数字化转型对企业双重代理成本的影响研究

The Impact of Digital Transformation on Corporate Dual Agency-costs

本文以2012—2021年沪深A股上市公司为研究对象,探讨了数字化转型对企业双重代理成本的影响。经验分析发现,数字化转型与企业双重代理成本之间存在显著的倒U型关系,即只有当数字化转型达到一定水平时,才会对公司治理产生积极影响。这突破了已有文献关于数字化转型效果的线性认知。进一步的探索性研究发现,高管货币薪酬能够平缓数字化转型与双重代理成本之间的倒U型关系且使得拐点左移,这一调节效应在国有企业中更为显著。相反,高管股权激励并未对二者关系产生任何显著影响。本文对现有数字化转型与公司治理研究形成了有益的补充,并对在数字化时代如何完善激励制度具有重要启示意义。

Taking Shanghai and Shenzhen A-share listed companies from 2012 to 2021 as research objects,this paper explores the impact of digital transformation on the corporate dual agency-costs.The empirical study finds that the digital transformation has a notable inverted U-shaped impact on the corporate dual agency-costs,and that is,the digital transformation can only play a positive role in corporate governance when it reaches a certain level.It breaks through the linear cognition of the existing literature on the effect of digital transformation.Further exploratory research finds that executive monetary compensation can smooth the inverted U-shaped relationship between digital transformation and dual agency-costs and make the inflection point shift to the left,and that this adjustment effect is more significant in state-owned enterprises.However,executive equity-based incentives did not have any significant impact on the relationship between the two.This paper is beneficial to supplement the relevant research of digital transformation and corporate governance,and has important implications for promoting the construction of corporate incentive system in the digital era.