金融关联与企业数字化转型:资源效应还是抑制效应  

Is Financial Connection an Asset or a Suppressor for Digital Transformation of Enterprises?

作　　者：刘东阁 庞瑞芝[2] LIU Dongge;PANG Ruizhi(Nankai University,300071)

机构地区：[1]南开大学经济学院,300071 [2]南开大学经济与社会发展研究院,300071

出　　处：《财贸经济》2024年第5期54-70,共17页Finance & Trade Economics

基　　金：国家社会科学基金重大项目“大国经济条件下构建自主可控的现代产业体系重大问题研究”(21&ZD099)。

摘　　要：企业数字化转型是建设数字中国、实现企业高质量发展的重要突破口,如何驱动企业稳步推进数字化转型备受关注。本文基于非正式制度视角,以2008一2020年A股上市公司为样本,考察了金融关联对企业数字化转型的影响。结果表明,金融关联对企业数字化转型表现出抑制效应,但不同类型金融关联对企业数字化转型的影响存在明显差异,银行关联起到促进作用,证券关联产生抑制作用,监管关联的影响不显著。机制检验结果发现,金融关联、证券关联通过加剧管理层短视、企业金融化和增加资金寻租成本抑制企业数字化转型,银行关联通过缓解融资约束促进企业数字化转型。治理条件的分析发现,董事会规模、股权结构治理以及机构投资者持股、宏观治理环境改善能缓解金融关联对企业数字化转型的抑制作用,但独立董事的作用不明显。异质性分析显示,金融关联对企业数字化转型无形资产投资的抑制作用更强。金融关联对企业数字化转型的抑制效应在资本密集型行业、竞争性行业以及非高新技术企业和国企中更大。本文既拓展了企业数字化转型影响因素的研究视角,同时对评估金融关联这一非正式制度安排的合理性以及更好推进企业数字化转型具有重要启示。Digital transformation is important for building a digital China and achieving high-quality development of enterprises,but in practice,many enterprises are facing the dilemma of digital transformation.Therefore,how to drive enterprises to steadily promote digital transformation has attracted much attention.Previous studies have explored the influencing factors of digital transformation from both internal and external dimensions,with primary focus on the influencing factors of enterprises'digital transformation from the perspective of formal institutions,such as policy support and financial development.Few studies have explored the influencing factors of enterprises'digital transformation from the perspective of informal institutions,and there is even less literature on the impact of financial connection by type on enterprises'digital transformation.Therefore,from the perspective of informal institutions,this paper takes A-share listed companies from 2008 to 2020 as a sample,and examines the relationship between financial connection and digital transformation of enterprises,then discusses the influencing mechanism,governance conditions and heterogeneity.The results show that financial connection has a suppressive effect on enterprises'digital transformation,but the impact varies significantly for different types of financial connection.The bank connection plays a promoting role,while securities institution connection has a suppressive effect,and the regulatory institution connection has no significant impact.Financial connection and securities institution association inhibit enterprises'digital transformation by increasing the myopia of management,the degree of enterprise financialization and the cost of fund rent-seeking,while the bank connection promotes enterprises'digital transformation by alleviating financing constraints.The board size,equity structure governance,institutional investor shareholding,and a better macro governance environment can alleviate the inhibitory effect of financial connection,but the r

关 键 词：数字化转型 金融关联 管理层短视 企业金融化 资金寻租成本 

分 类 号：F062.5[经济管理—政治经济学]