董事网络与企业数字化转型:影响效应及作用渠道

Director Network and Enterprise Digital Transformation:Influence Effect and Action Channel

数字技术进步和数字经济发展赋予了传统企业数字化转型的变革机遇,同时也带来了全新的挑战和多重困境。本文选取沪深主板A股上市公司2009—2020年的数据,通过Python对企业年报的特定关键词进行文本分析和词频统计,基于底层技术开发和技术实践应用两个层面,构建了数字化转型的量化指标,从社会资本视角探究董事网络对企业数字化转型的影响效应及作用渠道。研究发现,董事网络能够有效促进企业数字化转型。其中,缓解融资约束和降低信息不对称发挥了潜在的作用机制。经进一步研究表明,董事网络对数字化转型的促进作用在非国有企业和高科技企业中更为明显,并且主要集中在技术实践应用层面。研究结论为数字经济时代下社会网络关系驱动企业数字化转型提供了新的证据,并在一定程度上延展了数字化转型的分层研究边界。

The progress of digital technology and the development of digital economy have given traditional enterprises the change opportunities for digital transformation,but also brought new challenges and multiple dilemmas.This paper selects the data of A-share listed companies in Shanghai and Shenzhen main boards from 2009 to 2020,conducts text analysis and word frequency statistics on specific keywords in the enterprise annual report through Python,constructs quantitative indicators of digital transformation based on two levels of underlying technology development and technology practice application,and explores the influence effect and action channel of director network on enterprise digital transformation from the perspective of social capital.The study finds that director network can effectively promote enterprise digital transformation,in which alleviating financing constraints and reducing information asymmetry play potential action mechanisms.Further research shows that the effect of director network in promoting digital transformation is more obvious in non-state enterprises and high-tech enterprises,and mainly focused on the level of technology practice application.The research conclusions provide new incremental evidence for social network relationship driving enterprise digital transformation in the digital economy era,and extend the layered research boundary of digital transformation to a certain extent.