经济与管理研究2026，Vol.47Issue(4)：149-164,16.DOI:10.13502/j.cnki.issn1000-7636.2026.04.010
数字化转型对企业债务集中度的影响研究
Impact of Corporate Digital Transformation on Debt Concentration
摘要
Abstract
Exploring the internal structure of corporate debt financing is crucial for advancing capital structure theory,safeguarding creditors'rights and interests,and mitigating systemic financial risks.Debt concentration,a key feature of debt structure,reflects the heterogeneity of debt sources across multiple dimensions,including cash flow clauses,restrictive covenants,collateral,repayment priority,and maturity.Low debt concentration increases financing flexibility and helps curb managerial self-interested strategic defaults,but it also raises expected bankruptcy costs due to coordination difficulties among diverse creditors or between creditors and firms,heightening the risk of inefficient liquidation after default.However,existing research on debt concentration in the Chinese context remains limited.Consequently,this paper investigates factors influencing debt concentration,aiming to provide insights to reduce the risk of inefficient liquidation and protect creditors'interests. This paper empirically examines how corporate digital transformation affects debt concentration,using non-financial A-share listed firms in Shanghai and Shenzhen as samples.The results indicate that digital transformation reduces debt concentration,primarily by altering the cost-benefit trade-offs associated with low concentration.These findings hold after a series of robustness tests.Mechanism analysis reveals that digital transformation lowers the risk of inefficient liquidation resulting from creditor coordination costs in two ways:reducing the risk of debt defaults and improving accounting information quality.The effect is more pronounced under conditions where creditors face high monitoring costs,firms operate in highly uncertain industries,and digital transformation receives strong policy support. Based on the results of theoretical and empirical analyses,this paper puts forward a series of policy recomm-endations.First,firms should explore digital transformation amid the digital economy and uncertain externalities,leveraging policies to enhance transformation efficiency,especially those with high information opacity and expected bankruptcy costs.Second,firms should balance the debt structure to mitigate risks and costs.Third,creditors should monitor firms'digital progress to protect their own interests.Fourth,the government should bolster digital infrastructure and creditor protection. This paper contributes in several ways.First,it supplements capital structure theory by analyzing debt concentration in the unique Chinese institutional setting.Second,it offers insights that help firms optimize debt structures and prevent inefficient liquidation.Third,it enriches research on the economic consequences of digital transformation.Finally,it provides policy implications for effectively promoting corporate digital transformation under varying conditions.关键词
数字化转型/债务集中度/协调成本/债务违约风险/会计信息质量Key words
digital transformation/debt concentration/coordination cost/debt default risk/accounting information quality分类
管理科学引用本文复制引用
李姝,刘红,金振..数字化转型对企业债务集中度的影响研究[J].经济与管理研究,2026,47(4):149-164,16.基金项目
研究阐释党的二十届三中全会精神国家社会科学基金重大专项"完善中国特色现代企业制度的理论和实践问题研究"(24ZDA013) （24ZDA013）
