实际控制人股权配置对企业数字化转型程度的影响研究  

Study on the Influence of the Actual Controller's Equity Allocation on the Degree of Digital Transformation of Enterprises

作　　者：朱时雨 Zhu Shiyu(Business School,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230039

出　　处：《信阳农林学院学报》2025年第1期32-41,共10页Journal of Xinyang Agriculture and Forestry University

基　　金：安徽省哲学社会科学规划一般项目(AHSKY2021D17);安徽省社会科学创新发展研究课题(2024CX525)。

摘　　要：数字经济是驱动企业迈向高质量发展的关键引擎,而在企业数字化转型进程中,实际控制人股权配置状况起到了关键作用。本文基于2007—2023年我国A股上市企业的样本数据展开研究,结果表明,实际控制人股权配置与企业数字化转型程度之间呈现出显著的倒“U”型关系,其中拐点值为0.303。进一步的调节效应分析显示,分析师关注这一因素显著弱化了两者之间的倒“U”型关系。通过异质性检验发现,实际控制人股权配置与企业数字化转型程度之间的倒“U”型关系,在两权分离度较高且未由四大会计师事务所审计的企业中表现得更为突出。Digital economy is the key engine to drive enterprises towards high-quality development,and in the process of digital transformation of enterprises,the equity allocation of the actual controller plays a key role.This paper is based on the sample data of a-share listed enterprises in China from 2007 to 2023.The results show that there is A significant inverted"U"relationship between the equity allocation of the actual controller and the digital transformation degree of the enterprise,in which the inflection point value is 0.303.Further analysis of the regulatory effects showed that analysts'focus on this factor significantly weakened the inverted"U"-shaped relationship between the two.Through the heterogeneity test,it is found that the inverted"U"relationship between the equity allocation of the actual controller and the degree of digital transformation of the enterprise is more prominent in the enterprises with a high degree of separation of the two rights and not audited by the big four accounting firms.

关 键 词：实际控制人 数字化转型 高质量发展 

分 类 号：F27[经济管理—企业管理]