非国有股东参与治理与国有企业的数字化转型:促进还是抑制

Participation of Non-state-owned Shareholders in Governance and Digital Transformation of State-owned Enterprises:Promoting or Inhibiting?

数字化转型对国有企业高质量发展具有现实意义,非国有股东参与治理能否突破体制机制对国有企业数字化转型的束缚还有待进一步研究。本文以2014-2021年中国A股国有上市公司为研究样本,探究非国有股东参与公司治理能否促进国有企业数字化转型,影响机制又是怎样的。研究发现,非国有股东参与治理对数字化转型具有积极促进作用。机制研究发现非国有股东参与治理对国有企业数字化转型的推动作用主要源于企业家能力激活机制的发挥,通过促进企业家能力向数字化转型方向配置从而推动了数字化转型的实施。进一步检验发现,非国有股东参与治理一方面提升了国有企业经理人的离职业绩敏感性,形成了国企经理人的压力传导机制;另一方面非国有股东参与治理提高了经理人的风险承担意愿,形成了数字化转型的风险共担机制,这都有利于国企数字化转型。分样本检验的结果显示,上述影响渠道在国有绝对控股公司并不存在。最后,本文为破除国有企业数字化转型的体制机制的障碍提供了理论依据和政策建议。

The digital transformation has practical significance for the high-quality development of state-owned enterprises,and further research is needed to determine whether the participation of non-state-owned shareholders in governance can break through the constraints of institutional mechanisms on the digital transformation of state-owned enterprises.This article takes China's A-share state-owned listed companies from 2014 to 2021 as a research sample to explore whether the participation of non-state-owned shareholders in corporate governance can promote the digital transformation of state-owned enterprises,and what is the impact mechanism.Research has found that the participation of non-state-owned shareholders in governance has a positive promoting effect on digital transformation.Mechanism research has found that the participation of non-state-owned shareholders in governance mainly promotes the digital transformation of state-owned enterprises through the release mechanism of entrepreneurial capabilities,which promotes the allocation of entrepreneurial capabilities towards digital transformation and promotes the implementation of digital transformation.Further examination reveals that,on the one hand,the participation of non-state-owned shareholders in governance enhances the sensitivity of state-owned enterprise managers to turnover performance,forming a pressure transmission mechanism for state-owned enterprise managers;on the other hand,the participation of non-state-owned shareholders in governance has increased the willingness of managers to take risks,forming a risk sharing mechanism for digital transformation,which is conducive to the digital transformation of state-owned enterprises.The results of the split sample test show that the above-mentioned channels of influence do not exist in state-owned absolute holding companies.Finally,this article provides theoretical basis and policy recommendations for breaking down the institutional barriers to the digital transformation of state-owned enterprises.