数字化转型对国有资产保值增值的影响研究——基于内外部协同治理视角

Research on the Impact of Digital Transformation on the Value Maintenance and Appreciation of State-Owned Enterprises'Assets——From the Perspective of Internal and External Collaborative Governance

以2008~2021年中国沪深A股国有上市公司为研究样本,实证考察数字化转型对国有资产保值增值的影响机理。结果表明:数字化转型能显著促进国有资产保值增值。机制检验发现:数字化转型通过提升内部控制质量和增加机构投资者持股比例对国有资产保值增值产生积极影响。异质性分析表明:数字化转型对国有资产保值增值的促进作用在企业规模较小以及竞争性国有企业中更明显。基于此,应充分发挥数字技术在国企治理中的赋能效应,积极探索国有资产监督协同路径,分类推进国有企业数字化转型。

This paper empirically investigates the impact and mechanism of digital transformation on the value maintenance and appreciation of state-owned enterprises'assets based on the sample of A-share stateowned listed companies in Shanghai and Shenzhen from 2008 to 2021.It is found that digital transformation can significantly promote the preservation and appreciation of state-owned enterprise assets.Mechanism analysis shows that digital transformation has a positive impact on the maintenance and appreciation of state-owned assets by improving the quality of internal control and increasing the shareHolding ratio of institutional investors.The heterogeneity analysis shows that the promotion of digital transformation on the maintenance and appreciation of state-owned assets is more obvious in small-scale enterprises and competitive state-owned enterprises.Based on this,we should give full play to the enabling effect of digital technology in the governance of state-owned enterprises.At the same time,actively explore the coordination path of state-owned assets supervision and promote the digital transformation of state-owned enterprises by classification.