数字化转型对制造业企业资本错配的影响研究
Research on the Impact of Digital Transformation on Capital Misallocation in Manufacturing Enterprises
张康宁 1张长江 1赵春燕1
作者信息
- 1. 南京工业大学经济与管理学院，南京 211816
- 折叠
摘要
在全球数字化全面推进的背景下，许多企业积极拥抱数字化转型浪潮。与此同时，在经济演进与产业升级的进程中，资本配置效率偏离帕累托最优成为制约企业可持续增长和资源优化配置的核心挑战。本文在系统梳理国内外相关研究成果的基础上，运用1470家制造业企业2013-2023年的年度数据开展实证研究，对制造业企业数字化转型对资本错配的影响以及该影响过程中发挥作用的具体的机制进行了理论分析和实证检验。结果发现，第一，制造业企业推进数字化转型有助于改善资本错配；第二，在探讨数字化转型对资本错配的影响机制时，信息不对称程度、融资约束在这一过程中起到了中介作用，即信息不对称程度、融资约束和代理成本在数字化转型改善资本错配的过程中发挥了抑制效应，减小了改善效果。
Abstract
Against the backdrop of the global advancement of digitalization, many enterprises are actively embracing the wave of digital transformation. At the same time, in the process of economic evolution and industrial upgrading, the deviation of capital allocation efficiency from Pareto optimality has become a core challenge restricting sustainable enterprise growth and optimal resource allocation. Based on a systematic review of relevant research findings from both domestic and international sources, this study conducts an empirical analysis using annual data of 1,470 manufacturing enterprises spanning from 2013 to 2023. It theoretically analyzes and empirically tests the impact of digital transformation of manufacturing enterprises on capital misallocation, as well as the specific mechanisms through which this impact operates. The findings reveal that: First, promoting digital transformation in manufacturing enterprises helps alleviate capital misallocation. Second, when exploring the mechanisms through which digital transformation affects capital misallocation, information asymmetry and financing constraints play mediating roles. Specifically, information asymmetry, financing constraints, and agency costs exert a dampening effect in the process of digital transformation alleviating capital misallocation, thereby reducing the beneficial impact.关键词
数字化转型/资本错配/信息不对称/融资约束Key words
Digital transformation/Capital misallocation/Information asymmetry/Financing constraints引用本文复制引用
张康宁,张长江,赵春燕.数字化转型对制造业企业资本错配的影响研究[EB/OL].(2026-05-25)[2026-05-27].http://www.paper.edu.cn/releasepaper/content/202605-105.学科分类
经济计划、经济管理/信息产业经济
