数字化转型与企业脱虚向实

Digital Transformation and Enterprises′Industrialization and Definancialization

数字经济与实体经济深度融合是未来经济的发展方向,实体企业更是数字经济发展的主战场。当前中国实体经济面临“大而不强”的难题,实体企业脱实向虚现象严重,企业数字化转型能否有效促进实体企业脱虚向实进而促进实体经济发展是本研究关注的重点问题。基于数字经济与实体经济深度融合的现实背景,探究企业数字化转型对企业脱虚向实的影响。以2012年至2019年中国非金融和非房地产上市企业数据为样本,使用双向固定效应模型实证检验数字化转型对企业脱虚向实的影响,从竞争格局渠道、生产方式渠道、组织管理渠道、财务管理渠道探究其作用机制,并进一步探讨企业异质性的调节作用。研究结果表明,数字化转型能够促进企业脱虚向实。在渠道检验方面,数字化转型通过促使企业进行差异化变革、创新升级变革、组织分权变革和财务透明化变革,推动企业脱虚向实。企业异质性在上述过程中发挥了不同的调节作用,数字化转型对企业脱虚向实的促进作用在民营企业、规模较小和产品市场竞争激烈的企业中更加显著。实证检验数字化转型对企业脱虚向实的促进作用,从企业自身战略适应性变革的角度打开了其机制“黑箱”,并探究企业异质性的调节作用,既丰富了企业数字化转型的经济后果研究,也拓展了企业脱虚向实的驱动因素研究,为有关部门推动数字经济与实体经济深度融合提供了理论依据。

The deep integration of digital economy and real economy is the development direction of the future economy,and real enterprises are the main battlefield of the development of digital economy.At present,China's real economy is facing the problem of being“big but not strong”,and the phenomenon of real enterprises turning from real to virtual is serious.There-fore,whether the digital transformation of enterprises can promote the enterprises'industrialization and definancialization to promote the development of the real economy is the focus of this study.Based on the realistic background of"deep integration of digital economy and real economy",this study explored the in-fluence of digital transformation on enterprises'industrialization and definancialization.Using the data of non-financial and non-real estate listed companies in China from 2012 to 2019 as samples,this study used the fixed effect model to empirically test the impact of digital transformation on the enterprises'industrialization and definancialization,and explored the influence mechanisms of its effect from the perspectives of competition pattern,production mode,organization management and finan-cial management.And then the moderating effect of firm heterogeneity was further discussed.The results show that digital transformation is a good way to help businesses become more industrialized and less focused on money.In terms of channel testing,digital transformation can further promote enterprises to get rid of false and turn to real-ity by promoting enterprises to implement differentiation changes,innovation and upgrading changes,organizational decentral-ization changes and financial transparency changes.Firm heterogeneity plays different moderating roles in the above process.The promotion effect of digital transformation on the enterprises'industrialization and definancialization is more significant in private enterprises,small enterprises and enterprises with fierce product market competition.This study empirically tests the promotion effect of digital transformation on enterprises'industrialization and definancial-ization.In addition,this study opens the"black box"from the perspective of the enterprise's own strategic adaptability,and explore the regulating function of enterprise heterogeneity,which enriched the economic consequences of the research enter-prise digital transformation,and expand the enterprises to take off the driving factors of virtual to physical study,for the relev-ant departments to promote the depth of the digital economy and real economy integration provides a theoretical basis.