共同机构所有权与企业数字化转型:协同治理抑或私利合谋  

Common Institutional Ownership and Corporate Digital Transformation:Collaborative Governance or Self-Interest Collusion?

作　　者：王新光 盛宇华[1] Wang Xinguang;Sheng Yuhua(School of Business,Nanjing Normal University,Nanjing 210023,China)

机构地区：[1]南京师范大学商学院,江苏南京210023

出　　处：《科技进步与对策》2023年第20期87-98,共12页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(20BGL139)。

摘　　要：学术界关于共同机构所有权对企业决策的影响仍存在分歧。以企业数字化转型为研究视角,基于2008—2020年中国沪深A股上市企业样本,探究共同机构所有权对企业数字化转型的影响。实证结果显示,共同机构所有权显著促进企业数字化转型,支持协同治理假说。机制分析表明,共同机构所有权对企业数字化转型的促进作用主要通过降低代理成本和提升全要素生产率实现。异质性检验结果表明,地区经济发展水平越高、独立董事网络中心度越低或当高管具有金融背景时,共同机构所有权发挥的协同治理效应越显著。结论对进一步激励资本发挥作为生产要素的积极作用和规范监管共同机构所有权行为具有重要启示,同时可为企业数字化转型提供支持性证据与实践建议。Common institutional ownership is becoming a widespread phenomenon in global capital markets.Then what impact has common institutional ownership had on micro-economic agents in the capital markets?There are two conflicting views in existing research on the role of common institutional ownership in the capital markets.From a positive perspective,common institutional ownership can cushion firms from particular shocks and enrich the channel of resources for their development.Scholars with a negative view argue that in an oligopoly model,common institutional ownership raises prices and reduces consumer surplus even in cases of insufficient control,and this theory is supported by evidence in the U.S.airline industry.The digital economy is fast-growing in China,then what role does common institutional ownership play in the digital transformation of enterprises?On the one hand,capital is profit-seeking,and common institutional investors may,in order to maximize the value of portfolio investments,act against the trend to avoid the potential risks that may be brought about by the digital transformation of enterprises under the loss aversion decision-making mechanism,and implement collusion with managers through monopolies and other means;on the other hand,common institutional investors,with their ownership advantages,can better assist the development have easier access to resources,promote their digital transformation,and play the positive role as factors of production.Unlike the studies on common institutional ownership based on the more developed capital market background,this paper explores what impact common institutional ownership has on the digital transformation of enterprises,and what its impact mechanism and boundary conditions are,especially in the context of the current rapid growth of common institutional ownership in China,as the Chinese digital economy shifts to a new stage of deepening application,standardized development,and inclusive sharing.Considering that the economic consequences of common institution

关 键 词：共同机构所有权 企业数字化转型 协同效应 监督效应 

分 类 号：F272.7-39[经济管理—企业管理]