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论文编号：	15478
作者编号：	2120233693
上传时间：	2025/6/12 16:28:16
中文题目：	连锁股东与企业数字化转型
英文题目：	Chain Shareholders and Corporate Digital Transformation
指导老师：	张晓农
中文关键字：	连锁股东；数字化转型；代理成本；股价同步性；风险承担
英文关键字：	chain shareholders, digital transformation, agency costs, stock price synchronization, risk taking
中文摘要：	二十大报告指出，要加快发展数字经济，推动数字经济与实体经济的深度融合，促进传统产业的转型和升级，不断做大做强我国的数字经济。在政策与市场的双重影响下，企业数字化转型已经刻不容缓。然而企业数字化转型是一项复杂的系统工程，仅靠企业自身的资源禀赋与技术积累是难以实现的，因此，考察企业间的相互作用对企业数字化转型的影响尤为重要。连锁股东越来越广泛存在于资本市场中，企业间通过连锁股东建立网络关系的现象日益普遍。学术界关于连锁股东经济后果的研究存在“治理协同”和“竞争合谋”两种观点，连锁股东是促进数字化转型还是抑制数字化转型？其中的作用机制是什么？这些问题值得进一步研究。本文从连锁股东这一视角切入，探讨连锁股东如何影响企业数字化转型，从股权结构视角丰富了数字化转型的动因研究。 本文基于委托代理理论、信息不对称理论、社会网络理论和资源依赖理论，采用 2011-2023 年沪深 A 股 3292 家企业样本考察连锁股东与企业数字化转型之间的关系。研究发现：连锁股东能够促进企业数字化转型，经过一系列稳健性、内生性检验后依旧成立；机制检验发现，连锁股东能够通过降低代理成本、降低股价同步性和提升企业风险承担促进数字化转型，即连锁股东在数字化转型进程中发挥了监督效应、信息效应与风险承担效应；经济后果检验发现，连锁股东促进数字化转型能够显著提升企业价值；异质性分析发现，在行业竞争度高、国有企业、非高科技企业、成长期企业以及管理层权力较低的企业中，连锁股东对企业数字化转型的正向影响更显著。本文的研究结论为数字经济时代下社会网络关系推动企业数字化转型提供了新的证据，并在一定程度上拓展了数字化转型的机制研究边界。 关键词：连锁股东；数字化转型；代理成本；股价同步性；风险承担
英文摘要：	The political report of the 20th National Congress of the Communist Party of China establishes "accelerating digital economy development" as a strategic priority for advancing Chinese modernization in the new era, promote its deep integration with the real economy, and drive the transformation and upgrading of traditional industries to strengthen China's digital economy. Under the dual impetus of policy and market forces, digital transformation has become an urgent priority for enterprises. However, as a complex systemic project, corporate digital transformation cannot be achieved solely through internal resources and technological accumulation. Therefore, examining the impact of inter-firm interactions on digital transformation is particularly critical. Chain shareholders, an increasingly prevalent phenomenon in capital markets, have created networked relationships among firms. Academic research on the economic consequences of chain shareholders presents two contrasting perspectives: "governance synergy" and "collusive competition." Whether interlocking shareholders facilitate or inhibit digital transformation, and the underlying mechanisms, warrant further investigation. This study explores the influence of chain shareholders on corporate digital transformation from a shareholder network perspective, enriching the literature on the drivers of digital transformation through the lens of ownership structure. This paper analyzes a sample of 3292 A-share listed firms in Shanghai and Shenzhen from 2011 to 2023 to examine the relationship between chain shareholders and digital transformation. The findings reveal that chain shareholders significantly promote corporate digital transformation, a conclusion that remains robust after a series of sensitivity and endogeneity tests. Mechanism analyses show that chain shareholders enhance digital transformation by reducing agency costs, lowering stock price synchronicity, and increasing risk-taking—demonstrating supervisory, informational, and risk-bearing effects. Economic consequence tests indicate that such promotion significantly improves firm value. Heterogeneity analyses further reveal that the positive impact of chain shareholders is more pronounced in industries with high competition, state-owned enterprises, non-high-tech firms, growth-stage firms, and firms with lower managerial power. These conclusions provide novel evidence for the role of social network ties in driving digital transformation in the digital economy era and expand the boundaries of research on digital transformation mechanisms. Key Words: chain shareholders, digital transformation, agency costs, stock price synchronization, risk taking
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