Research on the Impact of Cross-Owners on Enterprise Digital Transformation
Using A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as sam-ples,this study explores the impact of cross-owners on the enterprise digital transformation.Empiri-cal tests find that the collusive fraud effect generated by cross-owners can significantly reduce the dig-ital level of enterprises.The mechanism is that cross-owners can generate strong market power for the enterprises within the portfolio,thereby meeting their investment goals and reducing digital technolo-gy investment.Cross-owners can increase the market share and profitability of the enterprises within the portfolio,making them content with the current situation and reducing the digital level of enter-prises.Further analysis reveals that the reducing effect of cross-owners on the digital level of enterpri-ses is more significant in non-monopolistic industries and non-state-owned enterprises.Cross-owners which are non-controlling shareholders,or those with a short holding period,are more likely to reduce the digital level of the enterprise.After cross-owners reduced the digital level of the enterprise,they drove the management to disclose more digital technology information.
NETL
NSTL
万方数据
