“反向混改”能促进民营企业数字化转型吗  

Can Reverse Mixed Reform Promote Digital Transformation of Private Listed Firms?

作　　者：窦炜[1] 王世豪 石佳鑫 Dou Wei;Wang Shihao;Shi Jiaxin

机构地区：[1]华中农业大学经济管理学院

出　　处：《财经科学》2023年第10期120-136,共17页Finance & Economics

基　　金：国家社会科学基金一般项目“‘结构性’去杠杆背景下企业杠杆水平及其动态调整对金融资产配置的影响研究”(21BJY124);中央高校基本科研业务费专项基金项目“共同富裕视角下民营企业薪酬差距与技术创新——基于‘反向混改’的实证研究”(2662023JGPY002)的资助。

摘　　要：民营企业在数字经济角逐中如何培育核心竞争力和实现高质量发展,逐渐成为学术界和实务界关注的重点。而“反向混改”不仅会导致民营企业股权结构发生变化,还具有资源供给效应和治理优化效应,进而影响民营企业的经营活动。本文基于手工搜集整理的2008—2021年沪深A股民营上市公司“反向混改”数据,构建多期双重差分模型并实证检验“反向混改”对民营企业数字化转型的影响及其作用机理。研究发现:“反向混改”显著促进了民营企业数字化转型,相比于实践应用维度,上述影响在底层技术维度更显著。机制检验表明,“反向混改”通过研发联盟的资源共享和委派董事的监督治理机制为民营企业数字化转型提质增效。异质性检验结果表明,在投资类国有股和高科技属性国有股注资入股民营企业时以及地处民营经济发展水平较差地区的企业中,“反向混改”对民营企业数字化转型的促进作用更显著。此外,“反向混改”还能通过促进数字化转型提升民营企业创新持续性和全要素生产率。How to cultivate core competitiveness and achieve high-quality development in the competition of digit economy has gradually become the focus of academic and practical circles.Reverse Mixed Reform will not only lead to the change of the ownership structure of private enterprises,but also have the effect of resource supply and governance optimization,and then affect the business activities of private enterprises.Based on the data of Reverse Mixed Reform of Shanghai and Shenzhen A-share private listed firms from 2008 to 2021 collected by hand,this paper constructs A multi-period difference-in-differences model and empirically tests the impact of Reverse Mixed Reform on digital transformation of private firms and its mechanism.The results shows that Reverse Mixed Reform promotes the digital transformation of private firms significantly,and this effect is more significant in the digital transformation of the underlying technology dimension.The mechanism test shows that Reverse Mixed Reform improves the quality and efficiency of private firms' digital transformation through the resource sharing of RD alliance and the supervision and governance mechanism of appointed directors.Heterogeneity test shows that Reverse Mixed Reform plays a more significant role in promoting the digital transformation of private firms when state-owned investment shares and high-tech state-owned shares invest into private enterprises and in firms located in areas with poor private economic development level.The economic consequence test finds that Reverse Mixed Reform can also improve the innovation sustainability and total factor productivity of private firms by promoting the digital transformation of private enterprises.This study expands the theoretical research on enterprise digital transformation from the perspective of Reverse Mixed Reform of "state-owned enterprises and state-owned investment platforms taking shares in private firms",provides empirical evidence for private enterprises to accelerate their entry into the "fast lane" of d

关 键 词：“反向混改” 民营企业 数字化转型 研发联盟 委派董事 

分 类 号：F49[经济管理—产业经济]