Can Institutional Investor Networks Facilitate Digital Transformation?
China's A-share listed companies from 2009 to 2020 were taken as samples to explore how institu-tional investor groups influence the digital transformation of enterprises.The empirical results show that insti-tutional investor networks can promote the digital transformation of enterprises,and the above conclusions are still valid after a series of endogenous and robust tests.The influence mechanism shows that the investor net-work group mainly alleviates the financing constraints and plays the"supervisory role"by giving full play to the"resource effect"to inhibit the short-sightedness of managers and promote the digital transformation of en-terprises.Furthermore,the property rights and technological attributes of enterprises are grouped and re-gressed,and the heterogeneity of the impact of institutional investor network groups on the digital transforma-tion of enterprises is explored,and it is found that the promotion effect is more significant in the property rights of state-owned enterprises and high-tech enterprises.
institutional investor network groupenterprise digital transformationinformation asymmetryso-cial networks
NETL
NSTL
万方数据
