数字化转型背景下高管团队异质性与企业过度投资——基于信息披露的调节效应
Top Management Team Heterogeneity and Corporate Overinvestment in the Context of Digital Transformation—Based on the Moderating Effect of Information Disclosure
摘要: 在数字化发展深入推进的背景下，企业投资行为面临新的转型压力，抑制非效率投资、引导资本向数字化领域合理配置成为实现高质量发展的关键环节。本文基于高层梯队理论与代理理论，以2010~2024年中国沪深A股上市公司为研究样本，探讨数字化转型背景下高管团队异质性对企业过度投资的影响及其机制。研究发现，高管团队异质性能够显著抑制企业过度投资，该结论在经过一系列稳健性与内生性检验后仍然成立。信息披露考评等级与数字化转型则具有正向调节效应，尤其在信息披露逐渐强化的政策环境下，其调节作用更为凸显。本研究为数字化转型下企业通过优化治理结构、增强战略定力与提升环境信息透明度来抑制过度投资提供了理论依据，也为政策制定者协同推进数字化与绿色化提供了经验参考。
Abstract: In the context of accelerating digital transformation, corporate investment behavior is confronted with mounting transitional pressures. Mitigating inefficient investment and channeling capital toward digital sectors in a rational manner have become pivotal to achieving high-quality economic development. Drawing on Upper Echelons Theory and Agency Theory, this study investigates the impact of top management team (TMT) heterogeneity on corporate overinvestment against the backdrop of digital transformation, as well as the underlying mechanisms, using a sample of Chinese A-share listed companies from 2010 to 2024. The results indicate that TMT heterogeneity significantly curbs corporate overinvestment, a finding that remains robust after a series of endogeneity and robustness checks. Furthermore, both information disclosure ratings and digital transformation exert positive moderating effects, with the moderating role becoming more pronounced under increasingly stringent information disclosure regulations. This research offers theoretical insights into how firms can curb overinvestment by refining governance structures, reinforcing strategic focus, and enhancing information transparency in the digital era. It also provides empirical evidence to support policymakers in advancing coordinated digital and green policies.
文章引用：王冬娣. 数字化转型背景下高管团队异质性与企业过度投资——基于信息披露的调节效应[J]. 电子商务评论, 2026, 15(5): 385-396. https://doi.org/10.12677/ecl.2026.155531

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