数字化转型、高管行为与企业代理成本

• 영문명: Research on Digital Transformation, Executive Behavior, and Agency Costs of Enterprises: An Empirical Study Based on Data from Shanghai and Shenzhen A-share Listed Companies from 2010 to 2022
• 발행기관: YIXIN 출판사
• 저자명: 代云红(Yunhong Dai) 尧朝晖(Zhaohui Yao)
• 간행물 정보: 『Journal of China Studies』제1권 제5호, 23~40쪽, 전체 18쪽
• 주제분류: 사회과학 > 교육학
• 파일형태: PDF
• 발행일자: 2023.12.31

국문 초록

如今数字化被视为能提高企业核心竞争力的热点话题，而企业中存在的代理问题能否随数字技术的应用而得以缓解却仍是黑箱。本文以2010-2022 年在沪深A 股上市的公司为样本，采用实证研究的方法，探究数字化转型对企业代理成本的影响及其作用机制。研究结果表明：数字化转型会增加企业的代理成本。机制分析发现，数字化转型通过增加高管薪酬粘性和在职消费进而增加了企业代理成本，但通过企业内部的海外人才招聘以及外部的金融机构持股可以缓解由企业数字化转型带来的代理问题。进一步分析发现，数字化转型虽然加剧了企业代理问题，在非国有、成熟期、非高新技术、东部地区企业进行数字化转型时，影响更加明显，但成本增加的同时数字化转型也提高了企业的投入产出率以及缓解了企业的融资约束。综上，研究结果从公司治理的角度论证了企业数字化带来的影响，为减少企业代理问题提供了新的解决依据和思路，丰富和拓展了技术革新对经济社会的影响研究。

영문 초록

Nowadays, digitization is regarded as a hot topic that can improve the core competitiveness of enterprises, and whether the agency problems existing in enterprises can be alleviated with the application of digital technology is still a black box. This article takes companies listed on the Shanghai and Shenzhen A-shares from 2010 to 2022 as samples and uses empirical research methods to explore the impact and mechanism of digital transformation on corporate agency costs. The research results indicate that digital transformation will increase the agency costs of enterprises. Mechanism analysis found that digital transformation increases agency costs by increasing executive compensation stickiness and on-the-job consumption, but through internal overseas talent recruitment and external financial institution shareholding, agency problems caused by digital transformation can be alleviated. Further analysis reveals that although digital transformation exacerbates the agency problem of enterprises and has a more significant impact on non-state-owned, mature, non-high-tech, and eastern region enterprises when conducting digital transformation, while increasing costs, digital transformation also improves the input-output rate of enterprises and alleviates financing constraints. In summary, the research results demonstrate the impact of enterprise digitization from the perspective of corporate governance, providing new solutions and ideas for reducing agency issues in enterprises, and enriching and expanding research on the impact of technological innovation on the economy and society.

목차

Ⅰ. 引言

Ⅱ. 文献回顾与研究假设

Ⅲ. 研究设计

Ⅳ. 实证结果与分析

Ⅴ. 机制分析

Ⅵ. 进一步分析

Ⅶ. 结论与建议

키워드

Digital transformation Agency cost Corporate executives Corporate governance 数字化转型 代理成本 企业高管 公司治理