“与时俱化”还是“望而却步”:管理者投资视域与企业数字化转型

"Keeping up with Times"or"Holding back":Managers'Investment Horizon and Digital Transformation of Enterprises

数字化转型是顺应时代发展的必然要求,但企业管理者并非都具备长远战略目光。本文基于高阶理论构建不确定条件下的投资模型,从理论和实证上检验了管理者投资视域如何影响企业数字化转型。研究显示:管理者短视显著抑制了企业数字化转型,管理者短视对企业数字化转型尤其是底层技术嵌入的抑制作用在高竞争行业和高融资约束企业中表现得更为明显。机制检验表明,风险承担水平和机构投资者持股能够缓解管理者短视对企业数字化转型的抑制效应,短视的管理者通过削减研发投入和信息化投入抑制了企业数字化转型。因此,应重视企业管理团队建设,充分发挥管理者人力资本的增量作用;强化企业风险承担水平,积极完善机构投资者的外部监督机制;明确企业自身战略定位,有序推进底层技术嵌入与技术实践应用。

Digital transformation is an inevitable requirement to adapt to the development of the era,but not all business managers have a long-term strategic vision.Based on the high-order theory,this paper constructs an investment model under uncertain conditions,and theoretically and empirically tests how managers'investment horizons affect digital transformation of enterprise.The research shows that managers'myopia significantly inhibits digital transformation of enterprises,and the inhibiting effect of managers'myopia on digital transformation of enterprises,especially underlying technology embedment,is more obvious in highly competitive industries and enterprises with high financing constraints.The mechanism test shows that the level of risk taking and the shareholding of institutional investors can alleviate the inhibitory effect of managers on the digital transformation of enterprises,and the short-sighted managers can restrain the digital transformation of enterprises by cutting R&D investment and information investment.Therefore,we should attach importance to the construction of enterprise management team and give full play to the incremental role of management human capital;strengthen the level of risk bearing of enterprises,and actively improve the external supervision mechanism of institutional investors;clarify the strategic positioning of enterprises,and orderly promote the underlying technology embedment and technology practice and application.