研发投入、公司治理与企业数字化转型

R&D Investment,Corporate Governance and Digital Transformation of Enterprises

研发投入是企业作为市场微观主体构筑竞争优势的主要方式,也是数字经济时代企业数字化转型的有力手段。本文以2013—2021年我国沪深主板A股上市制造业企业为样本,运用文本分析方式构建了数字化转型指标,实证检验了制造业企业研发投入、公司治理与数字化转型三者之间的关系。研究表明:研发投入的强度可以正向促进企业数字化转型,研发投入力度越大,企业数字化转型程度越高;公司治理在研发投入影响企业数字化转型的过程中具有调节作用,其中:股权集中度、机构投资者持股比例负向调节研发投入和企业数字化转型的关系,独董比例正向调节研发投入与企业数字化转型的关系。

R&D investment is the main way for enterprises to build competitive advantage as the micro-subject of the market,and it is also a powerful means for digital transformation of enterprises in the digital economy era.This paper takes manufacturing enterprises listed on the A-share main board of Shanghai and Shenzhen Stock Exchanges in China from 2013 to 2021 as samples,constructs the digital transformation indicators by text analysis,and conducts empirical tests on the relationship among R&D investment,corporate governance and digital transformation of manufacturing enterprises.The research results are shown as follows.First of all,the intensity of R&D investment can positively promote the digital transformation of enterprises;the greater the R&D investment,the higher the degree of digital transformation of enterprises.Besides,corporate governance plays a regulatory role in the process that R&D investment affects the digital transformation of enterprises.Among them,the concentration of equity and the shareholding ratio of institutional investors negatively regulate the relationship between R&D investment and enterprise digital transformation,while the proportion of independent directors positively regulates the relationship between R&D investment and enterprise digital transformation.