数字化转型会促进异质股东资源协同吗?

Will Digital Transformation Promote the Synergy of Heterogeneous Shareholders’Resources?

数字技术的发展对国有企业混合所有制改革中异质股东资源的识别、获取、集聚及协同提出了新的挑战。本文引入耦合协同模型来测度异质股东资源协同度,以2013—2020年沪深A股参与混合所有制改革的国有上市公司为研究样本,探究企业数字化转型对异质股东资源协同的影响及其内在作用机理。研究结果表明,企业数字化转型能够积极促进异质股东资源协同,发挥股东资源协同效应,产生良好的协同效果。进一步研究表明,企业数字化转型主要通过提高公司透明度和内部控制质量影响异质股东资源的整合和协同,该作用在非高新技术国有企业、东部地区国有企业和混合所有制改革程度较高的国有企业中表现得更为明显。研究结论揭示了企业数字化转型对异质股东资源协同的作用机制,为推进公司股东资源治理理论创新和制定下一轮国有企业改革实践方案提供了重要启示。

The development of digital technology poses new challenges to the identification,agglomeration and synergy of heterogeneous shareholders’resources in the mixed-ownership reform of state-owned enterprises(SOEs).Only the complementary and integrated development of heterogeneous shareholders’resources can realize the symbiosis of interests of shareholders with multiple property rights and guarantee the policy effect of the mixed-ownership reform.Therefore,this paper introduces a coupling synergy model to measure the degree of synergy of heterogeneous shareholders’resources.Then,it takes A-share state-owned listed companies participating in the mixed-ownership reform in Shanghai and Shenzhen from 2013 to 2020 as research samples to explore the effect of enterprise digital transformation on the synergy of heterogeneous shareholders’resources and its internal mechanism.The conclusions are as follows.(1)Digital transformation can actively facilitate the synergy of heterogeneous shareholders’resources and exert a good synergistic effect of heterogeneous shareholders in the mixed-ownership reform of SOEs.(2)Digital transformation improves the transparency of enterprises and enhances the communication and exchange among shareholders,thus effectively improving the synergy of heterogeneous shareholders’resources.Moreover,it facilitates this synergy by improving the internal control quality,reducing the obstacles and risks in the synergy of resources,and enhancing the efficiency of resource utilization of shareholders.(3)In the samples of non-high-tech SOEs,SOEs in the eastern region and those with a higher degree of mixed-ownership reform,digital transformation exerts a more significant effect on promoting the synergy of heterogeneous shareholders’resources.Therefore,it is suggested to establish the strategic awareness of synergizing digital transformation with mixed-ownership reform of state-owned enterprises.Moreover,state-owned enterprises should synchronize corporate governance and digital transformation,paying attention to the non-financial attributes of heterogeneous shareholders’resources of multiple property rights.This paper figures out the mechanism of enterprise digital transformation on the synergy of heterogeneous shareholders’resources and provides important enlightenment for promoting the theoretical innovation of corporate shareholder resource governance and formulating plans for the next round of SOE reform.The main contributions of this paper are as follows.(1)From a perspective of the synergy of heterogeneous shareholders’resources,it introduces a coupling synergy model,discusses the aggregation and synergy of resources of shareholders with multiple property rights in the mixed-ownership reform,enriches relevant literature on the synergy of shareholders’resources,and provides new ideas for further improving the level of mixed-ownership reform of SOEs.(2)it reveals the internal mechanism of digital transformation affecting the synergy of heterogeneous shareholders’resources and enriches the relevant literature in the field of economic consequences of digital transformation.