企业数字化转型对内部资本市场效率的影响研究
刘楠 1程靓 1郝颖2
作者信息
- 1. 国网冀北电力有限公司财务部(北京 100032)
- 2. 北京师范大学经管学院(北京 100086)
- 折叠
摘要
数字化转型正在成为企业重塑管理模式,提升资源效率,实现高质量发展的重要驱动力.本文以 2007-2021 年沪深A股上市公司为样本,考察数字化转型对公司内部资本市场效率以及企业绩效的影响.研究发现:企业数字化转型显著提升公司内部资本市场效率,公司数字化转型与内部资本市场效率提升有助于提升企业绩效.进一步检验发现:企业数字化转型对内部资本市场效率的影响在代理成本较高、融资约束较高以及非直接持股结构的样本中更为明显,表明数字化转型通过缓解内部信息不对称和代理问题从而提升内部资本市场效率.因此,企业应加强数字化转型战略,提升内部资本市场效率;通过内部资本市场效率优化提升绩效;降低代理成本,优化融资环境,增强数字化转型效果.
Abstract
Digital transformation is becoming an important driving force for enterprises to reshape management models,enhance resource efficiency,and achieve high-quality development.This article takes Shanghai and Shenzhen A-share listed companies from 2007 to 2021 as a sample to investigate the impact of digital transformation on the efficiency of the corporate internal capital market and corporate performance.The results show that corporate digital transformation significantly improves the efficiency of the internal capital market and the improvement of the internal capital market efficiency can contribute to the improvement of enterprise performance.Further tests show that the impact of corporate digital transformation on the efficiency of the internal capital market is more significant in samples with higher agency costs,higher financing constraints,and indirect shareholding structure,indicating that digital transformation improves the efficiency of internal capital market by alleviating the internal information asymmetry and agency problems.Therefore,enterprises should strengthen the digital transformation strategy and improve the efficiency of the internal capital market;improve the performance through the efficiency optimization of the internal capital market;reduce the agency cost,optimize the financing environment,and enhance the effect of the digital transformation.
关键词
数字化转型/内部资本市场效率/企业绩效Key words
digital transformation/efficiency of internal capital market/corporate performance引用本文复制引用
出版年
2024
NETL
NSTL
万方数据