Can Digital Transformation Reduce the Zombification of Enterprises?

IF 2.9 2区经济学 Q1 ECONOMICS

China & World Economy Pub Date : 2025-03-27 DOI:10.1111/cwe.12577

Xiujuan Lan, Zheneng Hu, Chuanhao Wen

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引用次数: 0

Abstract

Digital transformation stimulates enterprise development but its effects on zombification are uncertain. This study analyzed the effects of digital transformation on de-zombification among A-share listed Chinese companies in Shanghai and Shenzhen Stock Exchanges from 2009 to 2021 and the mechanisms underlying those effects. The findings indicated that digital transformation facilitated enterprise de-zombification, with a stronger effect observed in state-owned enterprises, high-tech enterprises, firms in industries with low levels of competition, those with advanced digital transformation, and cities with high levels of government intervention. Further analysis identified improved production efficiency and capital allocation as important factors enabling this process. Enterprises at risk of zombification should prioritize digital transformation as a fundamental strategy for recovery. Governance strategies should be tailored to the specific characteristics of various types of zombie enterprises. The government may consider offering financial or tax incentives to assist these firms in their digital transformation efforts, enabling them to overcome the challenges associated with zombification while enhancing both production efficiency and the efficacy of capital allocation.

查看原文本刊更多论文

数字化转型能减少企业的僵尸化吗？

数字化转型促进了企业的发展，但对僵尸化的影响是不确定的。本研究分析了2009 - 2021年在上海和深圳证券交易所a股上市的中国公司的数字化转型对去僵尸化的影响及其机制。研究发现，数字化转型促进了企业去僵尸化，在国有企业、高新技术企业、竞争水平低的行业、数字化转型程度高的行业和政府干预程度高的城市中效果更强。进一步分析发现，提高生产效率和资本配置是实现这一过程的重要因素。面临僵尸化风险的企业应优先考虑数字化转型，将其作为恢复的基本战略。针对不同类型僵尸企业的具体特点，制定相应的治理策略。政府可以考虑提供财政或税收优惠，以帮助这些公司进行数字化转型，使他们能够克服与僵尸化相关的挑战，同时提高生产效率和资本配置效率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

China & World Economy ECONOMICS-

CiteScore

4.70

自引率

12.90%

发文量

391

期刊介绍： The bi-monthly China & World Economy was launched in 1993 by the Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS). It is the only English-language journal in China devoted to the topic of the Chinese economy. The journal aims to provide foreign readers with an objective, impartial, analytical and up-to-date account of the problems faced and progress made by China in its interaction with the world economy. Among its contributors are many distinguished Chinese economists from both academic and government circles. As such, it has become a unique window on China and is essential reading for all those concerned with China"s development.