数字时代企业的业财融合与组织韧性研究

Business‑Finance Integration and Organizational Resilience of Enterprises in the Digital Age

数字时代组织的形式、边界和运营方式发生了重大转变,企业的外部经营环境也面临着宏观环境不确定性、风险突发性、多变性等多重考验,这使得组织韧性成为管理与实践领域新的研究重点。基于此,本文将业财融合这一数字时代新兴的管理模式上升至组织战略层面,基于2006—2021年中国沪深A股上市公司数据,采用双向固定效应模型实证检验业财融合对组织韧性的影响及作用机制。研究结果表明:业财融合能够提升组织韧性;业财融合对高数字化转型程度企业、CEO具有财务背景企业、高业务复杂度企业组织韧性的提升作用更显著;业财融合通过加强内部控制质量和提高投资效率提升组织韧性。本文的研究结论对企业在数字时代提升组织韧性和克服传统风险管理所面临的问题具有一定的理论价值和现实意义。

In the digital era,the formation,boundary,and operation mode of an organization have undergone major transformation,and the external business environment of enterprises faces multiple challenges such as uncertainty and variability,which makes organizational resilience a new research focus in the field of management and practice.In this context,the conventional financial work mode gradually fails to meet the needs of modern enterprise operation and management,and the business⁃finance integration,as an emerging management mode along with the development of the digital economy,has become the trend of enterprise management upgrading and the goal of reform,and has been emphasized by more and more enterprises.Therefore,this paper tries to conduct an in⁃depth study on the integration of industry and finance at the management level and explores its impact on organizational resilience.Based on the data of Chinese A⁃share listed companies,this paper empirically examines the impact of business⁃finance integration on organizational resilience and its mechanism using a two⁃way fixed⁃effects model.This paper finds that business⁃finance integration can enhance organizational resilience.The regression results remain robust when considering the effect of exogenous shocks of NKP.The mechanism analysis shows that business⁃finance integration enhances organizational resilience by strengthening the quality of internal control and improving investment efficiency.Heterogeneity analysis reveals that business⁃finance integration enhances organizational resilience more significantly for firms with high digital transformation,CEOs with finance backgrounds,and high business complexity.This paper has the following contributions.First,this paper expands research on the impact of business⁃finance integration on enterprises.Existing literature mostly confirms the significance of business⁃finance integration at the modern management accounting level,while this paper empirically examines the impact of business⁃finance integration on organizational resilience from the perspective of business operation.Second,this paper enriches the realization paths to enhance organizational resilience.Previous studies have mostly examined the determinants of organizational resilience from the perspective of enterprises’characteristics or external synergies.This paper examines the role of business⁃finance integration in affecting organizational resilience at the level of corporate strategic choice,which complements research on management accounting and resilience in the digital era.Third,this paper provides new ideas for solving the problems in risk management.Traditional risk management can hardly take strategic planning,resource allocation and other key factors to the sustainable development of enterprises into consideration.This paper takes resilience and risk management into consideration through the organizational change approach of business⁃finance integration,which solves the problems of traditional risk management such as risk identification and long⁃term planning.