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| Research on the Impact of Intelligent Manufacturing on Enterprise Debt Financing Cost |
| XIU Zongfeng，WANG Shihao，WANG Jie，ZHANG Ying |
| Central South University, Changsha, China |
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Abstract This study takes listed firms in China’s A-share manufacturing industry from 2007 to 2021 as research samples, and empirically examines the impact of intelligent manufacturing on the cost of corporate debt financing for the first time. The results show that intelligent manufacturing can significantly reduce debt financing costs, indicating that intelligent manufacturing empowers corporate debt financing behavior; intelligent manufacturing can reduce debt financing costs by improving the efficiency of enterprise resource allocation; productive intelligent manufacturing has a stronger inhibitory effect on corporate debt financing costs than collaborative intelligent manufacturing; intelligent manufacturing has a stronger promoting effect on short-term loans and accounts payable financing for enterprises; the inhibitory effect of intelligent manufacturing on corporate debt financing costs is stronger when corporate R&D investment is lower, and industry competition is higher.
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Received: 16 July 2024
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