企业数字化转型与控制权相机配置

Enterprise Digital Transformation and Control Contingent Allocation

数字化时代的快速到来,数字化转型成为企业获取并保持竞争优势的首选。企业数字化转型会使财务资本稀缺性大幅下降,智力资本逐渐成为关键性生产要素,公司控制权随之发生位移。以上根据环境变化进行适应性控制权配置动态调整、体现控制权状态依存特征、改变既定利益格局的过程为控制权相机配置。本文采用2006—2020年A股上市公司样本,实证检验了企业数字化转型对控制权相机配置的影响。研究结果显示,企业数字化转型后,财务资本自愿将公司控制权让渡给智力资本,实现了控制权相机配置。在非国有企业、非高科技企业和股权集中企业中,该现象更加明显。从智力资本和财务资本角度分析发现,智力资本缺少创始人权威、所有权水平较低时,企业数字化转型更能推动控制权相机配置;上述动态调整过程既使得财务资本减少了大股东机会主义行为,又保障了财务资本的收益权。此外,在企业数字化转型情境下,控制权在财务资本和智力资本间的相机配置能够产生“治理溢价”,继而促进技术创新、提升企业市场价值。本文对企业数字化转型的治理效应进行了深入探讨,为识别数字化时代背景下控制权配置的特殊性和明确财务资本与智力资本的依存关系提供了经验数据和相关启示。

Due to the rapid arrival of the digital era, digital transformation has become the first choice for enterprises to obtain and maintain their competitive position.Enterprise digital transformation has a profound impact on corporate governance paradigm and enterprise authority attribution.Financial capital reduces scarcity and intellectual capital has gradually become a key factor of production, resulting in corporate control shifting accordingly.In addition, the capital market gradually improves the tolerance of differentiated control right allocation rules, which provides a new context to observe the control right contingent allocation in the digital era.It is called control contingent allocation if control allocation has an adaptively dynamic adjustment, showing the state dependence of control rights and changing the pattern of established interests.Using A sample of A-share listed companies from 2006 to 2020,from the perspective of corporate governance, this paper empirically examines the impact of enterprise digital transformation on control contingent allocation.The results show that financial capital voluntarily transfers corporate control to intellectual capital after enterprise digital transformation, realizing control contingent allocation.This phenomenon is more obvious in non-state-owned enterprises, non-high-tech enterprises and equity concentrated enterprises.From the perspective of intellectual capital and financial capital, it is found that when intellectual capital lacks founder authority and ownership level is low, digital transformation can promote the control contingent allocation more.The above dynamic adjustment process not only makes financial capital reduce the tunnel behavior, but also protects the earning right of financial capital.In addition, in the context of enterprise digital transformation, the control contingent allocation between financial capital and intellectual capital can promote technological innovation and enhance enterprise market value.This paper makes an in-depth discussion on the governance effect of enterprise digital transformation, and provides empirical data and relevant enlightenment for identifying the particularity of the allocation of control rights and clarifying the dependency between financial capital and intellectual capital in the context of digital era.The possible contributions of this paper are as follows: firstly, the results of this paper enrich the research on the governance consequences of enterprise digital transformation.Based on the importance of intellectual capital, this article from the perspective of corporate governance explores the governance effects of transformation of enterprise digital transformation and indirectly confirmed that enterprises need take advantage of the governance effect to achieve the positive economic consequences of digital transformation.Secondly, this article explores the particularity of control rights configuration in the digital era.The allocation of control rights, which is state-dependent, is easily affected by the internal and external governance environment of the company and.The results argues that the digital transformation of enterprises, as the internal strategic adjustment of enterprises, makes intellectual capital become the key factor of production, and the control of companies is constantly transferred from financial capital to intellectual capital.Intellectual capital creates value, while financial capital gains benefits, forming long-term cooperation and win-win partnership.Thirdly, it restates the principle of “shareholder first”.In view of the incompleteness of the contract, this paper divides the control right into formal control right and substantive control right.The financial capital has the legal formal control right based on the equity proportion, and is responsible for assuming the capital risk and realizing the right to earnings.Intellectual capital retains substantial control over board decisions and is responsible for business model innovation and value creation.The digital transformation of enterprises makes the substantial control rights transfer from financial capital to intellectual capital.If the intellectual capital hopes to improve the stability of substantial control rights, it must face up to the status of financial capital and guarantee its power.It directly confirms the premise of ensuring the right of financial capital earnings and supplements the applicable context of “shareholder first” principle.