Research on the Effects of Shareholder Relationship Network on Digital Transformation of Enterprises under the Background of Interlocking Shareholding
Digital transformation of enterprises is a systematic project,which is difficult to achieve by relying on the resource endowment and tech-nology accumulation of an enterprise itself.It is particularly important to investigate the effects of interactions between enterprises on digital transformation of enterprises.Chain shareholders cross-hold shares of each other,thus will build up a shareholder relationship network between enterprises.This paper takes Shanghai and Shenzhen A-share listed companies in 2007-2021 as the research sample to study the impacts of shareholder relationship network on digital transformation of enterprises.The research results show that the shareholder relationship network can promote the digital transformation of enterpri-ses,which is justified by a series of robustness and endogeneity tests.Mechanism research finds that the shareholder relationship network provides re-sources and conditions to support for digital transformation of enterprises through improving enterprises'innovation capacity and risk-taking level,which promotes their digital transformation.Heterogeneity analysis demonstrates that,for enterprises with good corporate governance,enterprises in technology-intensive industries,and enterprises within regions of high marketization level,shareholder relationship network has stronger effects on promoting their dig-ital transformation.Our findings provide novel insights into how to promote enterprises'digital transformation.
万方数据
维普
