数字化转型对企业债务集中度的影响研究

——基于财务风险和信息风险的双重考量

李姝¹　刘红¹　金振²

（1.南开大学；2.中国财政科学研究院）

摘要：本文以沪深A股2011—2022年非金融行业上市公司为研究样本，实证探究数字化转型如何影响企业债务集中度。研究结果显示，数字化转型降低了企业债务集中度，这一影响主要通过低债务集中度的成本收益权衡而实现。上述结论在经过内生性分析和稳健性检验后依然成立。机制分析结果表明，数字化转型通过降低债务违约风险、提高会计信息质量两种渠道降低了由债权人协调成本引致的企业被低效清算的风险。异质性分析结果表明，当债权人的债务契约监控成本较高、企业所处的行业环境不确定性程度较高以及数字化转型获得有力的政策扶持时，数字化转型降低企业债务集中度的效果更明显。本文的研究结论可为理解企业债务融资内部结构的差异性特征提供更多线索，并为助推企业高质量发展、降低其被低效清算的风险提供相关启示。

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

作者简介：李姝，南开大学商学院/中国公司治理研究院教授、博士生导师，天津，300071；刘红，南开大学商学院博士研究生；金振，中国财政科学研究院助理研究员，北京，100142。

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）

引用格式：李姝,刘红,金振.数字化转型对企业债务集中度的影响研究——基于财务风险和信息风险的双重考量[J].经济与管理研究,2026,47(4):149-164.

Impact of Corporate Digital Transformation on Debt Concentration

—A Dual Consideration of Financial and Information Risks

LI Shu¹, LIU Hong¹, JIN Zhen²

(1. Nankai University, Tianjin 300071;

2. Chinese Academy of Fiscal Sciences, Beijing 100142)

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.

Keywords: digital transformation; debt concentration; coordination cost; debt default risk; accounting information quality

下载全文