董事网络与企业数字化转型

Director Network and Enterprise Digital Transformation

破解企业“不能转”“不会转”和“不敢转”的难题是推动企业数字化转型的关键。本文以2015—2021年A股上市公司为研究样本,实证检验了董事网络对企业数字化转型水平的影响效应、内在机制及其异质性表现。研究发现:董事网络显著提高了企业数字化转型水平,且经多项稳健性检验后,结论依然成立;机制分析表明,董事网络通过资源效应、学习效应以及治理效应缓解企业“不能转”“不会转”以及“不敢转”的难题。异质性分析表明,外部情境机制和企业内部特征的差异会导致董事网络作用效果的非对称性。进一步,本文还发现了企业数字化转型在同一董事网络内部存在同群效应。本研究丰富了董事网络的经济后果和企业数字化转型影响因素研究,为当前数字化背景下提升数字化转型水平、破解数字化转型困境提供了可能的路径和切入点。

Finding a solution for enterprises that can’t,won’t or daren’t implement digital transformation is the key to promoting their digital transformation.Taking A⁃share listed companies in 2015—2021 as the research sample,this paper empirically examines the effect of director network on the level of enterprise digital transformation,the internal mechanism,and its heterogeneous performance.The study finds that director network significantly improves the level of enterprise digital transformation,and the conclusion still holds after several robustness tests;mechanism analysis shows that through its resource effect,learning effect,and governance effect,director net⁃work provides support for enterprises that can’t,won’t or daren’t implement digital transformation.Heterogeneity analysis shows that the differences in external contextual mechanisms and internal characteristics of enterprises lead to asymmetry in the effects of director networks.Further,this paper also finds that there is a peer effect of enterprise digital transformation within the same director network.This study enriches the research on the economic consequences of directors’networks and the factors influencing the digital transforma⁃tion of enterprises.It provides possible paths and entry points for improving the level of digital transformation and cracking the dilemma of digital transformation in the current digitalization context.