摘要
基于上市企业2007—2019年数据集,探讨企业金融化对数字化转型的影响。研究发现,企业金融化水平越高,会显著抑制数字化转型水平。机制识别检验发现,企业金融化并未展现出蓄水池效应,并不能为数字化转型提供金融资源保障,反而会在很大程度上阻碍企业实体投资行为对数字化转型的促进作用。进一步研究发现,从企业属性结构特征来看,金融化对国有企业和高科技企业的数字化转型有着更为显著的抑制效果;从金融化期限结构来看,长期金融化对数字化转型的负面冲击更为明显,短期金融化的影响并不足够显著。
This article studies the impact of corporate financialization on high-quality development based on the current hot issues in the real economy from the real economy to the virtual. Based on the 2007-2019 data set of listed companies, explore the impact of corporate financialization on digital transformation. The study found that the higher the level of corporate financialization, the level of digital transformation will be significantly inhibited. The mechanism identification test found that the financialization of enterprises did not exhibit a "cistern" effect, and could not provide a financial resource guarantee for digital transformation. On the contrary, it would hinder the promotion of digital transformation by the investment behavior of business entities to a large extent. Further research found that from the perspective of the characteristics of the corporate attribute structure, financialization has a more significant inhibitory effect on the digital transformation of state-owned enterprises and high-tech enterprises;from the perspective of the term structure of financialization, the negative impact of long-term financialization on digital transformation is even greater. To be obvious, the impact of short-term financialization is not significant enough.
作者
任晓怡
宁致远
吴非
REN Xiaoyi;NING Zhiyuan;WU Fei(School of Economics and Trade,Guangdong University of Finance,Guangzhou 510521,China;School of Economics,Jinan University,Guangzhou 510632,China)
出处
《经济与管理》
CSSCI
2022年第3期84-92,共9页
Economy and Management
基金
广州市哲学社会科学发展“十三五”规划羊城青年学人课题(2020GZQN44)。
关键词
企业金融化
数字化转型
蓄水池效应
挤出效应
期限结构
corporate financialization
digital transformation
reservoir effect
crowding-out effect
term structure
