数字化转型的价值：基于企业现金持有的视角

《财经研究》 2022年48卷第3期 页码：64 - 78  online：2022年3月2日

数字化转型的价值：基于企业现金持有的视角

The Value of Digital Transformation: From the Perspective of Corporate Cash Holdings

作者（中）：谭志东1, 赵洵1, 潘俊1, 谭建华2

作者（英）：Tan Zhidong1, Zhao Xun1, Pan Jun1, Tan Jianhua2

作者单位：1.南京审计大学 会计学院, 江苏 南京 211815 2.南京审计大学 政府审计学院, 江苏 南京 211815

摘要：数字化给经济社会发展带来巨大变化，企业数字化转型为我国在新一轮产业革命中实现弯道超车提供了契机。而数字化转型的价值是什么？文章基于“两化”融合贯标试点的准自然实验，以制造业上市公司为研究对象，从企业现金持有视角间接测度了数字化转型的价值。研究发现：第一，企业数字化转型后，现金持有的交易动机和预防动机增强，数字化扮演着经济资源的角色，支持“资源论”；第二，数字化转型的价值实现存在时滞效应，且“阵痛期”后存在“加速”现象；第三，成长性提升和投资机会增加是数字化转型价值实现的两个途径；第四，数字化转型的价值实现不仅受企业规模和多元化程度等内部因素的影响，还受地区数字化环境等外部因素的影响。文章的研究为政府制定数字化相关政策和企业实施数字化转型提供了决策参考，具有一定的理论价值和现实意义。

关键词：数字化转型; “两化”融合; 现金持有; 双重差分法

Summary: In April 2020, data were officially listed as the fifth production factor other than land, labor, capital and technology. Accelerating corporate digital transformation is the focus of developing digital economy and promoting high-quality development of economy and society. Moreover, it will help to speed up China’s new round of industrial revolution as well. Therefore, it is of great academic value and practical significance to clarify the value of digital transformation.Taking the integration of industrialization and informatization pilot program as the quasi-natural experiment, we build the DID model with listed manufacturing firms from 2010 to 2019 as the research sample, and measure the value of digital transformation indirectly from the perspective of corporate cash holdings. We find that: (1) The transaction and prevention motivations of cash holdings are enhanced after digital transformation. Therefore, digital transformation actually acts as a kind of economic resource, which corroborates the resource theory. (2) The realization of digital transformation value is usually lagged, which usually undergoes the “throes period” first and then the “accelerating period”. (3) Enhancing growth and increasing investment opportunities are two ways through which the value of digital transformation is realized. (4) The value realization of digital transformation is affected by such internal factors as the size and diversification of firms, and such external factors as regional digitalization environment.The possible marginal contributions are as follows: (1) Compared with the existing literature which mainly focuses on such economic consequences as corporate performance growth and innovation efficiency improvement of corporate digital transformation, we innovatively measure the value of digital transformation indirectly from the perspective of cash holdings, therefore enrich its theoretical research. (2) As corroborated by current studies, the value realization of digital transformation usually undergoes the “throes period”. We further clarify that it will step into the “accelerating period” after experiencing throes. As a result, we provide strong practical guidance for firms facing digital transformation. (3) By analyzing the time-lagged effect, acting mechanism and heterogeneity of the value realization of digital transformation, we provide more accurate guidance and suggestions for firms. Moreover, this study gives decision-making inspiration to the government in formulating or implementing highly-demanded policies.The following policy suggestions are put forward: (1) The government should enhance policy support to corporate digital transformation, and cultivate external environment for corporate digital transformation. (2) Moreover, the government should establish specialized incentive policies to promote corporate digital transformation, especially in small and medium-sized firms. (3) Firms should engage in digital transformation from a strategic perspective.

Key words: digital transformation; integration of industrialization and informatization; cash holdings; DID model

DOI：10.16538/j.cnki.jfe.20220113.103

收稿日期：2021-9-15

基金项目：教育部人文社会科学研究青年基金项目（21YJC630123）；国家自然科学基金青年项目（72102110）；江苏省社会科学基金一般项目（20GLB017）；江苏省市场监督管理局科技计划项目（KJ21125116）

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