数字化转型、企业现金持有和资产专用性

Digital Transformation,Enterprise Cash Holdings and Asset Specificity

对于企业数字化转型作为新一轮产业变革的重要动力是否可以优化企业内部资源配置的问题,通过我国沪深A股上市公司2007—2020年的数据,采用python爬虫技术收集数字化相关词汇作为数字化转型的度量指标,实证分析了企业数字化对于现金持有和资产专用性的影响。企业数字化转型与现金持有及资产专用性都具有负相关关系,动态能力在数字化转型程度与现金持有和资产专用性的关系中存在部分中介效应。数字化转型对资源配置的作用会受到产权性质、战略差异度、商业信用环境的影响。

As an important driving force for a new round of industrial transformation,can the digital transformation of enterprises optimize the allocation of internal resources of enterprises?Based on the data from China’s Shanghai and Shenzhen A-share listed companies in 2007—2020,this research adopts Python crawler technology to collect digital-related vocabulary as a metric for digital transformation,and empirically analyzes the impact of enterprise digitalization on cash holding and asset specificity.The digital transformation of enterprises is negatively correlated with cash holding and asset specificity,and there is a partial mediating effect in the relationship between the degree of digital transformation and cash holding&asset specificity.The effect of digital transformation on resource allocation will be affected by the nature of property rights,strategic differences,and commercial credit environment.