企业数字化转型背景下财务共享的经济后果——基于转型阵痛与组织摩擦的实证检验

Economic Consequences of Financial Shared Services in the Context of Corporate Digital Transformation—An Empirical Test Based on Transformation Pains and Organizational Frictions

摘要: 在数字经济浪潮下，财务共享服务中心(FSSC)被视为企业数字化转型的重要基座。然而，实践中高昂的转型成本与复杂的组织摩擦，使得其真实经济后果备受争议。本文以中国A股上市公司为研究样本，实证检验了财务共享服务对企业绩效的真实影响及其微观机制。研究发现：整体而言，财务共享的实施并未在当期显著提升企业绩效。机制检验表明，数字化转型初期的巨额系统投入与人员安置成本导致企业期间费用率显著激增，使企业陷入了明显的“转型阵痛”；进一步的滞后效应检验发现，由于深度的业财融合困难与组织摩擦，这种效率损耗呈现出跨期拖累特征，导致企业在实施后的1至2年内遭遇了典型的“IT生产率悖论”。此外，异质性分析揭示了显著的产权差异：国有企业由于更强的组织刚性与“同群跟风”动机，其面临的转型摩擦与绩效拖累远高于非国有企业。本文的研究不仅打破了数字化转型“立竿见影”的认知迷思，揭示了财务共享背后的隐性摩擦成本，也为企业理性推进数字化战略、防范“运动式”转型风险提供了重要的经验启示。

Abstract: Against the backdrop of the digital economy, the Financial Shared Service Center (FSSC) is regarded as a critical foundation for corporate digital transformation. Nevertheless, high transformation costs and complex organizational frictions in practice have made its actual economic consequences highly controversial. Taking China’s A-share listed companies as research samples, this paper empirically examines the real impact of financial shared services on firm performance and its micro-mechanisms. The findings show that, overall, the implementation of financial shared services does not significantly improve corporate performance in the current period. Mechanism tests indicate that massive system investment and staff resettlement costs in the early stage of digital transformation lead to a sharp rise in the corporate period expense ratio, plunging enterprises into obvious transformation pains. Further lag-effect tests reveal that, owing to difficulties in in-depth business-finance integration and organizational frictions, such efficiency losses present an intertemporal drag feature, resulting in a typical IT productivity paradox for firms within one to two years after implementation. In addition, heterogeneity analysis uncovers distinct property-rights differences: state-owned enterprises (SOEs) suffer from far more severe transformation frictions and performance drags than non-SOEs, due to stronger organizational rigidity and peer-following motives. This study not only dispels the misconception that digital transformation produces instant effects and reveals the implicit friction costs behind financial sharing, but also provides important empirical implications for enterprises to rationally advance digital strategies and guard against the risks of campaign-style transformation.