企业数字化转型能否抑制企业“脱实向虚”发展?——有调节的中介效应

Can Enterprise Digital Transformation Restrain the Development of Enterprise“from Real to Virtual”?——the Moderated Mediation Effect

以2013—2022年中国沪深A股实体上市公司为研究样本,实证分析企业数字化转型对企业金融化水平的微观作用机理。研究结果表明,企业数字化转型可以显著地抑制企业金融化发展,且该结论具有稳健性;该抑制效应存在产权属性异质性及企业规模异质性;企业数字化转型可通过缓解融资约束抑制企业金融化发展;行业竞争激烈时,企业数字化转型对融资约束的缓和效应减弱,其对企业金融化水平的抑制作用也会削减。应引导企业积极开展数字化转型,多方位施策以缓解企业融资约束,鼓励企业创新、着眼长期发展以营造良性行业竞争环境,有效抑制企业金融化水平。

Taking the A-share entities listed in Shanghai and Shenzhen from 2013 to 2022 as research samples,this paper empirically analyzes the micro-mechanism of enterprise digital transformation on the level of enterprise financialization.The results show that enterprise digital transformation can significantly inhibit the development of enterprise financialization,and the conclusion is robust.In addition,there are property rights heterogeneity and firm size heterogeneity.Enterprise digital transformation can inhibit the development of enterprise financialization by easing financing constraints.When the industry competition is fierce,the moderating effect of enterprise digital transformation on financing constraints will be weakened,and its inhibiting effect on the level of enterprise financialization will also be reduced.Enterprises should be guided to actively carry out digital transformation,multi-directional policies to alleviate corporate financing constraints,encourage enterprise innovation,focus on long-term development to create a benign industry competition environment,and effectively inhibit the level of corporate financialization.