity capital,which has positive practical significance for improving the efficiency of resource allocation in the capital market.关键词
数字化转型/权益资本成本/信息披露质量/内部控制质量Key words
digital transformation/cost of equity capital/the quality of information disclosure/internal control quality分类
管理科学引用本文复制引用
雒京华,尤小梅..数字化转型与资本市场资源配置效率[J].重庆文理学院学报（社会科学版）,2025,44(4):33-47,15.基金项目
甘肃省高等学校创新基金项目"甘肃省融入新发展格局的绩效测度与驱动因素研究"(2023A-074) （2023A-074）
甘肃省基础研究计划—软科学专项"数字经济赋能甘肃省融入新发展格局的机制、效应与对策研究"(22JR11RA101). （22JR11RA101）
