数字化驱动企业“脱虚向实”:基于资产结构的证据  

Digitalization Promotes Enterprises to Decrease Financialization:Evidence from Asset Structure

作　　者：刘柏[1] 郭书妍 LIU Bai;GUO Shu-yan(School of Business and Management,Jilin University,Changchun,Jilin,130012,China)

机构地区：[1]吉林大学商学与管理学院,吉林长春130012

出　　处：《经济管理》2023年第5期61-77,共17页Business and Management Journal ( BMJ )

基　　金：教育部人文社会科学研究规划基金项目“企业数字化资产的核定方法和价值评估研究”(22YJA630047)。

摘　　要：企业增强经营资产配置是实体经济持续健康发展的微观基础。本文从企业财务分析视角,借助CSMAR数据库及手工搜集的2009—2020年沪深A股上市公司数字化行为数据,探究企业数字化对资产结构配置的影响及其边界条件。主要结论如下:(1)数字化显著提升了公司的经营性资产比例,表现出促进微观层面“脱虚向实”的潜在影响。(2)数字化表现、数字化广度与数字化深度对企业资产结构的影响具有一致性。(3)进一步探究影响边界发现,供应链压力越大,数字化的作用效果越强;而同业竞争越强,数字化的作用效果越弱,这源于企业在进行垂直、水平比较时的预期收益和潜在成本存在差异。(4)企业数字化通过提高企业经营性收益从而增加企业短期经营资产配置,通过提高企业研发创新产出从而增加企业长期经营资产配置。(5)数字化对资产结构的影响在非国有样本中更加显著,这与市场机制的逻辑相一致。文章探究了数字化赋能实体企业的微观表现,分析并检验了企业数字化的财务后果,为企业重要利益相关者提出建议。Enhancing the allocation of business assets by enterprises is the micro foundation for the sustainable and healthy development of the real economy.However,in recent years,due to the long-term decline in the profit rate of traditional production and the rising motivation of capital for profit,non-financial enterprises have been induced to expand financial assets,that is,the financialization of non-financial enterprises.For this dilemma,the existing papers mainly focus on the"visible hand"of macro-control,and find that economic policy,government governance and other factors will significantly reduce the financial asset holdings of enterprises,while strengthening the allocation of operating assets.However,for the positive role of the“invisible hand”of the market economy adjustment mechanism,there are few relevant theories and empirical studies that need to be supplemented urgently.From the perspective of enterprise financial analysis,this paper explores the influence of enterprise digitalization on the firm's asset structure with data form CSMAR database and hand-collecting of A-share listed companies during 2009-2020.The main findings of this paper are as follows:Digitalization significantly increases the proportion of the company's operating assets,showing the potential impact of decreasing financialization of non-financial enterprises.This effect is strengthened under higher supply chain pressure and weaker industry competition.The mechanism by which digitalization affects the asset structure of enterprises is to enhance the willingness of enterprises to allocate short-term operating assets by improving their operational earnings and enhance enterprises to allocate long-term operating assets by improving their innovation output.Moreover,the influence of digitalization on asset structure is more significant in non-state-owned samples,which is consistent with the logic of market mechanism.This paper also provides enlightenment and suggestions for policy makers,business executivesand investors.The marginal acade

关 键 词：数字化 实体经济 资产结构 企业金融化 资源编排 

分 类 号：F275[经济管理—企业管理]