文献类型：期刊文献

中文题名：实体企业金融化对数字化转型的影响及作用机理

英文题名：The Impact of Entity Enterprise Financialization on Digitization Transformation and Its Mechanism

作者：尹夏楠[1];詹细明[1]

第一作者：尹夏楠

机构：[1]北京联合大学管理学院,北京市100101

第一机构：北京联合大学管理学院

年份：2023

卷号：37

期号：10

起止页码：26-38

中文期刊名：中国流通经济

外文期刊名：China Business and Market

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；

基金：国家社会科学基金项目“组织变革视角下中小企业数字化转型悖论的产生机理与破解路径研究”(21BGL23);北京联合大学重点科研项目“开放创新视域下京津冀专精特新中小企业专利合作的前因组态路径及效应研究”(SKZD202301)。

语种：中文

中文关键词：企业金融化;数字化转型;研发投入;倒U形

外文关键词：enterprise financialization;digital transformation;R&D investment;inverted U-shaped

摘要：实体企业数字化转型是化解实体经济发展压力、推动经济高质量发展的重要途径,但面临着投入压力大、技术门槛较高、回报周期较长等困境。在此背景下,能快速兑现经济利益的金融项目受到实体企业青睐,实体企业对金融投资收益的依赖不断增大,企业金融化趋势日益明显。基于预防性储蓄理论和融资约束理论以及投资替代理论和委托代理理论,利用2015—2020年我国沪深A股制造业上市企业微观层面数据,运用两阶段最小二乘法以及中介效应模型等,实证分析实体企业金融化对数字化转型的影响与作用机理。研究发现,企业金融化与数字化转型具有倒U形关系,即适度配置金融资产有助于企业数字化转型,过度配置金融资产不利于企业数字化转型;企业金融化与研发投入具有倒U形关系,研发投入对数字化转型具有正向促进作用,研发投入在企业金融化与数字化转型的倒U形关系中发挥中介效应;与国有企业和大型企业相比,非国有企业和中小型企业金融化对数字化转型的影响更显著。为充分发挥企业金融化对数字化转型的驱动效应,应把握好数字经济时代实体企业发展新契机,合理利用企业金融化的双刃剑效应;加大研发投入力度,推动企业数字化创新;优化营商生态环境,完善非国有企业和中小型企业信贷政策,提升政府资金配置效率。
Digital transformation of entity enterprise is the important means to eliminate the development pressure of real economy and promote the high-quality economic development;but it is facing such difficulties as high pressure,high technological threshold,and long returning cycle.In the context of that,financial project that can rapidly generate economic benefits is welcomed by entity enterprise;entity enterprise depends more on returns from financial investment;and the trend of financialization is becoming more obvious.Based on preventive savings theory and financing constraint theory and the microlevel data of listed A-shares manufacturing companies in Shanghai and Shenzhen stock market from 2015 to 2020,the two-stage least squares method and the mediation effect model is used to empirically examine the impact of entity enterprise financialization on digital transformation and its mechanism.It is found that:enterprise financialization and digital transformation present an inverted U-shaped relation,namely moderate allocation of financial assets can promote enterprise digital transformation,but excessive allocation will inhibit enterprise digital transformation;the relation between enterprise financialization and R&D investment is U-shaped,R&D investment plays the positive role in promoting digital transformation,and R&D investment has a mediating effect on the U-shaped relation;comparing to state-owned and large scale enterprises,the impact of enterprise financialization on digital transformation of non-state-owned and small and medium enterprises is more significant.In order to further optimize the driving effect of enterprise financialization on digital transformation,we should,first,leverage the new development opportunities for entity enterprise in the era of digital economy,reasonably use the"double-edged sword"effect of enterprise financialization;second,we should increase investment in R&D,and promote enterprise digital innovation;and third,we should optimize business environment,perfect credit policies for non-state-owned enterprises and small and medium enterprises,and promote the efficiency of government capital allocation.