CEO复合职能背景与企业数字化转型

CEOs’Multi-career Background and Enterprise Digital Transformation

作为数字经济发展的微观着力点,企业数字化转型是“一把手”工程。那么,作为企业重要的决策制定者与执行者,CEO复合职能背景是否影响以及如何影响企业数字化转型,现有文献并未讨论。基于此,本文基于2011-2020年沪深A股上市公司数据,利用爬虫技术抓取年报MD&A数字化转型“关键字”构建出企业数字化转型指标,并实证检验了CEO复合职能背景与企业数字化转型的逻辑关系。研究发现,CEO复合职能背景显著提升了企业数字化转型程度,且产出型职能背景更有助于提升复合职能背景CEO的积极效应;其次,区分产权性质、股权集中程度后发现,CEO复合职能背景对企业数字化转型的正向影响在国有企业、股权集中度较低的企业中更为显著;最后,CEO复合职能背景能通过提高企业数字化转型程度进而提升公司价值。本文在丰富CEO复合职能背景经济后果以及企业数字化转型影响因素相关研究的同时,对于企业如何推进数字化转型、股东大会和董事会如何选聘管理层、复合型人才如何培养等有着一定的启示。

The digital transformation of enterprise as a significant insight of the digital economic plays a vital role in the development of the economy.As the critical decision-maker and policy executor,how the CEOs’multi-career background affects the digital transformation process has not been discussed in any existing literature.Based on this,this paper uses the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020,uses web crawler technique to capture the annual report MD&A digital transformation"keywords"to construct enterprise digital transformation indicators,and empirically tests the logical relationship between the CEOs’multi-career background enterprise digital transformation.The study found that,first,CEOs’multi-career background have significantly improved the degree of digital transformation of the company,and the output career background is more helpful to enhance the positive effect of the CEO with multi-career background.Second,it is found after distinguishing the nature of property rights and the degree of concentration of equity.The positive impact of CEOs’multi-career background on corporate digital transformation is essential in state-owned enterprises and companies with low equity concentration.Finally,CEOs’multi-career background can enhance the company’s value by increasing the degree of corporate digital transformation.While enriching the researches on the economic consequences of the CEOs’multi-career background and the influencing factors of the corporate digital transformation,this article has some enlightenment on how companies promote digital transformation,how the shareholders’meeting and board of directors select management,and how to train compound talents.