控制人异质性与企业数字化转型——基于创始控制人与战略投资控制人的分析

Controller Heterogeneity and Enterprise Digital Transformation:Based on Founding Controller and Strategic Investment Controller

在企业数字化转型的大潮流背景下,以2007—2020年民营上市公司为研究样本,实证考察了创始人和战略投资控制人对企业数字化转型的影响差异。研究结果表明,创始控制人有利于上市公司积极推进企业的数字化进程;而财务和产业投资控制人均会抑制企业的数字化转型,且财务投资控制人的抑制作用更强,数字金融和控制权进一步强化了以上的回归结果。单独控制人、纵向产业控制人和专业财务投资控制人有助于企业数字化转型。机制研究表明,公司的创新投入和产出、信息透明度在控制人异质性与企业数字化转型之间发挥着中介作用。本文的研究成果丰富了关于公司控制人与数字化转型之间关系的研究视角和内容,对企业完善公司治理、积极推进企业数字化转型具有一定的借鉴意义。

Under the background of the general trend of enterprise digital transformation,taking private listed companies from 2007 to 2020 as the research sample,the impact of founders and final controllers of strategic investors on enterprise digital transformation was empirically investigated.The research results show that the founding controller is conducive to the listed companies to actively promote the digital process of enterprises.Financial and industrial investment controllers will inhibit the digital transformation of enterprises,and the inhibitory effect of financial investment controllers is stronger.Digital finance and control power further strengthen the above regression results.Individual controller,vertical industry controller and professional financial investment controller contribute to the digital transformation of enterprises.Mechanism research shows that the company’s innovation input and output and information transparency play an intermediary role between the heterogeneity of controllers and the digital transformation of enterprises.The research of this paper enriches the research perspective and content of the relationship between corporate controller and digital transformation,and has a certain reference significance for enterprises to improve corporate governance and actively promote enterprise digital transformation.