数字化转型对企业现金资源配置的影响研究——来自超额现金持有的经验证据  

Research on the Impact of Digital Transformation on Enterprises Cash Resource Allocation Empirical Evidence from Excess Cash Holdings

作　　者：胡凯 刘永逸 HU Kai;LIU Yongyi(School of Accounting,Lanzhou University of Finance and Economics,Lanzhou,Gansu 730101)

机构地区：[1]兰州财经大学会计学院,甘肃兰州730101

出　　处：《上海立信会计金融学院学报》2024年第2期62-81,共20页Journal of Shanghai Lixin University of Accounting and Finance

摘　　要：数字经济时代,随着企业深入推进数字化转型,以数据为载体的信息赋予了企业新的发展动能。文章以2012-2021年沪深A股上市公司为研究样本,以超额现金持有作为研究对象,实证检验企业数字化转型对现金资源配置的影响。研究发现,企业数字化转型显著抑制了超额现金持有,该结论经过一系列稳健性检验后依旧成立。机制检验结果表明,企业数字化转型能够通过强化供应链信息共享、提升内部控制质量和公司透明度抑制超额现金持有、优化现金资源配置。异质性分析发现,非国有产权性质、环境不确定性高、地区市场化水平低的企业,数字化转型对现金资源配置的优化作用更为明显。文章从现金管理的角度丰富了企业数字化转型经济后果的相关研究,同时也为企业提升现金管理水平、优化现金资源配置提供了重要参考。In the era of digital economy,as enterprises further promote digital transformation,information based on data can give enterprises new momentum for development.The authors take Shanghai and Shenzhen A-share listed companies from 2012 to 2021 as research samples and excess cash holdings as the research object to empirically test the impact of digital transformation of enterprises on cash resource allocation.It is found that enterprise digital transformation significantly inhibits excess cash holdings,and this conclusion is still valid after a series of robustness tests.The mechanism test results show that enterprises'digital transformation can restrain excess cash holdings and optimize cash resource allocation by strengthening supply chain information sharing,improving internal control quality and corporate transparency.Heterogeneity analysis shows that among enterprises with non-state-owned property rights,high environmental uncertainty and low regional marketization level,digital transformation has a more obvious effect on the optimization of cash resource allocation.From the perspective of cash management,the author has enriched the relevant research on the economic consequences of enterprises'digital transformation,and also provided an important reference for enterprises to improve cash management level and optimize cash resource allocation.

关 键 词：数字化转型 现金资源配置 超额现金持有 信息不对称 

分 类 号：F275.1[经济管理—企业管理] F270.7[经济管理—国民经济]