企业数字化转型与金融资产投资——基于避险和逐利动机的检验  

Corporate Digital Transformation and Investment in Financial Assets——Based on Risk Aversion and Profit-Seeking Motives

作　　者：何青 庄朋涛 琚望静 HE Qing;ZHUANG Pengtao;JU Wangjing(School of Finance,Nankai University,Tianjin 300350,China)

机构地区：[1]南开大学金融学院,天津300350

出　　处：《商业研究》2024年第5期49-58,共10页Commercial Research

摘　　要：近年来,实体企业“脱实向虚”现象一直困扰我国经济发展,是各级政府力图解决的一个难题,数字化转型已经成为企业实现高质量发展的重要工具。既有研究表明数字化转型能给我国企业传统的生产经营模式和投融资决策带来诸多深刻的变革,本文基于企业金融资产投资的动机,以2011—2020年我国A股非金融上市公司为研究对象,探讨数字化转型对实体企业金融资产投资的影响及其作用机制与经济后果,研究发现:数字化转型不仅能够通过缓解融资约束和经营风险弱化避险动机,还能通过缩小金融与实体投资收益率相对差距弱化逐利动机,进而抑制实体企业金融资产投资。在国有企业、高实体投资成本企业以及市场化水平低的地区中数字化转型对企业金融资产投资的抑制效果更为凸显,侧面反映现阶段我国实体企业金融资产投资行为是以逐利动机为主导。数字化转型通过遏制实体企业金融资产投资,能够引导企业资本回流主业领域,提高实业投资和创新投资水平,推动实体企业主业发展。In recent years,the phenomenon of“de-realization to virtualization”among Chinese enterprises has hindered the country’s economic development,posing a significant challenge for governments at all levels.Digital transformation has emerged as a critical tool for enterprises seeking high-quality growth.Existing research suggests that digital transformation fundamentally alters traditional production models and influences investment and financing decisions in Chinese enterprises.This paper investigates the impact of digital transformation on financial asset investment among non-financial A-share listed companies in China from 2011 to 2020,focusing on its underlying mechanisms and economic consequences.The findings reveal that digital transformation not only reduces risk aversion by alleviating financing constraints and business risks but also diminishes profit-seeking motives by narrowing the gap between returns on financial and entity investments,thereby curbing entity enterprises’investment in financial asset.This inhibitory effect is more pronounced in state-owned enterprises,firms with high real investment costs,and those in regions with lower levels of marketization,suggesting that profit-seeking motives currently dominate financial asset investment behavior.By curbing financial asset investment,digital transformation reallocates corporate capital toward main business activities,improves industrial and innovation investment levels,and promotes the development of entity enterprises’main business.

关 键 词：数字化转型 企业投融资 金融资产 主业发展 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]