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论文编号：	14912
作者编号：	1120191063
上传时间：	2024/12/6 11:45:00
中文题目：	数字进入者如何影响现有企业数字化转型——基于不同公司治理因素的调节作用
英文题目：	How Digital Entrants Impact Incumbent Digital Transformation Based on the Moderating Role of Different Corporate Governance Factors
指导老师：	武立东
中文关键字：	数字进入者；数字化转型；公司治理因素；股价崩盘
英文关键字：	Digital Entrants; Digital Transformation; Corporate Governance Factors; Stock Price Collapse
中文摘要：	数字化被视为第四次工业革命的核心引擎，是“一个旨在通过信息，计算，通信和连接技术的组合来触发其属性重大变化以改善实体的过程（Verhoef，2021）”。在这个过程中，数字技术从根本上改变了产品、服务、运营和商业模式，创造了新的商业机会，导致了新的市场进入者和激烈的竞争。数字进入者作为熟练而迅速地利用数字技术的初创企业（Huang等，2017），模糊了组织与行业界限，使具有传统商业优势的现有传统企业所构筑的进入壁垒不复存在，给现有企业带来了威胁。因此，如何利用新兴的数字技术以应对新的数字进入者成为现有企业面临的关键问题。已有研究从调整商业模式、调整营销组合、调整资源组合、调整组织结构等方面探讨了应对数字进入者的各种战略措施，但这些措施只能缓解而无法彻底摆脱数字进入者的负面影响。事实上，实践表明现有企业只有利用数字技术进行一系列的业务创新才能不断适应外部VUCA环境（波动性、不确定性、复杂性和模糊性）。数字化转型可以为企业带来显著的优势，例如帮助组织创造更高效、更符合客户需求的产品和服务，提高组织的业务运营效率和效果，缩短创新的过程和上市时间，提高组织绩效并创造竞争优势等。因此，本文从数字化转型的视角，探讨了组织如何大力投资数字化转型工作以应对数字进入者。 然而，数字化转型并非易事。与通常围绕新的数字技术建立的初创企业相比，现有企业需要找到数字化转型的方法，同时保留核心竞争力和传统。要想从数字化转型中获得投资回报，现有企业需要在组织结构、文化、员工角色和技能以及领导风格等方面做出改变。公司治理主体协调着组织内部和组织外部的运行，在企业数字化战略决策中起着关键作用。已有基于内部公司治理主体视角探讨数字化转型的研究比较零散，例如股东方面涉及非家族股东、国有股东、外资股东等；董事会方面涉及董事会特征、董事会资本、董事会结构等；高管方面涉及高管知识、高管背景、高管性格等。据本文所知，目前还并未有研究将股东、董事会和高管置于同一个研究框架，从顶层制度设计视角探讨公司治理对数字化转型的影响。因此，本文在已有研究的基础上，创新性地选择了股东网络、股权集中度、董事会多样性、董事会时间焦点、具有传统技术背景高管和高管情绪六个与公司治理相关的变量，系统地阐述了股东、董事会和高管如何影响现有企业以数字化转型之道应对数字进入者。本文初步回答了什么样的公司治理安排更有助于数字化转型，力图为现有企业数字化转型实践提供启示。此外，本文还引入了信息处理能力作为数字化转型影响股价崩盘的传导机制，探讨并补充了数字化转型的经济后果，丰富了数字化转型对资本市场影响的相关研究。 本文采用2013-2023年期间中国A股上市公司的数据，借助Python技术归集企业年报中的“数字化转型”关键词，刻画出企业数字化转型的强度，经过理论论证以及采用多元线性回归方法实证检验后得出如下结论：（1）数字进入者促进了现有企业的数字化转型，并且在不同公司治理因素下数字化转型实施程度存在差异。（2）股东网络正向调节了数字进入者与数字化转型的关系，当现有企业的股东在外部关系网络中占据有利位置时，能够动员、获取嵌入在股东网络中的资源，解决现有企业推进数字化转型过程中面临的如何连接和利用外部资源的问题。（3）股权集中度正向调节了数字进入者与数字化转型的关系，集中股权的大股东通常以战略为导向进行长期投资，为现有企业转型的不确定性提供试错空间，并且大股东所拥有的隐性知识、经验曲线以及组织资源会促进现有企业的组织学习过程。（4）董事会多样性负向调节了数字进入者与数字化转型的关系，董事会多样性导致认知冲突和沟通障碍而影响战略共识的达成，面对数字进入者的颠覆性影响，能够迅速而坚定的聚焦于数字化转型的战略共识至关重要。（5）董事会过去时间焦点负向调节了数字进入者与数字化转型的关系，过去时间焦点可能不利于检测新的数字环境，过滤掉与过去知识和经验不一致的关键输入来阻碍数字化转型。过去时间焦点还会导致过度概括偏见，在这种偏见中，管理者看到相似之处，但看不到差异，难以获取新的信息、知识和技术。董事会现在时间焦点正向调节了数字进入者与数字化转型的关系，现在时间焦点的董事会对实时信息的更多依赖，能够确保他们获取数字环境的快速直接反馈并进行现场微调。董事会未来时间焦点正向调节了数字进入者与数字化转型的关系，关注未来的董事会更有可能看到数字化转型的潜在价值，从而及早开发新的数字技术和产品，以满足动态数字环境的需求并实现长期增长。（6）传统技术背景的高管负向调节了数字进入者与数字化转型的关系，传统技术背景的高管更倾向渐进创新方式，并且长时间的技术教育培养了增量搜索、精确计算与有纪律解决问题的能力，同时也带来保守计算风险和回报、降低在未知领域冒险的倾向，这些都不利于数字化转型方案的制订与执行。（7）积极情绪的高管正向调节了数字进入者与数字化转型的关系，积极情绪的高管具有更高的开放性和创造力，开放性和创造力通常与数字化转型所需要的创新能力相关。积极情绪还有助于高管获取数字化转型过程中的社会支持和社会影响力，并且有助于数字化知识的积累和使用。消极情绪的高管负向调节了数字进入者与数字化转型的关系。消极情绪的高管更有可能退缩到自我保护的立场，只关心私人目标，而无法专注数字化转型这一组织目标。此外，消极情绪还可能通过抑制对信息的回忆、破坏工作记忆和减少对知识的理解来降低认知功能，导致任务绩效受损，降低数字化转型的工作效率。（8）数字化转型降低了股价崩盘的可能性，在内部业务流程方面，数字化转型主要增强了信息的准确性、完整性和及时性，有利于向资本市场释放更有价值的信息。在外部关系管理方面，数字技术支持的外部关系管理增强了外部利益相关者及时、准确了解组织信息的能力。 本文的创新之处在于：第一，本文发现数字化转型是现有企业应对数字进入者的有效措施，为应对数字进入者提供了一个新的战略视角。第二，本文探讨了股东、董事会和高管在以数字化转型应对数字进入者中的调节作用，丰富了已有从组织和职工层面，以及非家族股东、非国有股东、董事会非正式层级、董事会国际化程度、高管数字化知识等公司治理层面探讨数字化转型驱动因素的文献。第三，本文开发了一个独特的衡量数字化转型的词典，为企业数字化转型的不同程度提供了指标。第四，本文将时间焦点这个心理学的概念引入到公司治理领域，探讨其与数字化转型的关系，丰富了现有公司治理研究内容。
英文摘要：	Digitalization is seen as the central engine of the Fourth Industrial Revolution, “a process that aims to improve entities by triggering significant changes in their attributes through a combination of information, computing, communication and connectivity technologies (Verhoef, 2021)”. In this process, digital technologies fundamentally change products, services, operations and business models, creating new business opportunities and leading to new market entrants and intense competition. Digital entrants, as startups that skillfully and rapidly exploit digital technologies (Huang et al., 2017), blur organizational and industry boundaries, rendering barriers to entry constructed by existing traditional firms with traditional business advantages non-existent and posing a threat to existing firms. Therefore, how to utilize emerging digital technologies in order to cope with new digital entrants has become a key issue for existing firms. Studies have explored various strategic measures to cope with digital entrants in terms of adjusting business models, adjusting marketing mixes, adjusting resource mixes, adjusting organizational structures, etc., but these measures can only alleviate but not completely get rid of the negative impact of digital entrants. In fact, practice shows that existing enterprises can only continuously adapt to the external VUCA environment (volatility, uncertainty, complexity, and ambiguity) by utilizing digital technologies for a series of business innovations. Digital transformation can bring significant advantages to enterprises, such as helping organizations create more efficient and customer-compliant products and services, improving the efficiency and effectiveness of their business operations, shortening the process and time-to-market of innovations, improving organizational performance and creating competitive advantages. Therefore, this paper explores how organizations can invest heavily in digital transformation efforts to deal with digital entrants from a digital transformation perspective. However, digital transformation is not an easy task. In contrast to startups, which are typically built around new digital technologies, existing organizations need to find ways to digitally transform while retaining core competencies and traditions. To get a return on investment from digital transformation, incumbents need to make changes in organizational structure, culture, employee roles and skills, and leadership styles. The corporate governance body coordinates the internal and external operations of the organization and plays a key role in the enterprise's digital strategy decisions. There have been fragmented studies exploring digital transformation based on the perspective of internal corporate governance subjects, such as shareholders involving non-family shareholders, state-owned shareholders, foreign shareholders, etc.; board of directors involving board characteristics, board capital, board structure, etc.; and executives involving executive knowledge, executive background, and executive personality. To the best of this paper's knowledge, there is no study that puts shareholders, boards of directors, and executives in the same research framework and explores the impact of corporate governance on digital transformation from the perspective of top-level institutional design. Therefore, based on existing studies, this paper innovatively selects six variables related to corporate governance, namely, shareholder network, equity concentration, board diversity, board time focus, executives with traditional technology background, and executive sentiment, to systematically illustrate how shareholders, boards, and executives influence existing firms to cope with digital entrants in a digitally transformed way. The paper provides an initial answer to the question of what kind of corporate governance arrangements are more conducive to digital transformation and seeks to provide insights into the digital transformation practices of existing firms. In addition, the paper introduces information processing capacity as a transmission mechanism of digital transformation affecting stock price crashes, explores and complements the economic consequences of digital transformation, and enriches the research related to the impact of digital transformation on capital markets. This paper adopts the data of China's A-share listed companies during the period of 2013-2023, and uses Python technology to summarize the keywords of “digital transformation” in the annual reports of the enterprises, and portrays the intensity of the enterprises' digital transformation, and draws the following conclusions after theoretical demonstration and empirical testing using multiple linear regression methods: (1) Digital transformation is facilitated by digital entrants, and there are differences in the degree of implementation of digital transformation under different corporate governance factors. (1) Digital entrants promote the digital transformation of existing enterprises, and there are differences in the degree of digital transformation implementation under different corporate governance factors. (2) Shareholder network positively moderates the relationship between digital entrants and digital transformation, and when shareholders of existing enterprises occupy a favorable position in the external relationship network, they can mobilize and access the resources embedded in the shareholder network, and solve the problem of how to connect and utilize external resources faced by existing enterprises in the process of promoting digital transformation. (3) Equity concentration positively moderates the relationship between digital entrants and digital transformation. Large shareholders with concentrated equity usually make long-term investments with a strategic orientation, providing trial-and-error space for the uncertainty of the transformation of existing firms, and the tacit knowledge, experience curves, and organizational resources possessed by large shareholders will facilitate the organizational learning process of existing firms. (4) Board diversity negatively moderates the relationship between digital entrants and digital transformation. Board diversity leads to cognitive conflicts and communication barriers that affect strategic consensus, and in the face of the disruptive impact of digital entrants, it is critical to be able to quickly and firmly focus on the strategic consensus of digital transformation. (5) Board past time focus negatively moderates the relationship between digital entrants and digital transformation, past time focus may be detrimental to detecting new digital environments and impede digital transformation by filtering out key inputs that are inconsistent with past knowledge and experience. Past time focus can also lead to an overgeneralization bias in which managers see similarities but not differences, making it difficult to access new information, knowledge, and technology. Board Time Focus Now positively moderates the relationship between digital entrants and digital transformation, and the greater reliance of time-focused boards on real-time information now ensures that they are getting fast and direct feedback from the digital environment and fine-tuning it on the spot. The board's future time focus positively moderates the relationship between digital entrants and digital transformation, with future-focused boards more likely to see the potential value of digital transformation and thus develop new digital technologies and products early enough to meet the demands of the dynamic digital environment and achieve long-term growth. (6) Executives from traditional technology backgrounds negatively moderated the relationship between digital entrants and digital transformation. Executives from traditional technology backgrounds preferred an incremental approach to innovation, and a long technical education that fostered incremental search, precise calculations, and disciplined problem solving, as well as a tendency to conservatively calculate risks and rewards and to reduce the tendency to take chances on uncharted territories, which were detrimental to the development and execution of digital transformation programs. These are all detrimental to the development and implementation of digital transformation programs. (7) Positive executives positively moderated the relationship between digital entrants and digital transformation, with positive executives having higher levels of openness and creativity, which are often associated with the innovative capabilities needed for digital transformation. Positive emotions also help executives gain social support and social influence in the digital transformation process, and contribute to the accumulation and use of digital knowledge. Executives with negative emotions negatively moderated the relationship between digital entrants and digital transformation. Negative-emotional executives are more likely to retreat into a self-protective stance, caring only about private goals and failing to focus on digital transformation as an organizational goal. In addition, negative emotions may reduce cognitive functioning by inhibiting recall of information, disrupting working memory, and decreasing understanding of knowledge, leading to impaired task performance and reduced productivity in digital transformation. (8) Digital transformation reduces the likelihood of stock price crashes. In terms of internal business processes, digital transformation mainly enhances the accuracy, completeness and timeliness of information, which facilitates the release of more valuable information to the capital market. In terms of external relationship management, digital technology supported external relationship management enhances the ability of external stakeholders to understand the organization's information in a timely and accurate manner. The innovations of this paper are: first, the paper finds that digital transformation is an effective response to digital entrants for existing firms, providing a new strategic perspective on dealing with digital entrants. Second, this paper explores the moderating roles of shareholders, boards, and executives in responding to digital entrants with digital transformation, enriching the existing literature that explores the drivers of digital transformation from the organizational and employee levels, as well as from the corporate governance levels of non-family shareholders, non-state shareholders, informal layers of the board, the degree of board internationalization, and executives' digital knowledge. Third, this paper develops a unique lexicon for measuring digital transformation that provides metrics for different levels of digital transformation in firms. Fourth, this paper enriches existing corporate governance research by introducing the concept of time focus, a psychological concept, to the field of corporate governance and exploring its relationship with digital transformation.
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