企业应用数字技术能缓解管理层短期主义吗?

Can Application of Digital Technology in Firms Alleviate Managerial Short-termism?

本文以2007—2021年沪深A股上市公司为样本考察企业应用数字技术对管理层短期主义的影响。研究结果表明:(1)管理层短期主义与数字技术呈U型关系;(2)公司透明度和管理层风险偏好是数字技术影响管理层短期主义的重要机制;(3)国有产权性质能够削弱数字技术对管理层短期主义的抑制作用,企业良好的财务状况会增强数字技术对管理层短期主义的抑制作用;(4)数字技术通过缓解管理层短期主义来影响企业社会责任和全要素生产率。本文研究结果丰富了数字技术的公司治理效应研究,对上市公司合理推进数字化转型具有实践指导意义。

Managerial short-termism is a major concern in industry and academia.With the wide application of digital technology,whether firms can effectively apply digital technology to improve the quality of internal governance will directly affect the high-quality development of China’s digital economy.Therefore,it is urgent to explore the internal logical and explanatory mechanism of the impact of digital technology on managerial short-termism to bridge the existing research divergence and help firms apply digital technology reasonably,promote high-quality development of firms,and improve the governance level of China’s digital economy.This paper examines the impact of the application of digital technology in firms on managerial short-termism with the sample of A-share listed companies in the Shanghai and Shenzhen stock markets from 2007 to 2021.The findings are as follows.First,the application of digital technology has a significant U-shaped relationship with managerial short-termism.The application of digital technology can curb managerial short-termism,and when it exceeds a certain threshold,digital technology will aggravate managerial short-termism.Second,corporate transparency and managerial risk preferences are important mechanisms for digital technology to influence managerial short-termism.Specifically,digital technology exerts the influence through the inverted U curve.Third,the state-owned enterprises will substitute the restraining effect of digital technology on managerial short-termism,and the good financial situation will strengthen this restraining effect.Finally,digital technology can promote corporate social responsibility and total factor productivity by affecting managerial short-termism through the inverted U-curve,which is beneficial for improving corporate economic and social benefits.Based on the agency theory,this paper discovers the nonlinear impact of digital technology on managerial short-termism and its underlying mechanism,thereby expanding the research on the governance effects of digital technology and the influencing factors of managerial short-termism.In addition,it explores the economic consequences and situational factors of the impact of digital technology on managerial short-termism,providing practical guidance for listed companies to rationally grasp the digital transformation and apply digital technology,alleviate managerial short-termism,and improve corporate governance quality.