摘要
降低股东和管理层间的第一类代理成本是公司治理领域的重要问题,但在数字经济时代,数字化转型如何降低第一类代理成本还没有一致的理论解释。为此,以2013—2020年中国A股上市公司为研究样本,从内部控制和外部治理视角探究企业数字化转型与第一类代理成本的关系。结果表明:数字化转型能够显著降低第一类代理成本,稳健性检验支持该结论。机制分析表明,内部控制水平和媒体关注是数字化转型降低第一类代理成本的部分中介。另外,数字经济发展水平越高,企业数字化转型对第一类代理成本的抑制作用越明显。研究结论丰富了数字化转型在经济效果方面的理论研究,对公司治理研究也提供了新的参考。
It is an important issue to reduce Type I agency costs between shareholders and management in the field of corporate governance.However,there is no consistent theoretical explanation for how digital transformation can reduce Type I agency costs in the digital economy era.Therefore,based on the sample of 2013-2020 A-share listed companies in China,this paper explores the relationship between digital transformation and Type I agency costs from the perspective of internal control and external governance.The study finds that digital transformation can significantly reduce Type I agency costs,the robustness test also supports the conclusion.The mechanism test shows that Internal control quality and media attention are important channel mechanisms for digital transformation to reduce Type I agency costs.In addition,the higher development level of digital economy,the more obvious the inhibition of enterprise digital transformation on Type I agency costs.The research conclusion enriches the theoretical research on the economic effect of digital transformation,and provides a new reference for the research on corporate governance.
作者
苗旺
吴杨
李锐
MIAO Wang;WU Yang;LI Rui(Department of Economics and Management,Qilu University of Technology(Shandong Academy of Sciences),Jinan 250353,China;Library of Shandong University of Finance and Economics,Jinan 250014,China)
出处
《科学与管理》
2023年第6期47-55,共9页
Science and Management
基金
山东省社科规划课题(18CSJJ34)
国家社科基金一般项目(20BJY111)。
关键词
数字化转型
第一类代理成本
内部控制
外部治理
数字经济
digital transformation
Type I agency costs
internal control
external governance
digital economy
