民营企业数字化转型战略选择——“释放信号”还是“真刀实干”  

The Digital Transformation Choice of Private Firms in Traditional Industries:"Releasing Symbolic Cues"or"Making Substantial Changes"

作　　者：刘子諝 周江华[2] 李纪珍[3] LIU Zixu;ZHOU Jianghua;LI Jizhen(Business School,Central University of Finance and Economics,Beijing 100081,China;Business School,Beijing Normal University,Beijing 100875,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]中央财经大学商学院,北京100081 [2]北京师范大学经济与工商管理学院,北京100875 [3]清华大学经济管理学院动态竞争与创新战略研究中心,北京100084

出　　处：《科学学与科学技术管理》2024年第10期74-87,共14页Science of Science and Management of S.& T.

基　　金：国家自然科学基金项目(72402248,72272015);清华大学中国现代国有企业研究院专项课题(iSOEYB202302)。

摘　　要：分析企业数字化转型的战略选择,具有重要的理论和实践意义。一般而言,民营企业的合法性动机较强,但资源实力相对较弱,因此,在数字化转型趋势的推动下,民营企业可能会产生脱耦行为。基于企业行为动机的角度,利用2009—2018年中国上市公司样本,分析了民营企业不同的数字化行为,并进一步检验了地区数字化基础设施建设水平和企业绩效期望落差的调节作用。实证结果发现:(1)民营企业会在年报中更多地传递数字化愿景,但更少地进行实际的数字化投资;(2)从外部因素的角度,处在数字化基础设施建设水平较高地区的民营企业,会受到更大的合法性压力,因此会更多地在年报中传递数字化愿景;(3)从内部因素的角度,绩效期望落差越大的民营企业,其数字化转型的经济动机越强,因此会更多地进行实际的数字化投资。此外,进一步考虑了宏观环境因素、企业规模异质性等因素的作用。At present, the rapid development of digital technology is driving various industries into a new digital era.Therefore, it is of great theoretical and practical significance to analyze firms' strategic choices for digital transformation under the current background. In this context, this study aims to deconstruct the motivations for firms to implement digital strategies, understand the differentiated behaviors of firms in the trend of digital transformation, and further supplement and improve research on firms' digital strategic decision-making.Generally speaking, traditional experience suggests that private firms have strong legitimacy motives but relatively weak resource bases. Therefore, driven by the trend of digital transformation, private firms may exhibit decoupling behavior.In other words, private firms may tend to frequently mention and emphasize digital strategic behavior in public texts such as their annual reports, thereby communicating their digital vision to stakeholders;however, such firms may actually have relatively lower levels of digital investment.Based on the perspective of firm behavioral motivation, using a sample of Chinese listed companies from 2009 to2018, this article empirically analyzes different digital behaviors of private firms and further examines the moderating effects of regional digital infrastructure construction levels and performance shortfalls. Empirical results show that:(1) Private firms tend to communicate their digital vision more in their annual reports but actually invest less in digitalization;(2) From the perspective of external factors, private firms in regions with high levels of digital infrastructure construction are subject to greater legitimacy pressure and therefore communicate their digital vision more in annual reports;(3) From the perspective of internal factors, private firms with larger performance shortfalls have stronger economic motivations for digital transformation and therefore invest more in actual digitalization. In addition, this study further c

关 键 词：数字化转型 战略选择 民营企业 数字化基础设施 绩效预期落差 

分 类 号：F273.1[经济管理—企业管理]