数字化转型能提升国有企业资本配置效率吗?

Can Digital Transformation Improve Capital Allocation Efficiency in State-Owned Enterprises?

进入数字经济时代,数字化转型已成为国有企业高质量发展的必经之路。在此背景下,探究数字化转型与资本配置效率之间的内在逻辑关系,对增强国有企业活力和提升国有企业资本效率具有重要理论和实践意义。以2009-2021年沪深A股上市的非金融国有企业为样本,从外部成本以及内部治理两个层面实证检验数字化转型对国有企业资本配置效率的影响效果及作用机制。结论说明:1)数字化转型能够显著改善国有企业资本要素错配,提升国企资本配置效率。2)机制分析表明,数字化转型能通过缓解信息不对称、降低代理成本以及改善融资约束,优化国有企业资本要素配置。3)从市场、政府以及国有企业自身层面来看,首先数字化转型在一定程度上能替代外部不完备的资本市场。在资本市场发育程度较低环境中,数字化转型更能改善国有企业资本要素错配。其次较高的财政补贴隐含过多的政策性负担,弱化数字化转型对国有企业资本效率提升效果。最后在较高水平内部控制环境中,数字化赋能显著提升国企资本配置效率。研究有助于深化数字化转型赋能国有企业资本配置效率的效果和机制,为探究我国国有企业高质量发展提供学理依据及决策参考。

In the era of digital economy,digital transformation has become the only way for the high-quality development of state-owned enterprises(SOEs).In this context,the study on the internal logical relationship between digital transformation and enterprise capital allocation efficiency has great theoretical and practical significance to improve the vitality and capital efficiency of SOEs.Taking Shanghai and Shenzhen A-share listed non-financial SOEs from 2009 to 2021 as research samples,the present paper empirically examines the effect and mechanism of digital transformation on the capital allocation efficiency of SOEs from the perspectives of external cost and internal governance.It is concluded that digital transformation can significantly improve capital factor mismatch and enhance the capital allocation efficiency of SOEs;and mechanism analysis shows that digital transformation can optimize the allocation efficiency by alleviating information asymmetry,reducing agency costs and improving financing constraints.From the perspective of market,government and SOEs,firstly,digital transformation can replace the imperfect external capital market to a certain extent,and especially in the less-developed capital market,digital transformation can improve the capital factor mismatch of SOEs.Secondly,higher financial subsidies imply excessive policy burdens,weakening the effect of digital transformation.Finally digitalized empowerment significantly improves the capital allocation efficiency of SOEs in the high-quality internal control environment.The findings of this paper are conducive to deepening the effects and mechanisms of capital allocation efficiency of SOEs empowered by digital transformation,which can serve as a theoretical and decision-making reference for high-quality development of SOEs in China.