摘要
近年来,中国企业的数字化转型行为引起了实务界和学术界的高度关注。以2010—2019年沪市A股为样本,探究资本市场开放对企业数字化转型的影响及其具体作用机理,并从产业内竞争强度和竞争地位双重视角探讨市场竞争在其中的调节作用。研究发现,资本市场开放能够通过缓解融资约束、削弱高管短视等路径助推企业数字化转型;与此同时,领先的竞争地位能够强化资本市场开放对企业数字化转型的促进效应,而高强度竞争则发挥了相对消极的作用。研究认为,在当今数字革命兴起浪潮下,上市公司应借助资本市场制度型双向开放推动企业数字化转型。
In recent years,the digital transformation of Chinese enterprises has aroused great concern of the practical and academic fields.Taking the A-share listed companies in Shanghai Stock Exchange of China from 2010 to 2019 as samples,this paper explores the influence of capital market opening on digital transformation of enterprises and its specific mechanism,and discusses the regulatory role of market competition from the dual perspectives of intra-industry competition intensity and competitive position.It is found that the opening of the capital market can drive the digital transformation of enterprises by easing the financing constraints and weakening the short-sightedness of executives.At the same time,leading competitive position can enhance the promotion effect of capital market opening on the digital transformation of enterprises,while high intensified competition plays a comparatively negative role.The study concludes that under the current wave of digital revolution,listed companies should make use of the two-way opening of the capital market to promote the digital transformation of the enterprises.
作者
代彬
翟誉皓
DAI Bin;ZHAI Yu-hao(School of International Business and Management,Sichuan International Studies University,Chongqing,400031,China)
出处
《云南财经大学学报》
CSSCI
北大核心
2022年第7期81-99,共19页
Journal of Yunnan University of Finance and Economics
基金
国家社会科学基金一般项目“党组织嵌入视阈下的国有企业非伦理行为及其治理机制研究”(19BGL059)
重庆市教育委员会人文社科研究重点项目“双循环背景下资本市场开放促进上市公司高质量发展的机制、路径及效果研究”(21SKGH130)
重庆市教育委员会科学技术研究重点项目“资本市场开放与资本配置效率:基于陆港通的理论与实证研究”(KJZD-K202000902)。
关键词
资本市场开放
企业数字化转型
产业内竞争
Capital Market Opening
Digital Transformation of Enterprise
Intra-industry Competition
