机构投资者网络团体能否促进企业数字化转型?

Can Institutional Investor Networks Facilitate Digital Transformation?

基于2009—2020年中国A股上市公司为样本,探究机构投资者网络团体如何影响企业数字化转型。实证结果表明:机构投资者网络团体能促进企业的数字化转型;经一系列内生性与稳健性检验后,结论依然成立。影响机制表明:机构投资者网络团体主要通过发挥“资源效应”缓解融资约束及发挥“监督作用”抑制管理者短视进而促进企业数字化转型。进一步地,对企业的产权性质和科技属性进行分组回归,探究机构投资者网络团体对企业数字化转型影响的异质性,发现在产权性质为国有企业与科技属性为高新技术企业的促进效果更为显著。

China's A-share listed companies from 2009 to 2020 were taken as samples to explore how institutional investor groups influence the digital transformation of enterprises.The empirical results show that institutional investor networks can promote the digital transformation of enterprises,and the above conclusions are still valid after a series of endogenous and robust tests.The influence mechanism shows that the investor network group mainly alleviates the financing constraints and plays the"supervisory role"by giving full play to the"resource effect"to inhibit the short-sightedness of managers and promote the digital transformation of enterprises.Furthermore,the property rights and technological attributes of enterprises are grouped and regressed,and the heterogeneity of the impact of institutional investor network groups on the digital transformation of enterprises is explored,and it is found that the promotion effect is more significant in the property rights of state-owned enterprises and high-tech enterprises.