企业数字化转型与资本配置效率  

Enterprises'Digital Transformation and Investment Efficiency

作　　者：陈涛琴 吕康娟[1] 张恒瑞 CHEN Taoqin;LYU Kangjuan;ZHANG Hengrui

机构地区：[1]上海大学悉尼工商学院 [2]东北财经大学会计学院

出　　处：《社会科学》2023年第9期123-136,共14页Journal of Social Sciences

基　　金：国家自然科学基金青年项目“核心企业参与供应链金融的驱动机制和经济后果研究”(项目编号:72202130);国家社会科学基金重点项目“美丽中国目标下多元协同生态治理路径研究”(项目编号:23AZD056)的阶段性成果。

摘　　要：如何利用数字化转型提升长期资本配置效率,是当今复杂多变和高度不确定情境下所面临的重要课题。文章从信息效应的视角,探讨了企业数字化转型影响资本配置效率的作用机制,并进一步检验了不同数字化转型维度的影响差异。结果表明:(1)数字化转型会提高资本配置效率,降低资本配置时的过度投资倾向;(2)机制检验表明,数字化转型通过降低代理成本,降低行业和企业层面决策信息不确定性,进而改善资本配置效率。但数字化转型并不能改变宏观经济政策环境不确定性对资本配置效率的影响;(3)在数字化转型的细分维度上,业务和组织流程上的数字化赋能可提高资本配置效率,而技术产品的数字化赋能并不能提高资本配置效率。研究有助于深化对数字化赋能企业资本配置效率的作用机制的认知,为我国探寻企业高质量发展路径提供学理依据及决策参考。How enterprises'digital transformation improves long-term capital allocation efficiency is a major issue which needs to be considered.From the perspective of information efficiency,this paper explores the mechanism by which digital transformation affects capital allocation efficiency,and further examines the different results of digital transformation through different dimensions.The results show that:(1)digital transformation can improve capital allocation efficiency and reduce the overinvestment during capital allocation;(2)the mechanism test shows that digital transformation improves capital allocation efficiency by reducing agency costs,lowering uncertainty in decision-making at the industry and firm levels.However,digital transformation cannot change the impact of macroeconomic policy uncertainty on capital allocation efficiency;(3)in terms of the sub-dimensions of digital transformation,digital transformation in business and organizational processes can improve capital allocation efficiency,while digital transformation of technological products cannot.The research results of this paper indicate that digital transformation can collect objective information to assist management in making subjective decisions,but cannot change the decision-makers'cognitive biases.The economic consequences of digital transformation in different dimensions are diverse,and related research can differentiate them and establish more dimensions in the lexicon.

关 键 词：数字化转型 资本配置效率 代理成本 信息不确定性 

分 类 号：F275[经济管理—企业管理]