| The report of the 20th National Congress of the Communist Party of China clearly pointed out: "Accelerate the development of the digital economy,promote the deep integration of the digital economy and the real economy,and build digital industrial clusters with international competitiveness." The "14th Five-Year Plan" and the Outline of Vision and Objectives for 2035 also put forward: "Accelerate the promotion of digital industrialization" and "promote the digital transformation of industry".In the context of the vigorous development of the digital economy,enterprises can make full use of the cutting-edge technologies related to digital transformation to mine massive non-standard information overcome problems such as information asymmetry,which is conducive to enterprises to obtain financial support in a more effective way.Technological small and medium-sized enterprises,as an important carrier for the national implementation of innovative development strategies,have a significant impact on China’s economic development.Currently,due to issues such as information asymmetry and agency issues,small and medium-sized enterprises are generally facing the problem of "difficult and expensive financing".Therefore,this paper takes GEM listed companies as an example to explore the impact mechanism between enterprises’ digital transformation and financing constraints.On the one hand,it can guide SMEs such as GEM how to carry out digital transformation,give full play to the advantages of digital transformation to alleviate problems related to financing constraints.On the other hand,it can help the government better guide enterprises to carry out digital transformation in combination with the current advantages of digital financial innovation.This paper selects companies listed on Shenzhen A-share GEM from 2011 to2021 as research objects,adopts text analysis to measure the degree of digital transformation of enterprises,and discusses the impact mechanism between digital transformation and financing constraints.Through the establishment of a two-way fixed effect model,this empirical study finds that enterprise digital transformation can significantly alleviate financing constraints,and that enterprise digital transformation can alleviate financing constraints by improving the transparency of accounting information and the quality of corporate social responsibility information disclosure.In order to ensure the accuracy and reliability of the research results,the robustness test and endogeneity test were conducted in this paper,and the research results were still valid after testing.Further,according to the characteristics of GEM enterprises,this paper conducts a heterogeneity test among enterprises in different industries,different listing ages and different business environments.The research finds that: 1.Digital transformation of non manufacturing enterprises plays a greater role in easing their financing constraints;2.Compared with non high-tech enterprises,high-tech enterprises can ease financing constraints more by carrying out digital transformation;3.The digital transformation of enterprises with longer listing years will play a greater role in easing financing constraints;4.Digital transformation of enterprises in a better business environment will play a greater role in easing financing constraints.Through theoretical analysis and empirical research,this paper provides relevant countermeasures and suggestions from both the enterprise and government levels.For enterprises,it is necessary to grasp the strategic development direction and achieve precise transformation;Build a digital professional team and consolidate transformation capabilities;Create a digital corporate culture and continuously optimize transformation.For the government,it is necessary to scientifically guide the digital transformation of enterprises and take multiple measures to help the digital transformation of enterprises. |
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