4318 
2994技术变革对资本市场的影响深远。企业将数字技术融入商业实践的数字化进程如何影响其在资本市场上的权益融资？文章研究发现，企业数字化降低了权益资本成本。作用机制检验表明，企业数字化是通过降低投资者所面临的信息风险和治理风险而非经营风险，起到降低权益资本成本的作用。这表现为在企业数字化后，资本市场的信息环境得到改善，企业的公司治理水平得到提升，从而代理成本下降。这些都导致投资者所承担的风险减少，相应地他们所要求企业付出的权益资本成本随之向下调整。进一步研究发现，在不同类型的企业数字化中，较为基础的“底层技术运用”在商业实践中已较为普遍，其在降低权益资本成本上发挥了更加显著的积极影响；而较为复杂、实施难度较高的“技术实践应用”仍在探索中，其对权益资本成本的影响则不显著。此外，随着企业数字化经验的不断积累，其降低权益资本成本的作用更加明显。文章的研究为完善数字经济发展的体制与机制建设，尤其是改善数字化企业的融资环境提供了有益启示。
企业数字化与权益资本成本
摘要
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引用本文
金献坤, 徐莉萍, 辛宇. 企业数字化与权益资本成本[J]. 财经研究, 2023, 49(9): 79-93.
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