大数据应用与实体企业金融化困境:基于双重委托代理理论  

Big Data Application and Financialization Dilemma of Entity Enterprises:Evidence from the Double Principal-Agent Theory

作　　者：邹颖[1] 黄其晴 陈芮 赵亚轩 ZOU Ying;HUANG Qiqin;CHEN Rui;ZHAO Yaxuan(School of Accountancy,Capital University of Economics and Businss,Bejing 100070,China;School of Accounting,Hangzhou Dianzi University,Hangzhou 310018,China)

机构地区：[1]首都经济贸易大学会计学院 [2]杭州电子科技大学会计学院

出　　处：《金融评论》2023年第3期47-78,125,126,共34页Chinese Review of Financial Studies

基　　金：国家社会科学基金一般项目“杠杆监管对国有企业财务行为的影响机理研究”(项目标准号:20BGL072)的资助。

摘　　要：本文基于双重委托代理理论,以2009~2019年A股实体上市公司为样本,探究了大数据应用与实体企业金融化的关系及作用机理。实证结果显示,大数据应用对实体企业金融化具有正向影响,金融资本相对价值创造能力、两类代理成本与管理层非理性决策偏差构成了重要影响机制。进一步分析发现,大数据相关企业的金融化偏好主要聚焦于“影子银行”和房地产业务;在弱产业规制、劳动密集型与管理者情绪极端的企业中,大数据应用的金融化效应更加明显。机制分析表明,供应链大数据网络、利益相关者关注以及高管团队多元化有助于治理大数据相关企业的“脱实向虚”问题。Drawing on the double principal-agent theory,this paper investigates the relationship and mechanisms underlying the application of big data and the financialization of entity enterprises,utilizing a sample of A-share listed enterprises from 2009 to 2019.The empirical analysis provides evidence for the positive impact of big data application on the financialization of entity enterprises.The study identifies the relative value creation ability of financial capital,two types of agency costs,and management's irrational decision-making deviation as important mechanisms driving this relationship.Further analysis reveals that enterprises related to big data exhibit a preference for financialization,particularly in the areas of"shadow banking"and real estate business.Moreover,the financialization effect of big data application is more pronounced in enterprises operating in industries with weak regulatory oversight,labor-intensive sectors,and those led by highly emotional managers.The governance mechanisms examined indicate that the supply chain big data network,stakeholder attention,and a diversified executive team can serve as effective means to counter the trend of overreliance on financialization at the expense of tangible economic activities.

关 键 词：双重委托代理理论 大数据 金融化 

分 类 号：F49[经济管理—产业经济] F832.51