系统风险冲击下企业数字化转型与资本市场表现的影响机制研究  

Research on the Impact Mechanism of Corporate Digital Transformation and Capital Market Performance Under Systemic Risk Shocks

作　　者：张慧 张玉 ZHANG Hui;ZHANG Yu(Business School,Henan University,Kaifeng,Henan 475004)

机构地区：[1]河南大学商学院,河南开封475004

出　　处：《中国商论》2025年第4期123-127,共5页China Journal of Commerce

基　　金：河南省教育厅资助2024年度河南省高校人文社会科学一般项目“系统风险冲击、企业数字化转型与资本市场表现:资产定价与组织韧性双视角的研究”(2024-ZZJH-142);中国博士后科学基金面上项目“行为金融视角下数字化转型的股票市场定价及韧性赋能效应研究”(2023M730974)。

摘　　要：自2019年公共卫生事件冲击后,全球经济易变性、不确定性、模糊性和复杂性特征(VUCA)明显增加。在VUCA环境下,如何提高企业在系统风险冲击下的组织韧性并促进资本市场的稳健发展成为关注热点。当前,数字化转型已成为现阶段企业谋求生存发展和提升核心竞争力的必然选择和重要途径,也是我国“数字强国”战略实施的微观载体。本文基于资产定价和组织韧性的视角,探讨了系统风险冲击下企业数字化转型与其资本市场表现之间的关联,通过构建理论框架分析了外生风险冲击下企业数字化转型影响其资本市场韧性的逻辑和路径,并提出数字化转型韧性赋能的对策。本文的研究有助于更全面地理解企业数字化转型的经济后果,为促进数字经济与资本市场的良性互动,以及系统性风险防范提供了新的视角与思路,并为企业和投资者决策提供了理论参考。The variability,uncertainty,ambiguity,and complexity of the global economy(VUCA)have increased significantly since the impact of public health events in 2019.In the VUCA environment,how to improve the organizational resilience of enterprises in the crisis situation and promote the steady development of the capital market has become the focus of attention.On the other hand,digital transformation has become the inevitable choice and important ways for enterprises to survive,develop and improve core competitiveness at this stage.And it is also the micro carriers of the implementation of the strategy for invigorating China through digitization.Based on the perspectives of asset pricing and organizational resilience,this paper discusses the relationship between enterprise digital transformation and capital market performance in crisis situations,analyzes the logic and path of the influence of enterprise digital transformation on its capital market resilience under exogenous risk shock by constructing a theoretical framework,and proposes the countermeasures for digital transformation to empower resilience.The research contributes a more comprehensive understandings of the economic consequences of enterprise’s digital transformation,and provides a new perspective and thought for promoting the positive interaction between digital economy and capital market,and copying with systemic risk.And it also provides a theoretical reference for enterprises and investors'decision-making.

关 键 词：系统风险冲击 企业数字化转型 资产定价 组织韧性 资本市场表现 

分 类 号：F273[经济管理—企业管理] D21[经济管理—国民经济] G1[政治法律—政治学]