摘要
保险机构调研是外部机构影响企业生产决策的重要手段,能够有效影响微观经济主体的创新转型进程。本文利用中国2007—2018年A股上市公司样本,实证检验保险机构调研对企业数字化转型的影响。研究发现,保险机构调研能够显著促进企业数字化转型。特别地,保险机构表现出较强的风险偏好特征,对高潜力企业的数字化转型起到更强的推动作用。机制检验发现,保险机构调研能够缓解企业与市场主体之间的信息不对称程度,强化市场预期,优化机构投资者持股结构,进一步改善企业投资结构。本文不仅丰富了企业数字化转型动力源的理论研究,还为合理引导保险机构发展、发挥保险机构的公司治理功能提供了富有价值的实践性启示。
The investigation of insurance institutions is an effective means to influence the production decisions of enterprises,and it can effectively influence the innovation and transformation process of microeconomic entities.In this paper,we empirically test the influence of insurance institution investigation on the digital transformation of enterprises by using the samples of A-share listed companies in China from 2007 to 2018.It is found that the investigation of insurance institutions can significantly promote the digital transformation of enterprises.In particular,insurance institutions show strong risk preference characteristics,and play a stronger role in promoting the digital transformation of high-potential enterprises.The mechanism test finds that the investigation of insurance institutions can alleviate the degree of information asymmetry between enterprises and market investors,strengthen market expectations,optimize the shareholding structure of institutional investors and further optimize the investment structure of enterprises.This paper not only enriches the theoretical research on the power source of enterprise digital transformation,but also provides valuable practical enlightenment for reasonably guiding the development of insurance institutions and giving full play to their corporate governance functions.
出处
《中国会计评论》
2023年第1期133-154,共22页
China Accounting Review
基金
国家自然科学基金青年项目(72202046)
国家社会科学基金青年项目(22CJY009)
教育部人文社科基金青年项目(22YJC790009)的阶段性研究成果
关键词
保险机构调研
企业数字化转型
保险机构风险偏好
机制检验
Insurance Institution Investigation
Enterprise Digital Transformation
Risk Appetite of Insurance Institution
Mechanism Test
作者简介
通信作者:吴非,地址:广东省广州市迎福路527号,邮编:510520,E-mail:wufei@m.scnu.edu.cn。
