企业数字化转型与股利分配

Enterprise Digital Transformation and Dividend Distribution

企业数字化转型已成为我国经济增长的新引擎和新动力。为探究数字化转型对企业财务决策的影响,基于现金股利分配的视角,以2008—2020年中国A股上市公司为样本,研究企业数字化转型与现金股利分配之间的关系。研究发现:企业数字化转型程度越深,其现金股利分配水平越低。进一步研究表明,企业数字化转型与现金股利分配之间的负向关系,在规模较小、多元化程度较高以及数字经济欠发达地区的企业中更为显著。其次,通过机制检验发现,由于企业进行数字化转型,导致研发支出增加,进而使企业减少现金股利分配。最后,拓展性研究结论表明,数字化转型虽然在短期降低了股利分配,但长期而言,有助于提升企业价值。

Digital transformation of enterprises has become a new engine and driving force of China’s economic growth.In order to explore the impact of digital transformation on corporate financial decisions,from the perspective of cash dividend distribution,this paper studies the relationship between digital transformation and cash dividend distribution using the data of A-share listed companies in from 2008 to 2020.It is found that the digital transformation of enterprises will reduce cash dividend payment.Through further research,we find that the negative relationship between digital transformation and cash dividend distribution is more significant in smaller firms,higher diversified firms and firms located in less developed digital-economic district.Then through the mechanism test,it is found that the digital transformation of enterprises leads to the increase of R&D expenditure,which in turn makes enterprises reduce cash dividend distribution.Finally,we find that although digital transformation reduces dividend distribution in the short term,it will helpimprove the enterprisevalue in the long run.