乘势而上还是墨守成规:好业绩能让子公司更积极实施数字化转型吗?  

Ride on the Momentum or Stick to a Rut:Will Good Performance Make Subsidiaries More Active in Implementing Digital Transformation?

作　　者：徐鹏[1] 张子超 李凌琪 XU Peng;ZHANG Zichao;LI Lingqi(School of Business Administration,Shandong University of Finance and Economics,Jinan 250014,China)

机构地区：[1]山东财经大学工商管理学院,山东济南250014

出　　处：《经济与管理评论》2023年第5期150-160,共11页Review of Economy and Management

基　　金：国家自然科学基金面上项目“母子公司高管协同配置驱动机制及效应研究——基于公司治理视角的探索”(71972117);山东省自然科学基金面上项目“资本市场改革背景下上市公司治理稳定性评价与保障机制研究”(ZR2022MG028);泰山学者工程专项经费(tsqn202103095);山东省高等学校青创科技支持计划(2021RW009)。

摘　　要：以隶属于企业集团的沪深两市制造业上市公司为样本,实证检验了集团框架内子公司业绩水平对数字化转型的影响。研究发现,子公司业绩水平与数字化转型正相关,即好业绩会推动子公司积极实施数字化转型,该结论经过倾向得分匹配法、工具变量法、滞后变量、更换变量测量方式等稳健性检验后依然成立。进一步研究表明,母子公司高管联结会强化子公司业绩水平与数字化转型之间的关系;与国有企业集团相比,民营企业集团中子公司业绩水平对数字化转型的正向影响更强;经济政策不确定性会抑制子公司业绩水平对数字化转型的促进作用。This paper empirically examines the impact of the performance level of subsidiaries on the digital transformation within the framework of enterprise groups by taking manufacturing listed companies as samples in Shanghai Stock Exchange and Shenzhen Stock Exchange that are affiliated to enterprise groups.It is found that the performance level of subsidiaries is positively correlated with the digital transformation,that is,good performance promotes the subsidiaries to actively implement digital transformation.This conclusion is still valid after the robustness test of propensity score matching,instrumental variable method,lag variable and changing the variable measurement method.Further research shows that the parent-subsidiary corporation's executives ties strengthen the relationship between the performance level of the subsidiary and the digital transformation.Compared with state-owned enterprise groups,the performance level of subsidiaries has a stronger positive promoting effect on digital transformation in private enterprise groups.The economic policy uncertainty inhibits the promotion effect of the performance level of subsidiaries on the digital transformation.

关 键 词：公司治理 母子公司 数字化转型 业绩水平 

分 类 号：F270[经济管理—企业管理]