产融结合退出如何影响企业数字化转型?  

How Does the Exit of the Integration of Industry and Finance Affect the Digital Transformation of Enterprises?

作　　者：曹智铭 牛彪 CAO Zhiming;NIU Biao(Graduate School,Chinese Academy of Fiscal Sciences,Beijing 100142,China)

机构地区：[1]中国财政科学研究院研究生院,北京100142

出　　处：《审计与经济研究》2025年第2期109-117,共9页Journal of Audit & Economics

摘　　要：经济发展进入新阶段,产融结合退出成为资本市场中的新现象。基于2011—2022年上市公司数据,实证检验产融结合退出对数字化转型的影响以及作用机制。研究发现,产融结合退出可以促进企业数字化转型;机制分析发现,产融结合退出通过提升公司治理水平、抑制管理层短视、降低财务风险来促进企业数字化转型;异质性分析发现,在大规模和国有、高科技、经济政策不确定性高以及技术市场水平高的企业中,产融结合退出对数字化转型的促进作用更显著。研究结论为防范化解企业经营风险提供一定参考,并对企业实现转型升级、达到高质量发展目标具有重要意义。As the economy enters a new stage,the phenomenon of industrial-financial integration exiting the market has become a new trend in the capital market.Based on the data of listed companies from 2011 to 2022,this study empirically tests the impact of industrial-financial integration exit on digital transformation and the underlying mechanisms.The study finds that industrial-financial integration exit can promote corporate digital transformation.The mechanism analysis shows that industrial-financial integration exit enhances corporate governance,curbs short-sighted management,and reduces financial risks to promote corporate digital transformation.The heterogeneity analysis shows that in large-scale,state-owned,high-tech,high-level technology market,and high economic policy uncertainty companies,the promotion of digital transformation by industrial-financial integration exit is more significant.The study conclusions provide some reference for preventing and resolving corporate operational risks,and are of great significance for helping enterprises achieve transformation and upgrading and achieving high-quality development goals.

关 键 词：产融结合退出 数字化转型 公司治理 管理层短视 财务风险 数字红利 

分 类 号：F810[经济管理—财政学]