数字化转型与决策权配置——基于企业集团的经验证据

当代财经 ›› 2024, Vol. 0 ›› Issue (5): 101-113.

数字化转型与决策权配置——基于企业集团的经验证据

胥文帅, 彭剑飞, 吴云朗

上海财经大学会计学院,上海 200433

收稿日期:2023-08-29 出版日期:2024-05-15 发布日期:2024-05-22
通讯作者: 胥文帅,上海财经大学博士研究生,主要从事企业社会责任、数字化转型与公司财务研究,联系方式884106817@qq.com。
作者简介:彭剑飞,上海财经大学博士研究生,主要从事企业创新、数字化转型与供应链研究;吴云朗,上海财经大学博士研究生,主要从事资本市场与数字化转型研究。
基金资助:
国家自然科学基金面上项目“外部冲击、金融内生性与系统性金融风险研究”（72173089）; 中央高校基本科研业务费专项资金上海财经大学研究生创新基金项目“气候变化风险与企业金融资产配置”（CXJJ-2023-307）

Digital Transformation and Allocation of Decision-Making Power: Empirical Evidence from Enterprise Groups

XU Wen-shuai, PENG Jian-fei, WU Yun-lang

Shanghai University of Finance and Economics, Shanghai 200433, China

Received:2023-08-29 Online:2024-05-15 Published:2024-05-22

摘要/Abstract

摘要： 现有文献鲜少关注数字化转型对企业集团决策权配置的影响。基于2007—2020年A股上市公司的数据,对数字化转型与企业集团决策权配置之间关系的研究结果表明,数字化转型显著地降低了企业集团决策权配置的集中程度,且决策权下移有助于子公司更好地结合专有知识与决策权,最终提高子公司的创新产出。在控制可能的内生性问题后,这一结论仍然稳健。机制分析结果表明,数字化转型对企业集团分权管理的促进作用主要通过降低子公司的代理成本实现。区分数字化转型的类型后发现,数字化转型底层技术和实践应用均有助于降低企业集团决策权配置的集中程度。基于企业特征和母子公司数字化转型适配度的检验结果显示,数字化转型对非国有和高科技企业集团决策权配置分散化的影响更显著;母公司高数字化-子公司高数字化更有助于企业集团形成分权的治理模式。因此,政府部门应加快数字化转型步伐,以优化企业集团的决策权配置,进而助推创新型国家建设。

关键词: 数字化转型, 决策权配置, 代理成本, 信息成本

Abstract: Little attention in the existing literature is paid to the impact of digital transformation on the allocation of decision-making power within enterprise groups. By making use of the data of A-share listed companies from 2007-2020, this paper analyzes the relationship between digital transformation and the allocation of decision-making power in enterprise groups. The results show that digital transformation has significantly reduced the the concentration of decision-making power allocation in enterprise groups, and that the down movement of decision-making power can contribute to the better integration between the expertise and decision-making for the subsidiaries, which ultimately increases their innovation output. This conclusion remains robust after controlling the possible endogenous issues. The mechanism analysis shows that digital transformation facilitates decentralized management in enterprise groups mainly by reducing the agency costs of the subsidiaries. It is found through distinguishing the types of digital transformation that both the underlying technology and practical applications of digital transformation contribute to reducing the concentration of corporate decision-making power allocation. The results of the test based on the enterprise characteristics and the compatibility of digital transformation between parent and subsidiary companies show that digital transformation has a more significant impact on the decentralization of decision-making power allocation in non-state-owned and high-tech enterprise groups. The high digitalization of parent companies and subsidiaries is more conducive to the formation of a decentralized governance model in enterprise groups. Therefore, the government authorities should further accelerate the pace of digital transformation to optimize the allocation of decision-making power within enterprise groups, thereby promote the construction of a strong and innovative country.

Key words: digital transformation, allocation of decision-making power, agency costs, information costs

中图分类号:

F272.3

胥文帅, 彭剑飞, 吴云朗. 数字化转型与决策权配置——基于企业集团的经验证据[J]. 当代财经, 2024, 0(5): 101-113.

XU Wen-shuai, PENG Jian-fei, WU Yun-lang. Digital Transformation and Allocation of Decision-Making Power: Empirical Evidence from Enterprise Groups[J]. Contemporary Finance & Economics, 2024, 0(5): 101-113.

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