机构投资者持股、数字化转型与组织韧性

Institutional Investor Shareholding, Digital Transformation, and Organizational Resilience

摘要: 基于2014~2023年中国沪深A股上市公司数据，本文实证检验了机构投资者持股对企业韧性的影响及作用机制。研究发现，机构投资者持股能够显著增强企业韧性。机制分析表明，机构投资者主要通过数字化转型路径增强企业韧性。异质性分析进一步发现，上述效应在市场势力较强的企业及市场化水平较高的地区更为显著。本研究为理解机构投资者治理角色提供了韧性视角的经验证据，并对引导资本服务实体经济韧性发展具有启示意义。

Abstract: Based on data from China’s Shanghai and Shenzhen A-share listed companies from 2014 to 2023, this paper empirically examines the impact of institutional investor shareholding on firm resilience and its underlying mechanism. The findings reveal that institutional investor shareholding significantly enhances firm resilience. Mechanism analysis indicates that institutional investors primarily bolster firm resilience through the channel of digital transformation. Furthermore, heterogeneity analysis shows that this effect is more pronounced in firms with greater market power and in regions with a higher level of marketization. This study provides empirical evidence from a resilience perspective for understanding the governance role of institutional investors and offers implications for guiding capital to serve the resilient development of the real economy.