在数字时代背景下，激活数据要素潜能，推进网络强国建设，加快建设数字经济、数字社会、数字政府、数字生态，以数字化转型驱动生产方式、生活方式和治理方式的变革，加快数字化发展，推进数字中国建设已成为新时代发展的重要主题。现有关于数字化转型的文献主要集中在数字化转型的描述、定义以及其对企业商业模式、组织结构、经营方式等探讨，较少关注数字化转型对公司财务的影响。

基于此，本文以2007-2020年中国A股上市公司为样本，探究了企业数字化转型对公司财务决策的影响及其作用机理，具体而言，本文研究了如下两个问题：（1）企业数字化转型对债务融资成本的影响及其渠道机制；（2）企业数字化转型对现金持有水平的影响及其渠道机制。本文得出主要结论如下：

（1）企业数字化转型能够显著降低债务融资成本，该结论在经过一系列稳健性检验后依旧成立。机制检验表明，企业数字化转型对债务融资成本的降低作用主要是通过降低信息不对称和缓解代理问题来实现的。进一步研究发现，企业数字化转型与债务融资成本的关系受市场竞争程度、是否为高新技术企业和审计质量的影响。当市场竞争程度较高、企业是高新技术企业以及企业被国际四大会计师事务所审计时，企业数字化转型对债务融资成本的降低作用更显著。

（2）企业数字化转型能够显著降低现金持有水平，上述结论经过一系列稳健性检验后依然成立。机制检验表明，数字化转型降低了现金持有的预防性动机、代理成本动机和交易性动机，减少企业现金持有量。进一步研究发现，数字化转型对现金持有的抑制作用主要发生在非国有企业、高科技企业样本；在数字化转型过程中，企业将现金投入到研发活动中。

本文研究揭示了数字技术的发展对微观企业债务融资成本的重要作用，揭示了数字技术的发展对企业现金资产的影响，为数字经济与实体经济融合提供了微观证据，研究结论对于数字化相关政策的制定、降低实体经济融资成本以及有效现金管理具有重要的现实意义。

In the context of the digital age, activate the potential of data elements, promote the construction of a strong network country, accelerate the construction of a digital economy, a digital society, a digital government, and a digital ecology, drive changes in production methods, lifestyles, and governance methods through digital transformation, accelerate digital development, and promote the construction of digital China has become an important theme in the development of the new era. The existing literature on enterprisedigital transformation mainly focuses on the description and definition of digital transformation and its discussion on the business model, organizational structure, and operation methods of enterprises, and pays less attention to the impact of digital transformation on corporate finance.

Based on this, this paper takes Chinese A-share listed companies from 2007 to 2020 as a sample to explore the impact of enterprisedigital transformation on corporate financial decision-making and its mechanism. Specifically, this paper studies the following two issues: (1) The impact of corporate digital transformation on the cost of debt financing and its channel mechanism; (2) The impact of corporate digital transformation on the level of cash holdings and its channel mechanism. The main conclusions of this paper are as follows:

(1) The enterprise digital transformation significantly reduces the cost of debt financing, and this conclusion still holds after a series of robustness tests. The mechanism test shows that the reduction effect of enterprise digital transformation on debt financing cost is mainly achieved by reducing information asymmetry and alleviating agency problems. Further research found that the relationship between the enterprise digital transformation and the cost of debt financing is affected by the degree of market competition, whether it is a high-tech enterprise, and the quality of audit. When the market competition is high, the enterprise is a high-tech enterprise, and the enterprise is audited by the Big Four accounting firms, the digital transformation of the enterprise has a more significant effect on reducing the cost of debt financing.

(2) The enterprise digital transformation can significantly reduce the corporate cash holdings，and the conclusion still hold after a series of robustness tests. The mechanism test shows that digital transformation reduces the precautionary motive, agency cost motive and transactional motive of cash holdings, reducing the amount of cash held by enterprises. Further research found that the inhibitory effect of digital transformation on cash holdings mainly occurred in samples of non-state-owned enterprises and high-tech enterprises; in the process of digital transformation, enterprises invested cash in R&D activities.

This paper reveals the important role of the development of digital technology on micro-enterprise debt financing costs, reveals the impact of the development of digital technology on corporate cash assets, and provides micro-evidence for the integration of the digital economy and the real economy.The research conclusions have important practical significance for the formulation of digitalization-related policies, reducing the financing cost of the real economy and effective cash management.