Digital Transformation Disclosure and Bank Loans: An Information Heterogeneity Perspective
研究中国上市公司数字化转型披露对银行贷款的影响，发现实质性披露能提升绩效和资源配置，而非实质性披露可能导致过度贷款，但公司治理和金融科技能抑制投机行为。
ABSTRACT This study examines the impact of digital transformation disclosure on firms' ability to obtain bank loans, drawing upon a large dataset of Chinese listed firms from 2007 to 2021. Our findings reveal that both substantive and non‐substantive digital transformation disclosures are positively related to bank loans. However, for firms with higher information credibility, the positive relationship between substantive (non‐substantive) digital transformation disclosures and bank loans is relatively stronger. Channel analyses indicate that digital transformation disclosures bolster the accessibility of bank loans by boosting market attention and mitigating banks' default risk concerns. Moreover, government intervention is an alternative mechanism that impacts corporate access to bank loans. Further analysis reveals that substantive digital transformation disclosures can enhance corporate performance, improve resource allocation efficiency and alleviate underinvestment. In contrast, non‐substantial digital transformation disclosures have no such positive effects and may even lead to overinvestment. The moderating analysis indicates that firms that disclose non‐substantive digital transformation information may obtain excessive bank loans; however, corporate governance quality and FinTech development can constrain such speculative behaviour. Therefore, this study adds to the literature on the impact of digital transformation disclosure and complements studies on the determinants of bank loans.