Digital Transformation and Dynamic Adjustment of Enterprise Working Capital
While digital transformation brings tremendous opportunities for corporate's working capital management,there are also great uncertainties.Exploring the path mechanism of digital transformation on improving the efficiency of dynamic management for enterprise's working capital is of great significance to enriching the theory of working capital management and to guiding the practice of enterprise's digitalization.On this view,taking the Chinese A-share listed companies from 2013 to 2020 as the research samples,explores of the impact of digital transformation on the dynamic management of working capital and its paths of action is made.Further studies contain the influence of the contagion effect of the supply chain network digitalization on the dynamic management of the target enterprise's working capital based on the method of social network analysis.The results show that digital transformation can promote the dynamic adjustment of working capital mainly by the paths of alleviating financing constraint,enhancing bargaining power and reducing agency cost.Further researches show that:digitalization has a contagious effect in the supply chain network,that is,the digitalization of other node companies in the supply chain network will also accelerate the dynamic adjustment of the working capital of the target company;Digital transformation can significantly promote the dynamic adjustment of enterprise's working capital on the procurement channel and production channel,but fail to effectively improve the speed of dynamic adjustment of the working capital on the sale channel;Moreover,the influence of digital transformation on the dynamic adjustment of enterprise's working capital is constrained by the level of regional digitalization.The mainly contributes to existing literature on digital transformation of enterprise are as follows.First,providing new evidence for enterprises to optimize the dynamic management of working capital.Existing literatures mainly discuss the factors influencing the dynamic adjustment of working capital,while few literatures study how enterprises accelerate the dynamic adjustment of working capital.The relevant literature on optimizing the management of working capital of enterprises is enriched by examining the role of digital transformation in promoting the dynamic adjustment of working capital.Second,enriching and expanding the relevant researches on the economic consequences of enterprise's digital transformation.Existing literatures on the economic consequences of enterprise digitalization mainly focus on innovation performance,operating efficiency,capital market performance and enterprise export,etc.Working capital management is an important daily business decision of enterprises.The discussion on the consequences of digital economy from the perspective of working capital management enriches the research boundary of the economic consequences of enterprise's digital transformation.Third,based on the social network analysis method,further testing the contagion effect of enterprise digitalization on the supply chain network,and expanding the research perspective of digital transformation.Existing literature mainly discusses the economic consequences of digital transformation from the perspective of micro enterprises.Further examines on the influence of the contagion effect of digitalization on the supply chain network on the dynamic adjustment of the focus enterprise's working capital can provide some empirical support for promoting the industrial digital transformation and maintaining the stability of the industrial chain and supply chain.
working capitaldynamic adjustmentdigitalizationfinancing constraintbargaining poweragency cost
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