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论文编号：	15308
作者编号：	1120211204
上传时间：	2025/6/4 20:47:00
中文题目：	董事会社会资本对企业数字化转型的影响研究
英文题目：	Research on the Effect of Board Social Capital on Enterprise Digital Transformation
指导老师：	武立东
中文关键字：	董事会社会资本；数字化转型；公司治理；股权集中度
英文关键字：	Board Social Capital; Digital Transformation; Corporate Governance; Ownership Concentration
中文摘要：	近年来，数字化转型研究逐渐成为学术界关注的焦点，尤其是在数字化技术快速迭代与市场环境动态变化的双重驱动下，企业如何有效推进数字化转型成为亟待解决的重要议题。然而，现有研究多聚焦于外部环境、组织要素或个人特质与企业数字化转型的关系，忽视了董事会在资源获取、能力提升和战略决策中的关键作用以及公司治理主体带来的边界影响。对此，董事会社会资本的结构性、认知性与关系性三维度的协同模型已形成基础理论框架，其通过资源获取、能力提升以及战略决策等内部动态机制，对企业创新、绩效提升与战略变革等企业结果有显著影响。然而，董事会社会资本也可能因董事忙碌、决策效率低下以及群体思维等问题而对企业结果产生抑制作用。有鉴于此，本研究基于社会资本理论、资源基础观和动态能力理论，选取2013年至2023年沪深两市A股上市公司的20681个有效观测值，解析董事会社会资本三维度模型的作用机制与路径，识别公司治理情境对董事会社会资本与企业数字化转型关系的影响，探索董事会不同维度对企业数字化转型的异质性作用，以期对董事会社会资本和企业数字化转型领域的研究进行有益补充。 具体而言，首先，本研究明晰了董事会社会资本的概念与维度界定，并对其作用机制进行了理论分析。借鉴前人研究，本研究将董事会社会资本解构为董事会结构性社会资本、董事会认知性社会资本和董事会关系性社会资本的三维度协同作用。其中，结构性社会资本体现为董事会成员在社会互动网络中的位置优势，认知性社会资本体现为董事会成员对集体目标与行动方式的共识性理解，关系性社会资本体现为董事会成员相互信任的情感联系。这三个维度的协同效应构建了董事会社会资本的核心作用机制：其一，通过外部资源获取与配置，董事会成员能够高效地识别、整合并优化组织内外部资源。其二，通过技术感知与能力优化，董事会成员能够感知外部动态以适应变化、抓住市场机会并带来共同愿景，提高企业动态能力。其三，通过战略共识与风险承担，董事会成员能够有效规避潜在风险、共担不确定性，在战略决策过程中达成一致。 其次，本研究探讨了董事会社会资本对企业数字化转型的影响机制，同时考察了企业专用性投资、动态能力和风险承担在其影响关系中的中介作用。基于理论假设与实证分析，通过构建主效应模型，研究发现董事会社会资本对企业数字化转型具有显著的正向影响，董事会社会资本通过优化资源配置、提升组织能力、完善战略决策，推动企业数字化转型进程。通过构建中介效应模型，研究发现企业专用性投资、动态能力和风险承担在董事会社会资本对企业数字化转型的影响中发挥介导作用，董事会社会资本对企业数字化转型的影响路径遵循“资源—能力—战略”机制，通过强化企业专用性投资、提高组织动态能力和增强企业风险承担水平，推动企业数字化转型进程。 再次，本研究从公司治理视角出发，探讨了股东、董事会和高管团队三大治理主体作为情境因素对董事会社会资本与企业数字化转型关系的调节作用。基于理论假设与实证分析，考察了股权集中度、董事会多样性和高管数字化背景对其关系的情境影响，解析了治理主体在强化资源承诺、激发创新能力与增强战略执行力方面发挥的边界条件。通过构建调节效应模型，研究发现股权集中度、董事会多样性和高管数字化背景正向调节董事会社会资本与数字化转型的正相关关系，即股权越集中、董事会成员越多元化、高管团队越具有数字化背景，董事会社会资本对数字化转型的推动作用越明显。 最后，本研究进一步检验了董事会社会资本的结构性维度、认知性维度与关系性维度分别对企业数字化转型的影响。基于理论假设和实证分析，发现董事会社会资本的结构性维度、认知性维度和关系性维度在不同程度上分别对企业数字化转型具有显著正向影响，验证了董事会社会资本各维度的独立价值。 总的来说，本研究的研究结论包括：（1）董事会社会资本可划分为结构性社会资本、认知性社会资本和关系性社会资本三个维度，这三个维度的协同作用形成外部资源获取与配置、技术感知与能力优化、战略共识与风险承担的作用机制，对企业数字化转型产生显著的正向影响。（2）董事会社会资本“资源—能力—战略”的作用机制下，专用性投资、动态能力以及风险承担水平是董事会社会资本对企业数字化转型产生积极影响的重要路径。（3）公司治理情境因素在董事会社会资本与数字化转型的关系中发挥调节作用，股权集中度、董事会多样性和高管数字化背景均对两者的正相关关系具有显著的正向调节效应。（4）董事会结构性社会资本、董事会认知性社会资本或董事会关系性社会资本分别对企业数字化转型产生不同程度的积极影响。 本研究的主要创新点主要体现在以下四方面：其一，本研究突破了传统董事会社会资本研究的单一维度范式，创新性地构建了董事会结构性、认知性与关系性三维度协同作用模型，深入探讨了董事会社会资本的多维影响机制，为董事会的社会资本研究提供了新的分析框架。其二，本研究首次将董事会社会资本作为前因变量引入企业数字化转型研究领域，系统揭示了其在资源获取、能力构建和战略决策三个层面对企业数字化转型的驱动作用，深化了对董事会在数字化转型过程中关键作用的理解。其三，本研究创新性地构建了“资源—能力—战略”路径下“股东控制权—董事会创新力—高管执行力”的整合框架，阐释了股权集中度、董事会多样性与高管数字化背景作为公司治理情境因素对企业数字化转型的调节效应，为理解治理主体在数字化转型过程中的边界作用提供依据。最后，本研究基于多源数据开发了具有阶段适应性的《企业数字化转型三阶段词典》，为后续研究提供了可靠的方法论支持，推动了企业数字化转型研究在标准化和科学化方向的发展。 本研究的不足之处主要体现在以下三方面：其一，本研究主要聚焦于传统行业的上市公司，未能涵盖非上市公司、金融行业企业以及“原生数字化”企业。其二，本研究虽对董事会社会资本的三维度整合效应进行了初步探索，但尚未系统考察不同维度社会资本的组合作用机制，未来研究可引入模糊集定性比较分析（fsQCA）方法，深入剖析社会资本各维度不同强度组合的差异化影响，从而更全面地揭示其复杂因果关系。最后，尽管本研究采用了前沿的文本分析技术，但受限于行业术语的动态性和语义泛化，未来可结合深度学习模型进一步优化数字化转型指标的精准性和适应性。
英文摘要：	In recent years, research on digital transformation has gradually become a focal point in academia, particularly under the dual drivers of rapid iterations in digital technologies and dynamic changes in the market environment. How enterprises can effectively advance digital transformation has emerged as a critical issue that urgently needs to be addressed. However, existing studies predominantly focus on the relationships between external environments, organizational factors, or individual traits and enterprise digital transformation, often overlooking the pivotal role of the board of directors in resource acquisition, capability enhancement, and strategic decision-making, as well as the boundary effects brought by corporate governance entities. In this regard, a synergistic model of the structural, cognitive, and relational dimensions of board social capital has formed a foundational theoretical framework. This model significantly influences enterprise outcomes such as innovation, performance improvement, and strategic transformation through internal dynamic mechanisms like resource acquisition, capability enhancement, and strategic decision-making. Nevertheless, board social capital may also inhibit enterprise outcomes due to issues such as director busyness, low decision-making efficiency, and groupthink. Against this backdrop, this study, based on social capital theory, the resource-based view, and dynamic capability theory, selects 20,681 valid observations from A-share listed companies in the Shanghai and Shenzhen stock markets from 2013 to 2023. It aims to analyze the mechanisms and pathways of the three-dimensional model of board social capital, identify the impact of corporate governance contexts on the relationship between board social capital and enterprise digital transformation, and explore the heterogeneous effects of different dimensions of board social capital on enterprise digital transformation. The study seeks to provide valuable insights and complement existing research in the fields of board social capital and digital transformation. Specifically, firstly, this study clarifying the conceptualization and dimensional delineation of board social capital, followed by a theoretical analysis of its mechanisms. Building on prior research, this study deconstructs board social capital into three dimensions—board structural social capital, board cognitive social capital, and board relational social capital—which operate synergistically. Among these, structural social capital is reflected in the positional advantages of board members within social interaction networks, cognitive social capital is manifested in the shared understanding among board members regarding collective goals and modes of action, and relational social capital is characterized by the trust-based emotional connections among board members. The synergistic effects of these three dimensions constitute the core mechanism of board social capital: First, through external resource acquisition and allocation, board members can efficiently identify, integrate, and optimize internal and external organizational resources. Second, through technological awareness and capability enhancement, board members can perceive external dynamics to adapt to changes, seize market opportunities, and foster a shared vision, thereby enhancing the firm’s dynamic capabilities. Third, through strategic consensus and risk-taking, board members can effectively mitigate potential risks, share uncertainties, and achieve alignment in strategic decision-making processes. Furthermore, this study investigates the impact mechanism of board social capital on corporate digital transformation, while examining the mediating roles of firm-specific investments, dynamic capabilities, and risk-taking in this relationship. Based on theoretical hypotheses and empirical analysis, the main effect model reveals that board social capital has a significant positive impact on corporate digital transformation. Specifically, board social capital drives the process of digital transformation by optimizing resource allocation, enhancing organizational capabilities, and improving strategic decision-making. The mediation effect model further demonstrates that firm-specific investments, dynamic capabilities, and risk-taking serve as mediating mechanisms in the relationship between board social capital and digital transformation. The impact pathway of board social capital on digital transformation follows the “resource-capability-strategy” framework, where board social capital promotes digital transformation by strengthening firm-specific investments, enhancing organizational dynamic capabilities, and increasing the level of corporate risk-taking. Additionally, this study adopts a corporate governance perspective to investigate the moderating effects of three key governance actors—shareholders, board, and the top management team (TMT) as contextual factors on the relationship between board social capital and corporate digital transformation. Based on theoretical hypotheses and empirical analysis, this study examine the contextual influences of ownership concentration, board diversity, and TMT digital background on this relationship, and analyze the boundary conditions under which these governance actors strengthen resource commitment, stimulate innovation capabilities, and enhance strategic execution. By constructing a moderation model, our findings reveal that ownership concentration, board diversity, and TMT digital background positively moderate the positive correlation between board social capital and digital transformation. Specifically, the more concentrated the ownership, the more diverse the board members, and the stronger TMT digital background, the more pronounced the promoting effect of board social capital on digital transformation. Finally, this study further examines the impact of the structural, cognitive, and relational dimensions of board social capital on corporate digital transformation, respectively. Based on theoretical hypotheses and empirical analysis, it is found that the structural, cognitive, and relational dimensions of board social capital have significant positive effects on corporate digital transformation to varying degrees, thereby validating the independent value of each dimension of board social capital. In summary, the findings of this study include the following: (1) Board social capital can be categorized into three dimensions: structural social capital, cognitive social capital, and relational social capital. The synergistic interaction of these dimensions forms mechanisms for external resource acquisition and allocation, technological perception and capability optimization, as well as strategic consensus and risk-taking, which exert a significant positive impact on the digital transformation of enterprises. (2) Under the “resource-capability-strategy” mechanism of board social capital, specialized investments, dynamic capabilities, and risk-taking level serve as critical pathways through which board social capital exerts a positive influence on enterprise digital transformation. (3) Corporate governance contextual factors play a significant moderating role in the relationship between board social capital and digital transformation. Specifically, ownership concentration, board diversity, and TMT digital background all exhibit significant positive moderating effects on this relationship. (4) Board structural social capital, board cognitive social capital, and board relational social each exert varying degrees of positive influence on corporate digital transformation. The innovations of this study are mainly reflected in the following four aspects: Firstly, this study breaks through the traditional single-dimensional paradigm of board social capital research, innovatively constructing a three-dimensional synergistic model of structural, cognitive, and relational board social capital, deeply exploring the multi-dimensional impact mechanisms of board social capital, and providing a new analytical framework for board social capital research. Secondly, this study introduces board social capital as an antecedent variable into the field of enterprise digital transformation research for the first time, systematically revealing its driving effects on enterprise digital transformation at the levels of resource acquisition, capability building, and strategic decision-making, deepening the understanding of the board’s critical role in the digital transformation process. Thirdly, this study innovatively constructs an integrated framework of “shareholder control rights-board innovation capabilities-TMT implementation effectiveness” under the “resource-capability-strategy” pathway. It elucidates the moderating effects of ownership concentration, board diversity, and TMT digital backgrounds as corporate governance contextual factors on enterprise digital transformation, thereby providing a theoretical basis for understanding the boundary roles of governance entities in the process of digital transformation. Finally, based on multi-source data, this study develops a stage-adaptive “Three-Stage Dictionary of Enterprise Digital Transformation” which providing reliable methodological support for subsequent research and advancing the standardization and scientific development of enterprise digital transformation research. The limitations of this study are mainly reflected in the following three aspects: First, this study primarily focuses on listed companies in traditional industries, failing to cover non-listed companies, financial industry enterprises, and “born digital” enterprises. Second, although this study preliminarily explores the integrated effects of the three dimensions of board social capital, it has not systematically examined the combined mechanisms of different dimensions of social capital. Future research could introduce fuzzy-set qualitative comparative analysis (fsQCA) methods to deeply analyze the differentiated impacts of various combinations of social capital strengths under different dimensions, thereby more comprehensively revealing their complex causal relationships. Finally, although this study employs advanced text analysis techniques, limited by the dynamic nature of industry terminology and semantic generalization, future research could further optimize the precision and adaptability of digital transformation indicators by combining deep learning models.
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