数字化转型与企业费用粘性——基于文本分析方法的经验证据

Digital Transformation and Firm Cost Stickiness——Empirical Evidence Based on Text Analysis Methods

在数字经济快速发展的时代背景下,数字化转型逐渐成为企业战略发展的重要方向。基于费用粘性这一重要的成本性态特征,考察数字化转型对企业成本管理的影响,为数字经济赋能供给侧结构性改革提供微观层面的证据。借助文本分析方法,研究发现数字化转型能够抑制企业的费用粘性,并且这种抑制效应通过降低调整成本、缓解代理问题、调整管理者乐观预期等三类机制发挥出来。基于微观和宏观两个维度的异质性分析结果表明,在非国有企业、内部与外部治理水平低的企业以及所处地区数字化基础设施建设水平高的企业中,数字化转型对费用粘性的抑制效应更强。

In the context of the booming digital economy,digital transformation has become an important direction for firm’s strategic development.Based on cost stickiness,one of important firm cost behaviors,this paper examines the impact of digital transformation on cost management and provides micro-evidence that digital economy empowers supply-side structural reform.Using text analysis method,this paper finds that digital transformation can inhibit cost stickiness,and this inhibitory effect is exerted by reducing adjustment cost,alleviating agency problems,and adjusting managers'optimistic expectation.Based on the heterogeneity analysis results from micro and macro dimensions,the digital transformation has a stronger inhibitory effect on cost stickiness among non-state-owned firms,firms with low internal and external governance level,and firms with high digital infrastructure construction level in their local areas.