信息技术的发展给中国企业带来了前所未有的机遇与挑战。其中,一个最重要的机遇和挑战是企业信息化建设所带动的各项工作的创新与升级。债务融资是企业极其重要的融资途径,而女性高管也在企业事务中发挥越来越重要的作用,其特质性会对...信息技术的发展给中国企业带来了前所未有的机遇与挑战。其中,一个最重要的机遇和挑战是企业信息化建设所带动的各项工作的创新与升级。债务融资是企业极其重要的融资途径,而女性高管也在企业事务中发挥越来越重要的作用,其特质性会对企业的债务融资决策产生一定的影响,最终会对企业绩效产生作用。在中国大力推行企业信息化的背景下,本文以2010~2019年A股上市公司数据作为观测值,探讨债务融资对企业绩效的影响,并且检验女性高管在债务融资影响企业绩效的机制中所发挥的调节作用。结果显示:1) 在其他条件相同时,债务融资对企业绩效有负向作用;2) 在其他条件相同时,女性高管对债务融资有负向作用;3) 在其他条件相同时,女性高管会作为调节变量,在一定程度上减弱债务融资对于企业绩效的负向影响。以上结论表明企业应当重视女性高管在企业信息化发展中的特殊作用,恰当地选择合适的融资方式。The development of information technology has brought unprecedented opportunities and challenges to Chinese enterprises. One of the most important opportunities and challenges is the innovation and upgrading of all work driven by enterprise informatization construction. Debt financing is an extremely important financing channel for enterprises, and female executives are also playing an increasingly important role in enterprise affairs, and their characteristics will have a certain impact on enterprise debt financing decisions, and ultimately have an impact on enterprise performance. Against the background of China’s vigorous implementation of enterprise informatization, this paper takes the data of A-share listed companies from 2010~2019 as observations to explore the impact of debt financing on corporate performance, and to test the moderating role played by female executives in the mechanism by which debt financing affects enterprise performance. The results show that: 1) all else being equal, debt financing has a negative effect on enterprise performance;2) all else being equal, female executives have a negative effect on debt financing;and 3) all else being equal, female executives act as a moderating variable, which attenuates to a certain extent the negative effect of debt financing on enterprise performance. The above conclusions show that enterprises should pay attention to the special role of female executives in the development of enterprise informationization and choose appropriate financing methods appropriately.展开更多
研发不仅是现代企业生存与发展的基础和创新动力的源泉,完善的股权结构方便企业创新研发活动的进行,提高企业绩效。研究这二者与企业绩效的关系对企业的持续发展意义重大。本文选取2015~2022年信息技术类沪深A股上市公司作为样本,采用...研发不仅是现代企业生存与发展的基础和创新动力的源泉,完善的股权结构方便企业创新研发活动的进行,提高企业绩效。研究这二者与企业绩效的关系对企业的持续发展意义重大。本文选取2015~2022年信息技术类沪深A股上市公司作为样本,采用实证分析的方法,研究企业研发投入强度、股权集中度对企业绩效的影响关系,并分析股权集中度的调节作用,得出结论:研发投入强度对企业绩效有显著的负向影响;股权集中度对企业绩效有促进作用;股权集中度对研发强度与企业绩效之间关系起负向调节作用。Research and development (R&D) is not only the foundation of survival and development of modern enterprises and the source of innovation power. Understanding the impact of these two factors on firm performance is particularly important for firms to optimize resource allocation. This paper studies the relationship between R&D investment intensity, ownership concentration and corporate performance of listed companies in Shanghai and Shenzhen A shares in information technology from 2015 to 2022. The results show that R&D investment intensity has a significant negative impact on firm performance, and equity concentration has a positive impact on firm performance. Ownership concentration has a negative moderating effect on the relationship between R&D intensity and firm performance.展开更多
文摘信息技术的发展给中国企业带来了前所未有的机遇与挑战。其中,一个最重要的机遇和挑战是企业信息化建设所带动的各项工作的创新与升级。债务融资是企业极其重要的融资途径,而女性高管也在企业事务中发挥越来越重要的作用,其特质性会对企业的债务融资决策产生一定的影响,最终会对企业绩效产生作用。在中国大力推行企业信息化的背景下,本文以2010~2019年A股上市公司数据作为观测值,探讨债务融资对企业绩效的影响,并且检验女性高管在债务融资影响企业绩效的机制中所发挥的调节作用。结果显示:1) 在其他条件相同时,债务融资对企业绩效有负向作用;2) 在其他条件相同时,女性高管对债务融资有负向作用;3) 在其他条件相同时,女性高管会作为调节变量,在一定程度上减弱债务融资对于企业绩效的负向影响。以上结论表明企业应当重视女性高管在企业信息化发展中的特殊作用,恰当地选择合适的融资方式。The development of information technology has brought unprecedented opportunities and challenges to Chinese enterprises. One of the most important opportunities and challenges is the innovation and upgrading of all work driven by enterprise informatization construction. Debt financing is an extremely important financing channel for enterprises, and female executives are also playing an increasingly important role in enterprise affairs, and their characteristics will have a certain impact on enterprise debt financing decisions, and ultimately have an impact on enterprise performance. Against the background of China’s vigorous implementation of enterprise informatization, this paper takes the data of A-share listed companies from 2010~2019 as observations to explore the impact of debt financing on corporate performance, and to test the moderating role played by female executives in the mechanism by which debt financing affects enterprise performance. The results show that: 1) all else being equal, debt financing has a negative effect on enterprise performance;2) all else being equal, female executives have a negative effect on debt financing;and 3) all else being equal, female executives act as a moderating variable, which attenuates to a certain extent the negative effect of debt financing on enterprise performance. The above conclusions show that enterprises should pay attention to the special role of female executives in the development of enterprise informationization and choose appropriate financing methods appropriately.
文摘研发不仅是现代企业生存与发展的基础和创新动力的源泉,完善的股权结构方便企业创新研发活动的进行,提高企业绩效。研究这二者与企业绩效的关系对企业的持续发展意义重大。本文选取2015~2022年信息技术类沪深A股上市公司作为样本,采用实证分析的方法,研究企业研发投入强度、股权集中度对企业绩效的影响关系,并分析股权集中度的调节作用,得出结论:研发投入强度对企业绩效有显著的负向影响;股权集中度对企业绩效有促进作用;股权集中度对研发强度与企业绩效之间关系起负向调节作用。Research and development (R&D) is not only the foundation of survival and development of modern enterprises and the source of innovation power. Understanding the impact of these two factors on firm performance is particularly important for firms to optimize resource allocation. This paper studies the relationship between R&D investment intensity, ownership concentration and corporate performance of listed companies in Shanghai and Shenzhen A shares in information technology from 2015 to 2022. The results show that R&D investment intensity has a significant negative impact on firm performance, and equity concentration has a positive impact on firm performance. Ownership concentration has a negative moderating effect on the relationship between R&D intensity and firm performance.
