数字化转型与人力资本结构:特征事实与经济后果

Digital Transformation and Human Capital Structure:Characteristics and Economic Consequences

数字化转型是顺应新一轮科技革命和产业变革的必然要求,对企业人力资本结构及长远发展有着重大影响。本文借助爬虫数据处理归集了企业年报中的“数字化转型”关键词,创新性地刻画出企业数字化转型程度指标,并基于中国上市民营企业2007—2019年数据,实证检验了企业数字化转型对人力资本结构的影响及其渠道机制。研究表明,企业数字化转型显著推动了人力资本结构升级,并呈现出一定的结构异质性,对中、高技能员工有显著的正向效应,对低技能员工呈现显著负向效应。机制分析表明,数字化转型能有效解决企业的“融资难、融资贵”问题,并能够驱动企业稳定财务状况,进而助力企业人力资本结构升级。进一步分析发现,数字化转型通过优化人力资本结构能显著提升企业价值,数字金融发展较好情况下,对企业人力资本结构优化升级的促进作用更为明显。特别地,充分挖掘数字金融使用深度,更能发挥数字化转型效力,推动企业人力资本结构升级。本文的研究结论为数字化转型的发展、人力资本结构升级的推动提供了可靠经验证据和政策启示。

Digital transformation is an inevitable requirement to conform to the new round of scientific and technological revolution and industrial transformation,and it has great influence on the human capital structure and long-term development of enterprises.With the help of crawler,this paper collects the keywords of“digital transformation”in the annual report of enterprises,and innovatively depicts the indicators of the degree of digital transformation of enterprises.Based on the data of listed enterprises in China from 2007 to 2019,this paper empirically tests the impact of digital transformation of enterprises on human capital structure and its channel mechanism.The research shows that the digital transformation of enterprises significantly promotes the upgrading of human capital structure,and presents a certain structural heterogeneity,which has a significant positive effect on middle and high-skilled employees and a significant negative effect on low-skilled employees.Mechanism analysis shows that digital transformation can effectively solve the problem of“difficulty and expensiveness in financing”of enterprises,and can drive enterprises to stabilize their financial situation,thus helping them upgrade their human capital structure.Further analysis shows that digital transformation can significantly enhance the enterprise value by optimizing the human capital structure.When digital finance develops well,it can promote the optimization and upgrading of enterprise human capital more obviously.In particular,fully dredging the depth of use in digital finance can give full play to the effectiveness of digital transformation and promote the upgrading of enterprise human capital structure.The research conclusion of this paper provides reliable empirical evidence and policy enlightenment for the development of digital transformation and promoting the upgrading of human capital structure.