摘要
数字化转型是提高资本市场获取信息效率并改善企业实体投资资源配置的重要手段。本文检验了数字化转型对企业“脱实向虚”行为的治理效应及其机制。研究发现:企业数字化转型程度能够显著抑制实体企业的金融化投资水平,这种作用机制主要通过提高企业与资本市场间信息对称性得以实现,包含向资本市场传递企业内部竞争优势信息以及提高分析师关注度两条途径。异质性检验结果表明:数字化转型对实体企业“脱实向虚”的治理效应在宏观调控效能较高的地区和经济政策不确定性较低的年份表现得更为明显。本文建议:政府应加快完善推进企业数字化转型的政策环境,提升企业数字化转型效能的发挥;企业应重视数字化转型的战略价值,提高与资本市场间的信息对称性。
Digital transformation is an important measure to enhance efficiency of information acquisition in capital market and improve the allocation of investment resources of enterprise entities.This paper examines the governance effect and mechanism of digital transformation on the behavior of enterprises to"from real to virtual".It is found that the degree of digital transformation of enterprises can significantly inhibit the level of financial investment of real enterprises,and this action mechanism is mainly realized by improving the information symmetry between enterprises and the capital market,including two ways to convey the information of internal competitive advantage to the capital market and improve the concern of analysts.The results of heterogeneity test show that governance effect of digital transformation on real enterpriscs"from real to virtual"is more obvious in regions with high macro-control efficiency and years with low economic policy uncertainty.This paper suggeste that the government should improve the policy environment for promoting the digital transformation of enterprises,and enhance the performance of enterprises'digital transformation.Enterprises should attach more importance to the strategic value of digital transformation and improve the information symmetry with the capital market.
作者
刘睿智
霍雨佳
张玉明
Liu Ruizhi;Huo Yujia;Zhang Yuming
出处
《企业经济》
北大核心
2023年第7期25-33,共9页
Enterprise Economy
基金
青岛市哲学社会科学规划项目“数字化转型抑制企业‘脱实向虚’的作用机制研究”(项目编号:QDSKL2201020)。
关键词
数字化转型
金融资产
分析师关注
资本市场信息效率
digital transformation
financial assets
concern of analyst
capital market information efficiency
