财务柔性对企业数字化转型的影响研究  

The Impact of Financial Flexibility on the Digital Transformation of Enterprises

作　　者：郑晓薇[1] 何诗凝 ZHENG Xiaowei;HE Shining(School of Business and Management,Shanghai International Studies University,Shanghai 201620,China)

机构地区：[1]上海外国语大学国际工商管理学院,上海201620

出　　处：《上海管理科学》2025年第2期78-86,共9页Shanghai Management Science

摘　　要：数字经济作为国民经济的重要支柱产业,地位日益凸显,数字技术与实体经济深度融合深刻改变着社会经济运行方式。在这种融合背景下,对数字化转型影响因素的考察成为研究重点之一。本文从财务柔性视角出发,采用中国A股上市公司2011—2022年的数据作为样本,实证检验了财务柔性对企业数字化转型的影响及其内在作用机制。研究发现,财务柔性能够显著提高企业数字化转型程度。中介机制检验表明,财务柔性主要通过提高企业的动态能力、增加企业的研发投入促进企业数字化转型。异质性分析结果表明,对于高科技企业、中小规模企业,财务柔性对企业数字化转型的促进作用更强。研究从企业微观层面探究了数字化转型的影响因素,为进一步推动数字经济与实体经济相融合提供实证支撑。The digital economy has become a crucial pillar of China’s national economy,fundamen-tally reshaping societal and economic operations through its deep integration with the real economy.Understanding the factors driving digital transformation has therefore become a research priority.This study empirically examines the impact of financial flexibility on corporate digital transformation using data from Chinese A-share listed companies from 2011 to 2022.The findings indicate that financial flexibility significantly promotes digital transformation in enterprises.Mechanism analysis reveals that this effect operates through enhanced dynamic capabilities and increased R&D investment.Moreover,the im-pact is more pronounced in high-tech enterprises and small and medium-sized enterprises.This study con-tributes to the literature by exploring micro-level drivers of digital transformation in enterprises and provid-ing empirical evidence to support policies that further integrate the digital and real economies.

关 键 词：财务柔性 数字化转型 动态能力 研发投入 

分 类 号：F275[经济管理—企业管理]