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论文编号：	14831
作者编号：	1120201104
上传时间：	2024/6/19 18:14:52
中文题目：	企业数字化转型、控制权相机配置及其经济后果
英文题目：	Enterprise Digital Transformation, Control Contingent Allocation and Economic Consequences
指导老师：	马连福
中文关键字：	数字化转型；控制权相机配置；智力资本；公司治理
英文关键字：	Digital Transformation; Control Contingent Allocation; Intellectual Capital; Corporate Governance
中文摘要：	大力发展数字经济是应对环境不稳定性和复杂性的有效措施，数字技术在支撑数字经济发展的过程中发挥着基础性作用。企业积极将数字技术与生产经营行为相结合，以“数实结合”的途径积极推进数字化转型。数字化时代背景下，无论天生数字化企业还是后天数字化企业都尝试通过优化控制权配置逐步构建以智力资本为经营控制主导者、以财务资本为股权控制主导者的制度体系，智力资本逐渐掌握公司实质控制权，与财务资本协心同力，相得益彰。实际上，众多数字公司如京东、阿里巴巴等创新投入连年增加、价值快速增长也提高了数字化时代控制权配置影响企业创新和价值的现实解释力度。可见，数字化时代的快速到来，数字化转型成为企业获取并保持竞争地位的首选，致使财务资本稀缺性大幅下降，智力资本逐渐成为关键性生产要素，公司控制权随之发生位移。以上根据环境变化进行适应性控制权配置动态调整、体现控制权状态依存特征、改变既定利益格局的过程为控制权相机配置。本文基于数字化时代背景，以控制权相机配置为研究要素，建立以股权结构和董事会权力为维度的二维控制权相机配置模式以刻画数字化转型影响控制权配置动态过程，利用探索性案例研究和实证分析等研究方法，探究企业数字化转型如何影响控制权配置以及此影响对企业创新和企业价值的作用，得出主要结论如下： 第一，本文明确了企业数字化转型对资源禀赋的影响，即财务资本稀缺性降低，智力资本重要性凸显，逐渐成为企业价值创造的关键要素。在资源禀赋变化的前提下，财务资本与智力资本对公司控制权的掌握度也随之变化，尤其是董事会层面的实质控制权。本文发现企业数字化转型推动控制权在财务资本与智力资本间的相机配置，表现为股东通过减少委派董事而自愿降低董事会权力。而且，扮演现代管家角色的智力资本获得了财务资本自愿放弃的董事会权力，控制权在财务资本和智力资本间发生位移。 第二，数字化转型对控制权相机配置的治理效应在非国有企业、非高科技企业和股权集中企业中更显著。另外，国有企业控制权结构设计遵循股权与控制权非对等的逻辑，控制权结构重点在于国有股东与非国有股东对公司治理的参与度，而不仅仅是财务资本与智力资本间的博弈。数字化引致资源禀赋变化的情况下，国有企业数字化转型能够优化控制权结构，表现为非国有股东参与治理的能力和意愿得以提升。 第三，从智力资本角度分析，当公司CEO创始人权威较小、智力资本股权控制权较弱时，企业数字化转型与股东董事会权力的负向关系越强，企业数字化转型越能推动控制权相机配置。从财务资本角度分析，在企业数字化转型影响控制权相机配置的情境下，大股东机会主义行为明显减少。同时，控制权相机配置的前提是尊重股东地位、保障财务资本收益权，并没有改变“股东至上”原则。 第四，从经济后果分析，企业数字化转型通过影响控制权在财务资本与智力资本间的相机配置进而发挥了创新赋能效应和价值驱动作用，最大化实现“治理溢价”。数字化转型影响控制权相机配置背景下，控制权在财务资本和智力资本间消长，智力资本用异质性资本换取了高水平实质控制权，从控制权角度帮助智力资本和核心技术人员分担风险、提升职位安全，鼓励了智力资本专注业务创新，关注企业可持续发展，最终提升企业创新能力、提高企业价值。 本文创新点主要体现在：第一，本文扩展了控制权配置状态依存特性的适用情境。第二，本文提出了数字化时代背景下控制权配置方式的优化路径。第三，本文探究了企业数字化转型影响企业创新和公司价值的新路径。总的来说，本文为识别数字化时代背景下控制权配置的特殊性、丰富企业数字化转型和控制权配置的相关研究、缓解企业“不敢转、不愿转、不会转”的转型困境、引导投资者理性投资、启发政府和监管机构制定监管政策、市场政策和激励政策提供了经验数据和相关启示。
英文摘要：	Developing the digital economy is an effective measure to deal with the environment instability and complexity, and digital technology plays a fundamental role. Under the background of the digital era, both natural digital enterprises and acquired digital enterprises try to gradually build an institutional system with intellectual capital as the dominant player in operation and financial capital as the dominant player in equity by optimizing the allocation of control rights. Intellectual capital gradually holds the substantive control and works together with financial capital. Many digital companies, such as Jingdong and Alibaba, have increased their innovation investment year after year and their value has grown rapidly, which enhances the realistic interpretation of how the control configuration affects the innovation and value of enterprise. It can be seen that digital transformation has become the preferred choice for enterprises to obtain and maintain a competitive position, resulting in a significant decline in the scarcity of financial capital, intellectual capital has gradually become a key production factor, and corporate control has shifted accordingly. It is called control contingent allocation if control allocation has an adaptively dynamic adjustment, showing the state dependence of control rights according to environmental changes and changing the pattern of established interests. Based on the background of the digital era, this dissertation takes the control contingent allocation as the main research element, establishes a two-dimensional control contingent allocation model with the dimensions of equity structure and board power to depict the dynamic process of digital transformation affecting control contingent allocation and uses exploratory case studies and empirical research methods to explore how enterprises digital transformation affects the control contingent allocation and the impact on enterprise innovation and value, and get conclusions as following: First, considering the different forms of control, this dissertation establishes a two-dimensional control contingent allocation model with the dimensions of equity structure and board power, attempts to depict the dynamic process of digital transformation affecting control contingent allocation. This dissertation finds that corporate digital transformation affects the control contingent allocation. Financial capital voluntarily transfers corporate control to intellectual capital after enterprise digital transformation, realizing control contingent allocation. Second, the governance effect of digital transformation on control contingent allocation is more significant in non-state-owned enterprises, non-high-tech enterprises and equity-concentrated enterprises. In addition, with the logic of non-reciprocity between equity and control of SOEs, the focus of the control structure is the participation of state-owned shareholders and non-state-owned shareholders in corporate governance, rather than just the game between financial capital and intellectual capital. When resource endowments change, intellectual capital plays the role of modern steward for SOEs, and digital transformation optimizes the control structure, which is manifested in the improvement ability and willingness to participate in governance of non-state-owned shareholders. Third, from the perspective of intellectual capital, when intellectual capital lacks founder authority and ownership level is low, digital transformation can promote the control contingent allocation more. From the perspective of financial capital, the above dynamic adjustment process not only makes financial capital reduce the tunnel behavior, but also protects the earning right of financial capital. Finally, in the context of enterprise digital transformation, the control contingent allocation between financial capital and intellectual capital can promote technological innovation and enhance enterprise market value. Under the background of the influence of digital transformation on the control contingent allocation, the control rights fluctuate between financial capital and intellectual capital. Intellectual capital exchanges heterogeneous capital for a high level of substantive control rights, which helps intellectual capital and core technical personnel share risks and improve job security, and encourages intellectual capital to focus on business innovation and sustainable development of enterprises. It can improve the innovation ability of enterprises, improve the value of enterprises. The innovations of this dissertation are as follows: first, this study explores the characteristics of control allocation in the digital era. Second, this study puts forward the optimal path of control allocation in the digital era. Third, this study explores the impact on corporate innovation and firm value in the context of corporate digital transformation affecting control allocation. In conclusion, this study provides empirical data and relevant insights for identifying the peculiarities of control allocation in the context of the digital era, enriching research related to digital transformation and control allocation of enterprises, alleviating the enterprise transformation dilemma, guiding investors to invest rationally, and inspiring governments and regulators to formulate regulatory policies, market policies and incentive policies.
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