数字化转型对实体企业过度金融化的治理效应研究

Research on the Governance Effect of Digital Transformation on Over-Financialization of Entity Enterprises

数字化转型赋予实体企业新的发展动能,对实体企业资产投资行为产生重要影响。本文基于中国实体上市公司2007—2020年数据,实证检验数字化转型对实体企业过度金融化的影响及其内在作用机制。研究发现,数字化转型对实体企业过度金融化具有显著的治理效应。机制检验发现,数字化转型程度的提高,促进了研发投入、优化了内部控制,进而有效抑制了过度金融化。异质性分析发现,数字化转型对过度金融化的抑制作用在非国有企业、非高技术企业和中小规模企业中效果更优。本文结论对准确评估数字化转型的经济效应,促进实体企业高质量发展具有重要的政策意涵。

Digital transformation gives entity enterprises new development momentums and has an important impact on the asset investment behavior of entity enterprises.Based on the data of Chinese entity listed companies from 2007 to 2020,this paper empirically tests the impact of digital transformation on the over-financialization of entity enterprises and its internal mechanism.The results show that digital transformation plays a significant governance effect on over-financialization of entity enterprises.The mechanism test finds that the improvement of the degree of digital transformation promotes the R&D,optimizes internal control,and effectively restrains over-financialization.The heterogeneity study finds that the inhibitory effect of digital transformation on over-financialization is more significant in non-state-owned,non-high-tech and SMEs.The research of this paper has important enlightenment significance for accurately evaluating the economic effect of digital transformation and promoting the high-quality development of entity enterprises.