企业数字化转型的同群效应研究--基于非对称性与边界特征视角

A Study on Peer Effects in Corporate Digital Transformation:From the Perspective of Asymmetry and Boundary Features

企业数字化转型是培育新质生产力的重要手段。本文使用2011—2021年沪深A股上市企业数据,以传递网络理论为基础检验企业数字化转型的同群效应。研究发现:企业数字化转型存在同群效应,并在关联网络强度及孤岛效应的影响下呈现非对称性及边界特征。机制检验表明,企业数字化转型通过竞争机制、信息机制、规范机制发挥同群效应。从内部要素特征看,企业数字化转型的同群效应在非国有企业、大规模企业以及低现金流约束企业中更为显著;从外部行业特征看,高科技企业和制造业企业呈现更强的数字化转型同群效应。同时考虑非对称性和边界特征,数字化转型同群效应能够显著降低成长期企业的债务违约风险。本文拓宽了同群效应的测度边界,为推动企业数字化转型提供了经验证据。

Corporate digital transformation is a key element in cultivating the new quality productive forces.Using the data of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2021,this paper examines the peer effect corporate digital transformation,drawing upon the theoretical framework of network transmission and integration.The study reveals that corporate digital transformation exhibits peer effects and under the influence of the strength of the associated network and the island effect,exhibits asymmetry and boundary features.The mechanism test shows that corporate digital transformation exerts the peer effect through competition,information,and normative mechanisms.From the perspective of internal characteristics,the peer effect of corporate digital transformation is more significant in non-state-owned enterprises,large-scale enterprises,and enterprises with lower cash flow constraints.From the perspective of external industry characteristics,high-tech enterprises and manufacturing enterprises show stronger peer effects of digital transformation.After considering asymmetry and boundary features,the peer effect of digital transformation can significantly reduce the debt default risk of growth-stage enterprises.This article broadens the scope for measuring the peer effect and provides empirical evidence for promoting corporate digital transformation.