企业数字化与投资者保护——基于中国上市企业的实证检验

Enterprise digitization and investor protection——Based on the empirical test of listed enterprises in China

随着数字技术的快速发展,数字化转型已然成为企业发展以及实现高质量投资者保护的关键突破点。文章基于2010—2022年上市公司年报与会计维度的投资者保护评分,考察企业数字化对上市公司投资者保护的影响。研究结果表明,企业数字化能够显著促进投资者保护水平的提升,能够明显解决企业存在的代理问题。在PSM等稳健性检验后研究结论依然成立。文章为企业数字化的社会价值提供了新的佐证,也为企业内部治理总结了管理经验。

With the rapid development of digital technology,digital transformation has become a key breakthrough point for enterprise development and high-quality investor protection.Based on investor protection scores of annual reports and accounting dimensions of listed companies from 2010 to 2022,this paper examines the impact of enterprise digitization on investor protection of listed companies.The em-pirical results show that enterprise digitalization can significantly improve the level of investor protection and improve the agency problems of enterprises.After the robustness tests such as PSM,the conclusions were still valid.This study provides new evidence for the social value of enterprise digitalization and sums up management experience for the internal governance of enterprises.