数字化转型与企业金融化:促进还是抑制?

Digital transformation and corporate financialisation:Facilitation or inhibition?

企业数字化转型是为了获得长远发展还是成为管理层投机主义行为的工具?以2011—2021年我国A股上市企业数据为实证样本,研究数字化转型与企业金融化的关系以及动机对这一关系的影响。研究发现:数字化转型会促进企业金融化;动机识别检验出投机套利动机是数字化转型推进企业金融化过程中的主要动机。进一步研究发现:在股权集中度低、国有产权、中西部地区的企业中,数字化转型对企业金融化的正向作用会受到抑制;在金融资产类型差异检验中发现,数字化转型会增加企业短期金融资产投资,而与长期金融资产投资不存在显著关系。研究结论丰富了相关文献,有助于深入理解数字化转型与企业金融化的内在原理,对监督数字化转型、破除金融化难题提供了方法和理论支撑,也为政府相关部门制定合理的数字化发展政策以及企业进行数字化转型变革实践提供了一定的指引和建议。

Promoting digital transformation is not only a reasonable choice for microeconomic actors,but also a strategic decision made by the Party and the government in the new era from the perspective of strategy and the overall situation,and in line with the development needs of the times.On February 27,2023,the Overall Layout Plan for the Construction of Digital China issued by the Central Committee of the Communist Party of China and the State Council clearly stated that it is necessary to accelerate the development of the digital economy,actively formulate measures for the high-quality development of the digital industry,and form a number of internationally competitive digital industrial clusters.Real enterprises are an important micro component of the macroeconomy and play an important role in the development of the digital economy.In the process of digital transformation,physical enterprises can use digital technology to gain market initiative,quickly respond to complex environments,and transform and upgrade all links in the enterprise value chain,which is an important way for physical enterprises to achieve high-quality development.How to more effectively promote the digital transformation process of enterprises,guide financial services to the real economy,and empower high-quality economic development has increasingly become a new hot topic in academia and practice.Is the digital transformation of enterprises for long-term growth or a tool for managerial opportunism?Taking China’s A-share listed companies from 2011 to 2021 as an empirical sample,this paper studies the relationship between digital transformation and corporate financialization and the impact of motivation on this relationship.The research finds that digital transformation will promote the financialization of enterprises;motivation identification shows that speculative arbitrage motivation is the main motivation in the process of digital transformation to promote enterprise financialization.Further research finds that the positive effect of digital transformation on enterprise financialization will be inhibited in enterprises with low equity concentration,state-owned property rights,and central and western regions.In the test of financial asset type differences,it is found that digital transformation will increase the short-term financial asset investment of enterprises,but it has no obvious impact on the long-term financial asset investment.The conclusions of this study enrich the relevant literature,helping to deeply understand the internal principles of digital transformation and enterprise financialization,providing methods and theoretical support for supervising digital transformation and solving the problems of financialization,and also providing some guidance and suggestions for relevant government departments to formulate reasonable policies for digital development and for enterprises to carry out digital transformation and reform practices.In order to prevent digital transformation from becoming a booster for enterprise financialization,the following policy suggestions are put forward.First,enterprises should thoroughly implement the digital transformation strategy,clearly understand the challenges faced by digital transformation,and strictly prevent management from using digital transformation to boost and cover up the speculative arbitrage motive of enterprise financialization.Enterprises can set up a reasonable shareholding structure,improve the construction of information transparency,form strong supervision and checks and balances on the digital transformation process and management behavior,and restrain the excessive financialization of enterprises.Secondly,relevant government departments should strictly supervise the digital transformation of enterprises,achieve forward-looking,targeted supervision and whole-process supervision,and prevent enterprises from turning from real to virtual.Supervision and guidance on the digital transformation of non-state-owned enterprises can be strengthened,and non-state-owned enterprises can be guided to pursue profit growth in compliance and reasonableness,rather than blindly making financial investments.At the same time,the analysis of the short-term financial asset investment of enterprises can be focused on to avoid the profit-seeking motive behavior of the management.Thirdly,policy support can be formulated by the government to clarify property rights differences and regional differences,promote the digital transformation of enterprises,and restrict enterprises from using the opportunity of digital transformation to allocate financial assets.At the same time,targeted measures can be adopted by enterprises to enhance the positive role of digital transformation based on to their own nature and their region differences,so that digital technology can reshape the value chain.Fourthly,enterprises,governments,and countries should be clearly aware of the importance of data elements in economic and social development,optimize resource allocation,comprehensively improve total factor productivity,accelerate the deep integration of the digital economy and the real economy,form a situation in which the whole society shares the digital dividend,and promote the high-quality development of China’s economy.