非国有股东能否促进国企数字化转型?

Can non-state shareholders promote digital transformation of state-owned enterprises?

混合所有制是我国供给侧结构性改革的重要组成部分,对当前数字化转型也具有重要影响。以2007—2021年沪深A股国有上市公司为研究对象,分析了非国有股东对企业数字化转型的影响及作用机制。研究结果表明,非国有股东持股比例的增加对国企数字化转型并不具有显著的促进作用,只有当非国有股东参与高层治理才能有效推进国有企业数字化转型。通过机制分析发现,非国有股东参与高层治理能够抑制非效率投资、发挥资源优势,进而促进国有企业数字化转型;异质性分析发现,非国有股东治理在投资者互动水平更高、行业竞争程度高、地方国企中发挥的促进效应更明显;进一步地,数字化转型后国有企业的长期绩效得到有效提升。研究结论对于理解混改背景下非国有股东治理在国企数字化转型过程中如何发挥作用、促进国企实现高质量发展具有一定的理论价值与实践意义。

Mixed-ownership reform is a significant part of China's supply-side structural reform,and also has an important impact on the current digital transformation.Taking Shanghai-Shenzhen A-share state-owned listed companies from 2007 to 2021 as the research objects,this paper analyzes the influence and mechanism of non-state shareholders on enterprises'digital transformation.The results show that the increase in shareholding ratio of non-state shareholders doesn't significantly promote the digital transformation of state-owned enterprises,and only when non-state shareholders participate in high-level governance will it effectively promote digital transformation of state-owned enterprises.The mechanism analysis shows that the governance of non-state shareholders promotes the digital transformation of stateowned enterprises by restraining inefficient investment and exerting resource advantage.Heterogeneity analysis shows that the governance of non-state shareholders has a more significant promoting effect in local state-owned enterprises with a higher level of investor interaction and industry competition.Furthermore,the long-term performance of state-owned enterprises has been effectively improved after digital transformation.The research conclusion has certain theoretical value and practical significance for understanding how the governance of non-state shareholders plays a role in the digital transformation process of state-owned enterprises under the background of mixed-ownership reform to promote the highquality development of state-owned enterprises.