The COVID-19 pandemic, digitalization level, and financing constraints of listed tourism companies

This paper empirically examines the impact of digital transformation on the financing constraints of tourism-related listed companies in the Chinese capital market during the COVID-19 pandemic. The empirical results indicate that digital transformation significantly reduces financing constraints during the pandemic. Heterogeneity analysis shows that the mitigating effect of digital transformation on financing constraints during the pandemic is mainly evident in large-scale enterprises and those with a higher proportion of institutional investors.