新一代信息技术的赋能效应——基于企业杠杆操纵的证据
文摘
财经
2024-09-30 14:39
上海
新一代信息技术的赋能效应——基于企业杠杆操纵的证据
The Enabling Effect of New-generation Information Technology: Evidence from Corporate Leverage Manipulation
《财经研究》2024年50卷第8期 页码：34-48 online：2024年8月3日
中：杨德明 , 曹晶 , 陆明
英：Yang Deming, Cao Jing, Lu Ming
作者单位：暨南大学 管理学院，广东 广州 510632
摘要：降低企业的杠杆操纵程度是新时代防范化解金融风险的重要环节。文章以2011—2021年中国A股上市公司为样本，采用文本分析方法构建了企业新一代信息技术应用程度指标，从信息赋能和成本赋能的角度，研究了新一代信息技术对企业杠杆操纵行为的影响及其机制。研究发现，新一代信息技术的应用有助于抑制企业的杠杆操纵行为。新一代信息技术通过发挥信息赋能效应，改善信息环境，提升信息透明度，从而降低了企业的杠杆操纵程度；此外，通过发挥成本赋能效应，降低企业成本，控制企业杠杆风险，从而降低了企业的杠杆操纵程度。新一代信息技术应用对杠杆操纵的抑制作用在融资约束较强和现金持有水平较低的样本中更加显著。在抑制企业杠杆操纵的同时，新一代信息技术的应用并不会增加杠杆操纵的能力。文章的研究从信息技术的视角加深了对企业杠杆操纵行为的认识，为充分发挥新一代信息技术的赋能效应，防范化解财务风险和系统性金融风险提供了重要启示。
关键词：新一代信息技术；杠杆操纵；信息环境；降低成本
Summary: Deleveraging is a crucial goal of the supply-side reform, but leverage manipulation hampers regulatory oversight, masks the true leverage level in listed companies, and increases financial and systemic risks. Currently, the application of new-generation information technology has brought changes to enterprise production, operation, and management. Whether and how the application of new-generation information technology can effectively reduce opportunistic behaviors such as leverage manipulation is a question worth studying. This paper takes China’s A-share listed companies from 2011-2021 as a sample, and uses text analysis to build indicators for the application of new-generation information technology. The study finds that: First, the application of new-generation information technology helps to curb corporate leverage manipulation behavior. Second, new-generation information technology improves the information environment, enhances information transparency, and reduces the degree of leverage manipulation through the information enabling effect; it reduces enterprise costs, achieves substantial deleveraging, and reduces the degree of leverage manipulation through the cost enabling effect. In addition, the impact is more significant in samples with stronger financing constraints and lower cash holdings. Third, the application of new-generation information technology reduces the degree of leverage manipulation without increasing the ability to manipulate leverage. The contributions of this paper are that: First, it analyzes the impact and mechanism of new-generation information technology on corporate leverage manipulation behavior from the perspective of “technology enabling”, providing new ideas for effectively addressing corporate leverage manipulation issues and preventing debt risks. Second, it studies the internal governance methods of leverage manipulation behavior, enriching the research on the influencing factors of leverage manipulation. Third, it studies how the application of new-generation information technology affects corporate leverage manipulation behavior through information enabling and cost enabling effects, enriching the research on the economic consequences of new-generation information technology, especially its governance effect on corporate leverage manipulation behavior.
Key words: new-generation information technology; leverage manipulation; information environment; cost reduction
DOI：10.16538/j.cnki.jfe.20240222.101
收稿日期：2023-08-14
基金项目：国家自然科学基金重点项目（72132002）；国家社会科学基金一般项目（21BGL007）；广东省自然科学基金面上项目（2021A515012220）
