机构投资者网络抱团对企业数字化转型的非线性影响  

The Non-Linear Impact of Institutional Investor Network Clusters on Corporate Digital Transformation

作　　者：关鑫[1] 李枫园 Guan Xin;Li Fengyuan(School of Business Administration,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学工商管理学院,北京100070

出　　处：《科技进步与对策》2025年第3期74-84,共11页Science & Technology Progress and Policy

基　　金：教育部人文社会科学研究一般项目(18YJ630027)。

摘　　要：随着数字技术蓬勃发展,数字化已经成为企业转型的重要方向。基于社会网络理论和注意力基础观,采用2010-2022年沪深A股上市公司为研究样本,从机构投资者视角考察网络抱团对企业数字化转型的影响。结果发现:机构投资者网络抱团对企业数字化转型具有非线性影响,呈现出“U”形变化趋势。调节效应分析表明,机构投资者网络中心性强化该“U”形关系。机制分析表明,当持股比例小于8.5%时,机构投资者网络抱团通过策略合谋效应抑制企业数字化转型;当持股比例大于8.5%时,机构投资者网络抱团通过监督治理效应和资源协同效应促进企业数字化转型。异质性分析表明,机构投资者团体类别、企业类型、信息环境不同,机构投资者网络抱团对企业数字化转型的影响也呈现差异化。The surge in digital technologies like big data,AI,and cloud computing has made the digital economy a key driver for China's high-quality economic growth.As the micro subject of the market economy,enterprises carry the important function of promoting the high-quality development of the economy as well as transformation,and digital transformation has become an inevitable trend for enterprises to move into the future.As enterprises'digital transformation involves a full range of changes in the business model,process management and operation mode,digital transformation is never easy.Therefore,enterprises only rely on their own resources and capabilities are not enough to successfully complete the digital transformation,how to use external forces to break the dilemma of digital transformation and obstacles to become an important reality of common concern in the academic and practical circles.Institutional investors,due to their unique resources,information and professional advantages,are participating in corporate governance in a diversified way and influencing the strategic decisions of companies.With the rise of social network analysis techniques,firms are interconnected rather than isolated in capital markets,and it is more common for multiple institutional investors to hold shares in the same firm.This network of interconnectedness through common shareholdings constitutes an institutional investor network.Within this network,institutional investors can form synergies and play a role at the group level.In the context of accelerated digital transformation,one question worth exploring is the role of institutional investors'network clusters in the digital transformation of enterprises.Therefore,it is worth exploring the relationship between institutional investors'network clusters and digital transformation.Following the social network theory and attention-based view,this study adopts 2010-2022 A-share listed companies in Shanghai and Shenzhen as the research samples,and examines the direct effect and potential mecha

关 键 词：机构投资者 网络抱团 数字化转型 策略合谋 监督治理 资源协同 

分 类 号：F272.7[经济管理—企业管理]