摘要
在数字化浪潮与宏观经济形势动荡并存的时代背景下,如何提升企业韧性是所有企业都面临的重要问题。本文基于2011—2020年中国企业微观数据,实证检验了数字化转型、破产风险与企业韧性之间的作用关系。研究发现:企业数字化转型对企业韧性具有显著的正向影响,该结论在经过内生性检验和稳健性检验后依旧成立;破产风险能够正向调节数字化转型对企业韧性的驱动作用;进一步区分“潜在破产风险”和“临近破产风险”的研究表明,高潜在破产风险能够促进企业通过数字化转型精准控制损失并维持经营稳定性,从而推动企业韧性的提升;而高临近破产风险则促使企业倾向于保守的刚性行为,在一定程度上限制其通过数字化转型提升企业韧性的作用效果。异质性分析发现,在行业竞争程度高、制度条件优越的企业外部环境,以及大股东占款更高、融资约束压力较大的企业内部环境中,企业通过数字化转型驱动韧性提升的效果更为显著。本研究对数字化转型的战略能动性、企业长期导向的韧性、破产风险的细化研究进行了理论探索,也为当前环境日益不确定下企业数字化转型与韧性管理的深度融合提供了政策建议。
As the global economy and market environment continue to change,resilience has become the key ability to enterprise survival and sustained growth.Although the complex and ever-changing digital age presents challenges for corporate development,it also provides a broader space for cultivating resilience.Especially when enterprises face the constant threat of bankruptcy,it is urgent to use digital transformation to enhance their risk resistance and organizational resilience.This paper selects data from Chinese enterprises from 2011 to 2020,empirically examines the impacts of digital transformation,bankruptcy risk,and enterprise resilience,and further analyzes the possible divergent performance of digital transformation on resilience under differences in business environments.First,this paper finds that digital transformation has a significant positive impact on resilience.Digital transformation helps develop a dynamic capability and resource base that enables firms to forecast,adapt,recover,and even outperform themselves in a crisis environment,thereby enhancing enterprise resilience.This study further confirms the reliability of the findings by constructing instrumental variables to mitigate the endogeneity problem and conducting several robustness tests.Second,bankruptcy risk is an important part of enterprise resilience management.This paper finds that bankruptcy risk positively moderates the effect of digital transformation on enterprise resilience.In particular,high potential bankruptcy risk motivates firms to change their organizational structure,business processes,or business models precisely through digital transformation to quickly turn the situation around and develop new growth paths.High near-bankruptcy risk,on the other hand,makes companies more prone to conservative and rigid behavior,which to some extent limits the important role of digital transformation in enhancing corporate resilience.This shows that enterprise decision-makers need to be forward-looking and strategic in their digital transformation,and actively explore new models for building digital risk management in the context of enterprise survival.Third,this study also extends the heterogeneous effects of digital transformation on enterprise resilience in terms of the degree of competition environment,institutional conditions,capital allocation by major shareholders,and financing constraints.The findings confirm that the positive impact of digital transformation on firm resilience is more significant under conditions of high industry competition and a superior institutional environment.This paper suggests that governments need to establish various political systems and guidelines to motivate firms to actively participate in digital transformation and cope with the uncertain business environment.In addition,digital transformation can better facilitate companies with high shareholder occupancy or restricted financing to improve their resilience.Therefore,companies can enhance information transparency through digital platforms to promote long-term corporate growth.Based on the strategic dynamism perspective of enterprise risk management,this paper expands the literature related to the non-economic benefits of digital transformation,providing new perspectives for understanding the digital transformation of enterprises and releasing digital dividends.In addition,this paper complements the long-term-oriented theory of enterprise resilience from a broad perspective,which lays a good theoretical foundation for mining the laws that shape enterprise resilience.Further,this study explores in detail the issue of how digital transformation affects corporate resilience under different bankruptcy risk states,enriching the research related to enterprise risk management in the digital era.
作者
陈俊华
郝书雅
易成
CHEN Jun-hua;HAO Shu-ya;YI Cheng(School of Management Science and Engineering,Central University of Finance and Economics,Beijing,100081,China;School of Economics and Management,Tsinghua University,Beijing,100084,China)
出处
《经济管理》
CSSCI
北大核心
2023年第8期26-44,共19页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目“电子商务人机交互”(72022008)。
关键词
数字化转型
企业韧性
破产风险
风险管理
digital transformation
enterprise resilience
bankruptcy risk
risk management
作者简介
通讯作者:陈俊华,男,教授,博士生导师,研究领域为数字经济与公司治理,电子邮箱:junhuachen@cufe.edu.cn;郝书雅,女,博士研究生,研究领域为数字经济与公司治理,电子邮箱hao_shuya@163.com;易成,女,副教授,博士生导师,研究领域为电子商务与信息资源管理,电子邮箱:yich@sem.tsinghua.edu.cn。
