数字化提升企业韧性的机制研究——董事网络的调节效应

Research on the Mechanisms of Digitalization to Enhances Enterprise Resilience - The Moderating Effect of Director Networks

摘要:

在外部环境不确定性日益加剧的背景下，数字化已成为提升企业应对不确定环境韧性的关键策略。基于2012-2021年沪深A股上市企业的数据，实证分析了数字化与企业韧性之间的关系，并检验了内部控制和债务融资成本的中介效应以及董事网络在这一过程中的调节作用。研究结果显示：数字化主要通过完善企业内部控制体系和降低债务融资成本，增强了企业主动识别风险和实现财务稳定增长的能力，进而提升企业韧性，并且董事网络的位置可以正向调节数字化与企业韧性的之间的关系。进一步研究发现，数字化对企业韧性的正面影响在国有企业、高科技行业以及制度环境较好地区尤为显著。由研究结果可知，企业应积极通过数字化逐渐提升企业韧性，具体而言，利用数字化的积极效应不断完善企业内部控制，降低融资成本进而提升企业应对风险的能力，同时在这个过程中应有效利用董事网络，最大程度发挥董事网络的正向促进作用。

Abstract:

Against the backdrop of increasing uncertainty in the external environment, digitization has become a key strategy to enhance the resilience of firms in coping with the uncertain environment. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021, we empirically analyze the relationship between digitization and corporate resilience, and test the mediating effects of internal control and debt financing costs as well as the moderating role of director networks in this process. The results show that digitization enhances the ability of firms to proactively identify risks and achieve stable financial growth, which in turn enhances corporate resilience, mainly through improving the internal control system and reducing debt financing costs, and the location of the director network positively moderates the relationship between digitization and corporate resilience. It is further found that the positive impact of digitization on corporate resilience is particularly significant in state-owned enterprises, high-tech industries, and regions with better institutional environments. From the results of the study, it can be seen that enterprises should actively improve enterprise resilience through digitization, specifically, using the positive effects of digitization to continuously improve the internal control of the enterprise, reduce the cost of financing and thus enhance the ability of enterprises to cope with risks, and in the process, the director network should be effectively utilized to maximize the positive role of the director network.