开放悖论视角下战略信息披露对数字企业绩效的影响研究

Strategic Information Disclosure and Digital Firm Performance:An Open Paradox Perspective

基于开放悖论视角,考察数字企业战略信息披露引致的合法性与竞争之间的张力及其绩效结果。利用中国数字化上市公司2012~2020年的非平衡面板数据,研究发现:战略信息披露与数字企业绩效呈U形关系,企业创新水平、市场集中度和行业透明度使该U形关系趋于平缓,并使其翻转为倒U形。基于数字情境异质性视角的对比分析发现,在数字企业、数字经济水平较高的地区和数字经济核心产业中,战略信息披露与绩效的U形关系更显著。

Based on the open paradox perspective,this study investigates the tension between organizational legitimacy and competition caused by strategic information disclosure of digital firms,and examines its performance implications.Using unbalanced panel data of Chinese digital listed companies from 2012 to 2020,we find that strategic information disclosure has a U-shaped relationship with digital firm performance.The level of firm innovation,market concentration and industry transparency flatten the U-shaped relationship and invert it into an inverted U-shaped relationship.Comparative analysis based on the perspective of digital context heterogeneity found that,the U-shaped relationship between strategic information disclosure and performance is magnified in digital firms,regions with higher level of digital economy and core industries of digital economy.