数字化转型与劳动投资效率:缓解不足还是抑制过度?  

Digital Transformation and Labor Investment Efficiency:Alleviating the Under-investment or Inhibiting the Over-investment?

作　　者：钟廷勇[1] 程玉梅 李江娜 ZHONG Ting-yong;CHENG Yu-mei;LI Jiang-na(School of Accounting,Chongqing Technology and Business University,Chongqing 400067,China;Wealth Management School,Chongqing Finance and Economics College,Chongqing 401320,China)

机构地区：[1]重庆工商大学会计学院,重庆400067 [2]重庆财经学院财富管理学院,重庆401320

出　　处：《西部论坛》2023年第2期29-42,共14页West Forum

基　　金：国家社会科学基金一般项目(21BJY121);重庆市社会科学规划培育项目(2020PY44);重庆工商大学研究生创新型科研项目(CYS22618)。

摘　　要：由于市场的不确定性和信息的不完备,企业劳动投资决策偏差导致劳动投资非效率的现象普遍存在。数字化转型带来的信息优化和管理改善可以显著降低企业劳动投资决策失误,且技术水平和人力资源管理水平的提高还可以对劳动投资决策失误进行弥补,但这种弥补作用对劳动投资不足更为有效。以2009—2020年沪深两市A股上市公司为样本的分析发现:数字化转型显著促进了企业劳动投资效率提升,并主要表现为对劳动投资不足的缓解,而对劳动投资过度的影响不显著;数字化转型可以通过优化人力资本结构和提升内部控制水平来促进企业劳动投资效率提升;数字化转型对企业劳动投资效率提升的促进作用,在实施低成本战略的企业、融资约束较强的企业、非国有企业以及资本密集型企业中显著存在,而在实施差异化战略的企业、融资约束较弱的企业、国有企业以及劳动密集型企业中不显著。企业应积极推进数字化转型,充分利用数字经济的各种红利来优化劳动投资决策,不断提高劳动投资效率;政府应营造良好的数字环境,赋能企业数字化转型。Digital transformation of enterprises is an important support for the high-quality development of enterprises,which will certainly have a significant impact on the field of talent innovation.With the rise of emerging technologies such as big data,cloud computing,artificial intelligence,and blockchain,enterprise digitalization has had a profound impact on the labor market.However,the existing literature is less likely to enter into an in-depth exploration of the impact mechanism between digital transformation and the efficiency of corporate labor investment.In this paper,we adopt the text collated by the Python and draw on the studies of Wu Fei,et al.(2021)and Zhao Chenyu,et al.(2021)to quantitatively analyze the digital transformation of enterprises,construct an indicator system for the digital transformation of enterprises,and examine how digital transformation affects the efficiency of labor investment in enterprises.The empirical study finds that digital transformation can significantly improve the efficiency of corporate labor investment,and the effect is specifically manifested in the reduction of corporate labor underinvestment phenomenon.Further study finds that these results are mainly found among non-state enterprises and enterprises in capital-intensive industries,and the positive correlation between digital transformation and labor investment efficiency is stronger when enterprises implement low-cost strategies and face stronger financing constraints.Specifically,digital transformation can improve the efficiency of labor investment by optimizing the human capital structure and improving the level of internal control.Compared with the existing literature,the research contributions of this paper are:firstly,most of the existing literature examines the economic benefits of digital transformation,such as stock liquidity,firm performance,and firm productivity.This paper explores the relationship between digital transformation and enterprise labor investment efficiency based on human capital management persp

关 键 词：数字化转型 劳动投资效率 投资不足 投资过度 人力资本结构 内部控制 

分 类 号：F404.3[经济管理—产业经济] F273.1