数字经济对公司治理的影响——基于信息不对称和管理者非理性行为视角  

The Influence of Digital Economy on Corporate Governance: Analyzed from Information Asymmetry and Irrational Behavior Perspective

作　　者：祁怀锦[1] 曹修琴 刘艳霞 QI Huai-jin;CAO Xiu-qin;LIU Yan-xia

机构地区：[1]中央财经大学会计学院 [2]北京化工大学经济管理学院

出　　处：《改革》2020年第4期50-64,共15页Reform

基　　金：财政部会计名家培养工程项目“数字经济对公司治理的影响”;教育部人文社会科学研究规划基金项目“大股东股权质押的行为、动机与风险研究”(19A10034027)。

摘　　要：企业数字经济化是指企业利用新兴技术进行产业升级转型的过程,具有跨界融合、创新驱动、重塑结构和广泛连接等特征,它改变了原有的商业模式。基于A股上市公司2013-2018年数据的实证研究发现,企业数字经济化程度越高,公司治理水平越高。路径分析显示,企业数字经济化通过降低信息不对称程度和管理者决策行为的非理性程度提高了公司治理水平。本研究对推动企业数字经济化发展、提高公司治理效率和优化管理者决策行为具有一定参考价值。Economy digitalization of enterprise is a process of industrial upgrading and transformation by enterprises based on emerging technologies related to digital economy, which has the characteristics of cross-border integration, innovation-driven, reshaping structure and extensive connectivity, and it has changed the original business model. Based on the data of A-share listed companies from 2013 to 2018, this empirical study finds that the higher the degree of economy digitalization of listed companies, the higher the level of corporate governance. Path analysis shows that the process of economy digitalization improves information transparency and corporate governance, and economy digitalization also reduces the irrational degree of managers’ decision-making and finally improves the corporate governance. This paper has certain implication value for promoting the development of enterprise digital economy, improving information transparency and optimizing managers’ decision-making behavior.

关 键 词：数字经济 公司治理水平 信息不对称 管理者非理性行为 

分 类 号：F49[经济管理—产业经济]