企业数字化转型能够抑制高管腐败吗?——基于中小股东参与治理视角  

Can Corporate Digital Transformation Curb Executive Corruption?From the Perspective of Minority Shareholders'Participation in Governance

作　　者：邵剑兵[1] 王露晔 Shao Jianbing;Wang Luye(School of Business,Faculty of Economics,Liaoning University,Liaoning Shenyang 110036,China)

机构地区：[1]辽宁大学经济学部商学院,辽宁沈阳110036

出　　处：《上海财经大学学报（哲学社会科学版）》2023年第2期64-77,共14页Journal of Shanghai University of Finance and Economics

基　　金：国家社会科学基金项目“大数据情境下国有企业高管层激励与监管动态耦合研究”(18BGL081)。

摘　　要：企业数字化转型对公司治理的影响日益得到学术领域的广泛关注。文章以2014—2020年中国A股上市公司作为研究对象,基于中小股东参与治理视角实证分析了企业数字化转型、中小股东参与治理与高管腐败之间的关系。研究发现:企业数字化转型能够抑制高管显性腐败与隐性腐败,且企业数字化转型能够促进中小股东行使表决权(用手投票)和卖出股票(用脚投票)的行为,中小股东“用手投票”和“用脚投票”的行为在企业数字化转型与高管腐败之间起到中介作用。进一步研究发现,企业所在地区腐败程度、地区互联网普及程度均在企业数字化转型与高管显性腐败之间起到显著的调节作用。本文验证了企业数字化转型对高管腐败的抑制作用,为从中小股东参与治理视角开展该领域的研究提供了有益的探索和重要支持。The impact of corporate digital transformation on corporate governance has been paid more and more attention in the academic field.Taking A-share listed companies in China from 2014 to 2020 as the research object,this paper empirically analyzes the relationship between corporate digital transformation,minority shareholders'participation in governance and executive corruption from the perspective of minority shareholders'participation in governance.The findings are as follows:First,corporate digital transformation can effectively restrain executive corruption,which can be understood as follows:The degree of information asymmetry between enterprises and investors actively undergoing digital transformation is reduced,the quality of information disclosure is higher,and finally executive corruption is restrained.Second,the degree of corporate digital transformation promotes the participation of minority shareholders in governance(voting with hands and voting with feet)The main reason is that enterprises can effectively improve the enthusiasm of minority shareholders in governance by improving information transparency and reducing the cost of minority shareholders'participationin governance.Third,the participation of minority shareholders in governance plays a significant intermediary effect between corporate digital transformation and executive corruption.Corporate digital transformation can promote the active participation of minority shareholders in governance,and minority shareholders can restrain executive corruption by reasonably exercising their voting rights(voting with their hands)and selling stocks(voting with their feet)on the Internet.Further research shows that:First,the degree of corruption in the region where enterprises are located plays a significant role in regulating corporate digital transformation and the explicit corruption of executives.Regional corruption can not only distort the resource allocation of enterprises,restrict their digital transformation,but also reduce their investment in human re

关 键 词：企业数字化转型 高管腐败 中小股东 参与治理 

分 类 号：F272.91[经济管理—企业管理] F270.7[经济管理—国民经济]