连锁股东与企业数字化转型——治理协同还是竞争合谋  

Chain Shareholders and Corporate Digital Transformation--Governance Synergy or Competitive Collusion

作　　者：马成蛟 韩金红[1] MA Cheng-jiao;HAN Jin-hong(School of Accounting,Xinjiang University of Finance and Economics,Urumqi 830012)

机构地区：[1]新疆财经大学会计学院,乌鲁木齐830012

出　　处：《天津商务职业学院学报》2024年第5期50-66,共17页Journal of Tianjin College of Commerce

基　　金：国家自然科学基金项目“新冠疫情与管理层自愿性信息披露:基于交通管制及信息阻塞的研究”(项目编号:72262030);新疆维吾尔自治区研究生科研创新项目“连锁股东与企业数字化转型”(项目编号:XJ2023G247)的阶段性研究成果

摘　　要：本文以连锁股东这一新型股权网络为起点,选取2008—2022年中国沪深A股上市公司为研究对象,实证研究了连锁股东对企业数字化转型的影响。研究发现,连锁股东能够推进企业数字化转型;影响机制发现,连锁股东能够通过缓解融资约束、降低代理成本、改善信息环境三条路径来推进企业数字化转型;进一步分析发现,连锁股东对国有企业和管理层权力较大企业的数字化转型推进作用更显著,并且当行业成长性较高、行业地位较高以及市场化程度较高时,连锁股东的推进作用更加明显。Taking chain shareholders,a new type of equity network,as a starting point,and Chinese A-share listed companies in Shanghai and Shenzhen from 2008 to 2022 as the research object,the impact of chain shareholders on enterprise digital transformation is empirically studied.It is found that chain shareholders are able to promote the digital transformation of enterprises;the influence mechanism is found that chain shareholders are able to promote the digital transformation of enterprises through three paths:alleviating financing constraints,reducing agency costs,and improving the information environment;Further analysis reveals that chain shareholders have a more significant role in promoting digital transformation for state-owned enterprises and enterprises with more management power,and that the role of chain shareholders is more obvious when the industry growth is higher,the industry status is higher and the degree of marketization is higher.

关 键 词：连锁股东 企业数字化转型 融资约束 代理成本 信息环境 

分 类 号：F27[经济管理—企业管理]