企业数字化转型如何影响现金股利政策:“信息面”还是“资金面”  

How Do Enterprise Digital Transformation Impact on Cash Dividend Policies:“Information Path”or“Capital Path”

作　　者：马鹏飞[1] 魏志华[2] Ma Pengfei;Wei Zhihua(Business and Management School,Jilin University;School of Economics,Xiamen University)

机构地区：[1]吉林大学商学与管理学院 [2]厦门大学经济学院

出　　处：《南开管理评论》2024年第3期50-60,I0009,I0010,共13页Nankai Business Review

基　　金：国家自然科学基金项目(71972163、71971034);福建省社会科学基金项目(FJ2024B017)资助。

摘　　要：近年来,数字化转型已成为企业高质量发展的必由之路,数字化转型是否以及如何影响企业财务决策成为一个新兴而重要的研究话题。本文以2010—2020年A股上市公司为样本,基于现金股利视角对此展开研究。结果表明,企业数字化转型显著降低了现金股利,其作用路径为“资金面”(改变资金安排),而非“信息面”(改变业绩预期与透明度)。具体而言,存在两种效应支持“资金面”作用路径。其一为“挤出”效应,它表现为企业数字化转型不仅需要在其中投入大量资金,还通过提高并购、研发等投资支出“挤出”现金股利。在该效应下,数字化转型对现金股利的负向作用仅在成长型、非国有等资金相对紧张的企业中显著。其二为“替代”效应,它表现为企业数字化转型通过提高代理效率,对现金股利的治理功能产生替代,使企业出于节约资金的目的削减现金股利。在该效应下,数字化转型对现金股利的负向作用仅在内外部监督较强的企业中显著。进一步研究发现,数字化转型促使企业将更多的留存收益用于非股利支出,这再次验证了“资金面”作用路径。总之,本文全面地分析了企业数字化转型对现金股利政策的影响及其理论解释,在理论上为企业数字化转型以及股利政策研究提供了新视角,在实践上则有助于企业数字化转型与财务决策的统筹安排,促进数字经济健康发展。In recent years,digital transformation has become the only way for high-quality development of enterprises.Whether and how does it affect financial decisions also has become a new and important research topic.We study the issue with taking A-share listed companies from 2010 to 2020 as samples,and find that,the digital transformation of enterprises significantly reduces the level level of cash dividend payment,which indicates the impact path is“Capital Path”(Change the funding plan),rather than“Information Path”(Change the expectation of performance and information asymmetry).Specifically,there are two effects supporting the“Capital Path”.One is the“Crowding Out”effect,which shows that the digital transformation of enterprises not only needs to invest large funds,but also“Crowding out”cash dividends by increasing investment expenditures of M&A and R&D.Under the“Crowding out”effect,the negative effect of digital transformation on cash dividends is only significant in companies which are short of funds,such as growth companies and non-state-owned companies.The other is the“Substitution”effect,which shows that the digital trans-formation substitutes the governance function of cash dividends by improving the agency efficiency,so that companies reduce cash dividends for the purpose of saving funds.Under the“Substitution”effect,the negative effect of digital transformation on cash dividends is only significant in enterprises with strong internal and external supervision.Furthermore,the digital transformation prompt enter-prises to use more retained earnings for non-dividend expenditure,which proves the“Capital Path”again.All in all,this paper explores the impact of enterprise digital transformation on cash dividend policy and its theoretical explanation,which providing a new per-spective for the research on enterprise digital transformation and dividend policy in theory.In practice,it is helpful for the overall ar-rangement between enterprise digital transformation and financial decis

关 键 词：企业数字化转型 现金股利 财务决策 生命周期 公司治理 

分 类 号：F49[经济管理—产业经济] F275F832.51