数字经济下董事网络嵌入对企业成长的影响研究

Influence of Board Network Embeddedness on EnterpriseGrowth Under the Digital Economy

以2008~2020年中国A股上市公司为研究样本,探究董事网络嵌入对企业成长的影响,以及数字化转型进程在其中的调节机制。研究表明,董事网络关系嵌入和结构嵌入对企业成长均具有倒U形影响,而数字化转型进程使得前述倒U形曲线趋于平缓。进一步地,发现数字化“底层技术转型”使得结构嵌入与企业成长的关系曲线变缓,对关系嵌入与企业成长关系的调节效应不显著;数字化“技术实践应用”使得关系嵌入与企业成长的关系曲线变缓,对结构嵌入与企业成长关系的调节效应不明显。

Taking China’s A-share listed companies from 2008 to 2020 as a research sample to explore the impact of board network embeddedness on enterprise growth and the moderating mechanism of the digital transformation process.The results show that:both board network relationship embeddedness and structural embeddedness have an inverted U-shaped impact on enterprise growth.With the steady progress of the digital transformation process,the inverted U-shaped curve between network embeddedness and enterprise growth is flattening out.The further discussion find that digital“underlying technology transformation”makes the relationship curve of structural embeddedness on enterprise growth slower while having no significant moderating effect on the process of relationship embeddedness affecting enterprise growth.The“technology practice application”of digitization makes the relationship curve between relational embeddedness and enterprise growth slower,and has no significant moderating effect on the process of structural embeddedness influencing enterprise growth.