数字化转型与涉农企业金融化:管理者短视的中介作用  

Digital Transformation and Financialization of Agribusiness:The Mediating Role of Managerial Myopia

作　　者：李民 戴永务[2] LI Min;DAI Yongwu(Department of International Economic and Business,Fujian Business University,Fuzhou 350001,China;School of Economics and Management,Fujian Agriculture and Forestry University,Fuzhou 350002,China)

机构地区：[1]福建商学院国际经贸学院,福州350001 [2]福建农林大学经济与管理学院,福州350002

出　　处：《农业经济与管理》2025年第1期69-81,共13页Agricultural Economics and Management

基　　金：国家社会科学基金一般项目资助(24BJY160)。

摘　　要：过度金融化可能影响涉农企业高质量发展。数字经济快速发展背景下,数字化转型如何影响涉农企业金融化水平是一个重要的现实问题。文章基于2009—2022年中国A股涉农上市公司的面板数据,在剖析数字化转型对涉农企业金融化的直接影响及管理者短视在其中的中介机制基础上进行了实证检验。研究发现:数字化转型显著降低了涉农企业金融化水平,该结论通过一系列稳健性检验和控制内生性问题后仍然成立;这种影响效应在产权性质、行业类型、生命周期及融资约束等层面存在异质性;机制检验结果表明,数字化转型能够有效缓解管理者短视问题,进而降低涉农企业金融化水平。据此,地方政府要充分发挥其基础性作用,为涉农企业数字化转型提供基础设施支撑和政策引导支持;涉农企业应积极推动数字化转型进程,以此提高企业资产配置质量;资本市场监管部门应及时关注涉农企业数字化转型进程,防止出现实体涉农企业“脱实向虚”态势。Excessive financialization may affect the high-quality development of enterprises.Against the backdrop of the rapid development of the digital economy,how digital transformation affects the financialization level of agribusiness is an important practical issue.Based on an analysis of the direct impact of digital transformation on the financialization of agribusiness and the mediating mechanism of managerial myopia therein,this article conducts an empirical test using the panel data of agribusinesses listed on the A-share market in China from 2009 to 2022.The research findings are as follows:Digital transformation significantly reduces the financialization level of agribusiness,and this conclusion still holds after a series of robustness tests and controlling of endogeneity problems.This impact shows heterogeneity at the levels of property rights nature,industry type,life cycle,and financing constraints.The results of the mechanism test indicate that digital transformation can effectively alleviate the problem of managerial myopia,thereby reducing the financialization level of agribusiness.Accordingly,local governments should give full play to their fundamental role,providing infrastructure support and policy-guided assistance for the digital transformation of agribusiness.Agribusiness need to actively promote the process of digital transformation to improve the quality of enterprise asset allocation.The regulatory authorities of the capital market should pay timely attention to the digital transformation process of agribusiness to prevent the trend of"de-realization"among real-sector enterprises.

关 键 词：数字化转型 管理者短视 金融化 脱实向虚 涉农企业 

分 类 号：F272.3[经济管理—企业管理]