连锁股东与企业数字化转型

Chain Shareholders and the Digital Transformation of Enterprises

摘要: 连锁股东对企业转型发展具有重要的引导作用，面对数字经济时代企业的数字化转型困境，连锁股东能否进一步发挥效力值得深入探究。本文选取2011~2021年沪深A股上市公司数据，实证检验连锁股东对企业数字化转型的影响。研究结果表明：连锁股东能够显著驱动企业数字化转型，并带来企业经济绩效的提升，这一结论经过一系列稳健性检验后依然成立。异质性分析显示，连锁股东在非国有企业、管理层持股的企业中对企业数字化转型的作用更明显。本文对深入理解企业数字化转型中的连锁股东的作用具有一定的启示意义。

Abstract: Chain shareholders play an important guiding role in the transformation and development of enterprises, and in the face of the dilemma of digital transformation of enterprises in the era of digital economy, it is worth exploring whether chain shareholders can further exert their effectiveness. This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 to empirically test the impact of chain shareholders on the digital transformation of enterprises. The results show that chain shareholders can significantly drive the digital transformation of enterprises and bring about the improvement of economic performance, and this conclusion is still valid after a series of robustness tests. Heterogeneity analysis shows that chain shareholders play a more obvious role in the digital transformation of enterprises in non-state-owned enterprises and enterprises with management shares. This paper has certain implications for an in-depth understanding of the role of chain shareholders in the digital transformation of enterprises.