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Digital transformation, innovation ambidexterity, and equity financing: evidence based on the cost of capital

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  • He, Pinzhen
  • Li, Ziwei
  • Li, Qin

Abstract

Based on panel data of Chinese listed companies from 2014 to 2023 and a fixed-effects model, this study examines the impact of digital transformation (DT) and innovation ambidexterity on equity financing. The findings reveal that DT significantly promotes corporate equity financing; exploratory innovation mediates the relationship between DT and equity financing; exploitative innovation also mediates the relationship between DT and equity financing; and the impact of DT on equity financing exhibits heterogeneity between high-tech and non-high-tech enterprises. This research provides theoretical and practical insights for deepening the practice of corporate digital transformation, optimizing the allocation of innovation resources, and promoting the high-quality development of equity financing.

Suggested Citation

  • He, Pinzhen & Li, Ziwei & Li, Qin, 2026. "Digital transformation, innovation ambidexterity, and equity financing: evidence based on the cost of capital," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325026388
    DOI: 10.1016/j.frl.2025.109389
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