数字化、轻资产运营与企业成长

Digitalization,Light-asset Operation and Firm Growth

数字经济时代,企业数字化为轻资产运营提供了生态土壤,但数字化和资产运营模式转变不仅在于变革本身,还需考虑其产生的经济效果。文章基于2012-2019年A股上市企业数据,探究企业数字化引致的资产运营模式变化,以及最终对企业成长的影响,结果表明,数字化促进了企业轻资产运营。进一步分析发现,轻资产化程度与企业成长呈倒U型关系,在不同的轻资产化程度下,数字化对企业成长的影响存在双重门槛效应,第二区间为最优门槛区间。异质性分析表明,数字化显著提升了非国有企业的轻资产化程度,但并未提升国有企业的轻资产化程度。此外,在资产过“重”的条件下,非国有企业数字化对企业成长的抑制作用强于国有企业;在资产过“轻”的条件下,国有企业数字化对企业成长的抑制作用强于非国有企业。研究揭示了企业数字化引发的资产运营模式转变及影响,为数字经济与实体经济的融合提供了启示。

In digital economy era,corporate digitalization provides ecological soil for light-asset operations.However,digitalization and asset operation model transformation are not only about the change itself,but also for its economic effects.This article uses the 2012 to 2019 A-share listed companies as samples to explore the changes in the asset operation model caused by the digitization and the final impact on the growth of firms,the results show that digitalization promotes firms to shift to light-asset operation.Further analysis results indicate that the degree of asset-lightness has an inverted U relationship with corporate growth.Under different asset-lightness degrees,the impact of digitalization on growth of firms has a dual threshold effect,and the second interval is the optimal threshold interval.Analysis of heterogeneity shows that digitalization has significantly increased the degree of asset-lightness of non-state-owned firms,but has not increased the degree of asset-lightness of state-owned firms.In addition,under the condition of excessive assets,the digitalization of non-state-owned firms has a stronger inhibitory effect on corporate growth than state-owned firms.Under the condition of too light assets,the digitalization of state-owned firms has a stronger inhibitory effect on corporate growth than non-state-owned firms.This research reveals the changes of asset operation model triggered by digitalization and the economic effects,which provides enlightenment for the integration of digital economy and real economy.