数字经济与企业战略变革——基于 A 股上市公司的经验证据

Digital Economy and Corporate Strategic Change：Empirical Evidence Based on A?share Listed Companies

摘要:

企业战略变革是转变经济增长方式、促进产业转型升级的有效途径。在数字经济蓬勃发展的背景下，本文基于企业战略变革这一理论视角，选取2011—2021年A股上市公司数据，实证检验数字经济对企业战略变革的影响效应及其机制。研究发现，第一，数字经济显著提升企业战略变革水平，这一结论在选取历史数据作为工具变量及稳健性检验后仍然成立；第二，当内部董事会独立性与外部媒体关注度越高时，强化了数字经济与企业战略变革之间的正向关系；进一步地，数字经济对企业战略变革的激励效应得益于企业创新能力与风险承担水平的提升，异质性分析表明在非国有和成长期、成熟期企业样本中上述关系更加明显；最后，企业战略变革能够提升企业市场价值和经营效率。本研究助推了战略变革动因以及数字经济赋能企业高质量发展的效应、机制和企业性质差异的理解，为更好的驱动企业战略发展提供参考建议。

Abstract:

Corporate strategic change is an effective way to transform the economic growth mode and promote industrial transformation and upgrading. In the context of the booming digital economy, this paper empirically examines the effect of digital economy on corporate strategic change and its mechanism based on the theoretical perspective of corporate strategic change by selecting the data of A-share listed companies from 2011-2021. It is found that, first, the digital economy significantly enhances the level of corporate strategic change, and this finding still holds after selecting historical data as instrumental variables and robustness tests. Second, the positive relationship between the digital economy and corporate strategic change is strengthened when internal board independence and external media attention are higher. Further, the incentive effect of the digital economy on corporate strategic change benefits from corporate innovation ability The heterogeneity analysis shows that the relationship is more pronounced in the sample of non-state and growth and maturity stage firms. Finally, strategic change can enhance the market value and operational efficiency of firms. This study contributes to the understanding of the drivers of strategic change and the effects, mechanisms, and differences in the nature of digital economy-enabled enterprises for high-quality development, and provides suggestions for better driving the strategic development of enterprises.