金融化抑制了企业数字化转型吗?——证据与机制解释

Does Financialization Inhibit the Digital Transformation of Enterprises:Evidence and Mechanism Explanation

现有关于数字化转型的研究多聚焦于经济后果,鲜有关于企业数字化转型影响因素的研究。本文基于中国上市企业2008-2019年数据,借助爬虫技术归集企业年报中的“数字化转型”关键词,刻画出企业数字化转型强度,并基于中介效应模型实证检验金融化对企业数字化转型的影响渠道机制。研究发现,企业金融化会对企业的财务行为、融资状况、生产投入和创新产出产生显著不利影响,进而抑制数字化转型。上述结论经过多重稳健性检验及内生性处理后依然成立。中国的数字经济与智能经济发展时间较短,其影响因素与作用机制有待深入研究。企业数字化转型是数智经济高质量发展的微观映射,本文对其可能的阻碍因素(金融化)进行细致剖析并详尽刻画二者之间发生作用的传导机制,以期导出科学结论,为政府制定有关数智经济政策提供理论依据,为企业投资决策与资产配置提供经济证据。

The existing research on digital transformation mostly focused on the economic consequences, and researches on the influencing factors of enterprise digital transformation were rarely seen. Based on the data of A-share listed companies in China from 2008 to 2019, this paper collects the keywords of "digital transformation" in the enterprise annual report with the help of crawler technology, depicts the intensity of enterprise digital transformation, and empirically tests the channel mechanism of the impact of financialization on corporate digital transformation based on the intermediary effect model. It is found that enterprise financialization has a significant adverse impact on the financial behavior, financing status, production input and innovation output of enterprises, and then inhibits the digital transformation. Considering multiple robustness tests and endogenous treatments, the above conclusion is still valid. Due to the short development time of China’s digital economy and intelligent economy, further studies are required on its influencing factors and mechanism. Enterprise digital transformation is a micro mapping of the high-quality development of digital intelligence economy. In order to provide scientific conclusions, theoretical basis for the government to formulate relevant digital intelligence economic policies, and economic evidence for enterprise investment decision-making and asset allocation, this paper analyzes the possible obstacles(financialization) of enterprise digital transformation and describes the transmission mechanism between them in details.