数字化转型对企业交叉持股行为的影响

The Impact of Digital Transformation on Corporate Cross-Shareholding Behavior

摘要: 本文聚焦于数字化转型如何重塑企业间股权合作形态这一核心问题，构建了一个包含数字化服务商、大型企业与中小企业在内的三阶段博弈模型，将数字化水平内生于企业协同收益与治理成本函数中，系统揭示了“数字化能力–股权合作”之间的理论传导机制。研究发现：数字化转型通过提升协同效率与降低整合治理成本，显著促进企业间形成交叉持股联盟；数字化水平的“木桶效应”制约协同上限，并在不对称格局下引致“股权–资源”交换均衡；数字化服务商面向中小企业的定向支持可有效缓解数字化鸿沟，提升产业链整体合作剩余与社会福利。本研究不仅拓展了数字时代企业战略联盟与组织治理的理论视角，也为推动产业链协同创新与构建稳健的产业生态系统提供了学理依据。

Abstract: This paper focuses on how digital transformation reshapes equity cooperation among enterprises. By constructing a three-stage game model involving digital service providers, large enterprises, and small and medium-sized enterprises, the study endogenizes digitalization levels into the functions of collaborative benefits and governance costs, systematically revealing the theoretical transmission mechanism between “digital capabilities” and “equity cooperation”. The research finds that digital transformation significantly promotes the formation of cross-shareholding alliances by enhancing collaborative efficiency and reducing integration costs. The “barrel effect” of digitalization constrains the upper limit of collaboration and leads to an “equity-resource” exchange equilibrium in asymmetric scenarios. Targeted support from digital service providers to small and medium-sized enterprises can effectively narrow the digital divide, increasing the overall collaborative surplus and social welfare of the industrial chain. This study not only expands the theoretical perspective on corporate strategic alliances and organizational governance in the digital era but also provides a scholarly foundation for promoting collaborative innovation and building a resilient industrial ecosystem.