| Summary: | As an emerging technology under the integration of digital economy and real economy, big data technology has an important impact on the high-quality development of enterprises. Based on the data of Chinese listed companies (2007-2020), this paper discusses the impact and mechanism of big data technology application on financing costs. The empirical results show that the application of big data technology can significantly reduce the financing costs for enterprises, and the above conclusion still holds after the treatment of robustness and endogeneity. The heterogeneity test shows that the application of big data technology in non-state-owned enterprises and high-tech enterprises can significantly reduce their own financing costs. The mechanism identification test finds that the application of big data technology can improve information asymmetry, enhance financial risk stability and optimize market expectations, which are conducive to the reduction of financing costs. In particular, this study also explores important external factors affecting the financing costs of enterprises, and demonstrates that the application of big data technology has a better financing cost reduction effect in scenarios with high monetary policy uncertainty. The research conclusions are helpful to guide enterprises to apply the cutting-edge technologies at the micro level and help the government departments formulate more perfect big data technology-related policies at the macro level.
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