客户数字化转型与企业非效率投资:协同治理还是嬗变失配  

Customer Digital Transformation and Enterprise Inefficiency Investment:Coordination Governance or Evolution Mismatch

作　　者：王娇[1] 王凡林[1] WANG Jiao;WANG Fanlin(School of Accounting,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学会计学院,北京丰台100070

出　　处：《审计与经济研究》2024年第4期81-91,共11页Journal of Audit & Economics

基　　金：首都经济贸易大学学术新人项目(XSXR202304);国家自然科学基金项目(72172098);海南省研究生创新科研项目(Qhyb2023-12)。

摘　　要：将客户数字化转型行为决策纳入企业非效率投资的研究框架中,利用2007—2019年中国深沪A股上市公司披露的前五大客户数据,检验发现:客户数字化转型对企业非效率投资存在正向溢出效应,并且这种正向溢出主要表现为抑制企业过度投资,该结果在一系列稳健性检验后依然成立。进一步研究发现,信息协同和高管治理是客户数字化转型改善企业非效率投资的两个作用渠道,从而证实数字溢出存在协同治理效果。此外,当客企关系性质良好、客企数字差距较大、企业融资约束较高时,客户数字化转型对企业非效率投资的改善效果更好。研究结论不仅肯定了客户数字化转型引致的数字溢出能够改善企业非效率投资,为缓解企业间供需矛盾提供了解决思路;而且发现并验证了供应链数字溢出的协同治理效果,加深了各界对供应链数字溢出的学术认知,具有现实意义和理论价值。This paper incorporates customer digital transformation behavior decision-making into the research framework of enterprise inefficient investment,and uses the data of the top five customers disclosed by A-share listed companies in Shenzhen and Shanghai from 2007 to 2019 to test the following findings:customer digital transformation has a positive spillover effect on enterprise inefficient investment,and this positive spillover effect is mainly reflected in inhibiting enterprise over-investment.This conclusion still exists after a series of robustness.Further research finds that information coordination and executive governance are two channels for customer digital transformation to improve coordination inefficient investment,which confirms the existence of coordination governance effect of digital spillover.In addition,when the nature of the relationship between customers and enterprises is better,the digital divide between customers and enterprises is larger,and the financing constraints of enterprises are higher,the improvement effect of customer digital transformation on enterprise inefficient investment is better.This paper not only affirms that digital spillover caused by customer digital transformation can improve enterprise inefficient investment,but also provides a solution for alleviating the contradiction between supply and demand among enterprises.Moreover,the coordination governance effect of supply chain digital spillover is found and verified,which deepens the academic understanding of supply chain digital spillover from all walks of life.All in all,this paper has practical significance and theoretical value.

关 键 词：供需矛盾 数字溢出 数字化转型 企业社会资本 信息协同 高管治理 

分 类 号：F272[经济管理—企业管理]