风险投资持股对企业数字化转型的影响研究——基于中国上市公司的实证分析  

Research on the Impact of Venture Capital Shareholdings on Digital Transformation of Enterprises--Empirical Analysis Based on Chinese Listed Companies

作　　者：申杰 昌忠泽[2] Shen Jie;Chang Zhongze(School of Economics,Central University of Finance and Economics,Beijing 102206,China;School of Finance and Economics,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]中央财经大学经济学院,北京102206 [2]中央财经大学财经研究院,北京100081

出　　处：《工业技术经济》2023年第12期3-12,共10页Journal of Industrial Technological Economics

基　　金：教育部哲学社会科学研究重大课题攻关项目“中国经济发展新常态的内涵、特征及其演变逻辑研究”(项目编号:15JZD011)。

摘　　要：本文以2007~2021年沪深A股上市公司为研究样本,运用双固定效应模型、工具变量法、倾向得分匹配法等多种计量技术,实证检验风险投资持股对企业数字化转型的影响。结果显示,风险投资持股对企业数字化转型具有促进作用,这种促进作用存在企业产权性质和生命周期方面的异质性,提高市场化水平和加强知识产权保护可以强化风险投资持股对企业数字化转型的促进作用。机制分析发现,风险投资持股可以通过降低企业代理成本、促进企业技术创新、缓解企业融资约束、减少企业经营风险进而推动企业数字化转型。本文的研究开拓了从股权视角理解企业数字化转型的新思路,对于推动企业加快融入数字化时代,拥抱数字场景新变化具有重要指导意义。This paper takes the A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as a research sam⁃ple,this study empirically tests the impact of venture capital holdings on digital transformation of enterprises using multiple measu⁃rement techniques such as the double fixed effects model,instrumental variable method,propensity score matching method.The results show that venture capital shareholding has a promoting effect on the digital transformation of enterprises,which has heteroge⁃neity in the property rights nature and lifecycle of enterprise.Improving the level of marketization and strengthening intellectual property protection can strengthen the promoting effect of venture capital shareholding on enterprise digital transformation.Internal mechanism analysis found that venture capital shareholding can promote the digital transformation of enterprises through four chan⁃nels:alleviating corporate financing constraints,reducing corporate agency costs,reducing corporate operational risks,and pro⁃moting enterprise technological innovation.The research in this paper opens up new ideas for understanding the digital transforma⁃tion of enterprises from the perspective of equity,and has important guiding significance for enterprises to accelerate their integration into the digital era and embrace new changes in digital scenarios.

关 键 词：数字化转型 风险投资 融资约束 代理成本 经营风险 技术创新 

分 类 号：F275.5[经济管理—企业管理] F49[经济管理—国民经济]