文献类型：期刊文献

中文题名：大数据技术能降低企业债务融资成本吗?

英文题名：Can Big Data Technology Reduce Corporate Debt Financing Costs?

作者：黄明[1];宋渊洋[2];徐峰[3];周宇慧[2]

机构：[1]复旦大学经济学院,上海200433;[2]华东理工大学商学院,上海200237;[3]萍乡学院马克思主义学院,江西萍乡337055

年份：2025

卷号：39

期号：2

起止页码：28

中文期刊名：会计与经济研究

外文期刊名：Accounting and Economics Research

收录：;北大核心:【北大核心2023】；

基金：国家自然科学基金项目(72272051、71972050);上海市哲学社会科学规划课题(2022BGL005)。

语种：中文

中文关键词：大数据技术;债务融资成本;成本和收益;信息不对称

外文关键词：big data technology;debt financing costs;costs and benefits;information asymmetry

摘要：基于大数据技术对企业成本、收益及信息不对称的影响,文章以2007-2023年中国A股上市公司作为研究对象,实证考察大数据技术对企业债务融资成本的影响。研究发现,大数据技术应用水平与企业债务融资成本呈U型关系,即随着大数据技术应用水平的提高,企业债务融资成本先下降后上升。机制分析发现,当企业大数据技术应用水平较低时,提升大数据技术应用水平有助于降低成本、提升收益、缓解信息不对称,进而降低债务融资成本;当企业大数据技术应用水平较高时,进一步提升大数据技术应用水平对提升收益、缓解信息不对称的边际作用减弱,但会持续提升成本,导致债务融资成本上升。异质性分析发现,当企业多元化和国际化程度较高、无形资产比例较高以及成立时间较短时,大数据技术对企业债务融资成本的影响更显著。研究揭示了大数据技术对企业债务融资成本的非线性影响机制,对企业优化大数据技术应用以降低融资成本具有实践参考价值。
Based on the impact of big data technology on corporate costs,benefits,and information asymmetry,this study examines the effect of big data technology on corporate debt financing costs using a sample of China's A-share listed companies from 2007 to 2023.The findings reveal a U-shaped relationship between the application level of big data technology and corporate debt financing costs,indicating that as the application level increases,corporate debt financing costs first decrease and then rise.Mechanism analysis shows that at lower levels of big data technology application,improving this level helps reduce costs,increase benefits,and alleviate information asymmetry,thereby lowering debt financing costs.However,at higher application levels,further enhancement yields diminishing marginal effects in boosting benefits and mitigating information asymmetry,while continuously raising costs,leading to an increase in debt financing costs.Heterogeneity analysis indicates that the impact of big data technology on corporate debt financing costs is more pronounced in firms with higher degrees of diversification and internationalization,higher proportion of intangible assets,and shorter establishment periods.The study unveils the nonlinear impact mechanism of big data technology on corporate debt financing costs,and offers practical implications for firms to optimize technology application to reduce financing costs.