聚焦连锁董事网络嵌入对企业债务筹资的影响效应及作用机理，利用2012~2021年中国上市公司数据进行实证研究，解释为何现有研究关于“连锁董事网络嵌入如何影响企业债务筹资”存在互斥结论，并论证数字化转型的赋能效应。研究表明：企业在连锁董事网络嵌入中心、结构洞位置能优化债务筹资。随着数字化转型程度深化，嵌入中心位置的企业能够充分优化债务筹资；数字化转型会巩固嵌入结构洞位置企业对负债的积极影响，但不会调整其对过度负债的消极影响。在异质性检验中发现，企业因监督控制需求及异质资源获取需求，分别占据连锁董事网络嵌入中心位置及结构洞位置。

Focusing on the impact and mechanism of interlocking director network embeddedness on corporate debt financing, this study uses data of Chinese listed companies from 2012 to 2021 to conduct an empirical study to explain why existing studies have mutually exclusive conclusions on “how interlocking director network embeddedness affects corporate debt financing”, and demonstrates the empowering effect of digital transformation. The results show that enterprises embedded in the central position and structural holes of the interlocking director network can optimize their debt financing. With the deepening of digital transformation, enterprises embedded in central locations can fully optimize debt financing. Digital transformation will consolidate the positive impact of enterprises embedded in structural hole on their debt, but will not adjust its negative impact on excessive debt. In the heterogeneity test, it is found that enterprises occupy the central position of interlocking director network embedding and structural holes respectively, driven by their needs for supervision and control and heterogeneous resource acquisition.