对新兴市场企业多元化的反思：数字化转型如何重塑中国企业战略

IF 12.5 1区社会学 Q1 SOCIAL ISSUES

Technology in Society Pub Date : 2025-09-24 DOI:10.1016/j.techsoc.2025.103086

Jiayi Tao , Xinhe Zhang , Xiaofei Wu , Qin Zhou

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引用次数: 0

摘要

本文以动态能力理论为基础，探讨了数字化转型对我国上市公司多元化战略的影响。我们的分析表明，数字化转型通过缓解财务约束和增强风险感知来放大多元化效益。本研究利用2008年至2021年36,822个公司年观测数据的面板数据集，应用固定效应回归模型、工具变量技术和异质性分析。我们的实证分析表明，数字化转型显著促进了企业多元化，这一效应在非国有企业、东部地区和制造业尤为明显。我们确定了推动这种关系的两个关键机制：减轻财务约束和增强风险认知。稳健性测试证实了这些发现。此外，数字化转型减轻了多元化对全要素生产率（TFP）的负面影响。虽然经济政策的高度不确定性抑制了多元化，但数字化转型有助于抵消这种影响。这些研究结果通过展示数字化转型如何帮助企业克服政策不确定性和多元化挑战，推动了战略管理文献的发展，为在中国不断变化的经济格局中促进数字化采用提供了政策见解。

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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Rethinking corporate diversification in emerging markets: How digital transformation reshapes strategies in China

This study investigates how digital transformation reshapes corporate diversification strategies in Chinese listed firms, underpinned by dynamic capabilities theory. Our analysis suggests that digital transformation amplifies diversification benefits by mitigating financial constraints and enhancing risk perception. Utilizing a panel dataset of 36,822 firm-year observations from 2008 to 2021, this study applies fixed-effects regression models, instrumental variable techniques, and heterogeneity analyses. Our empirical analysis reveals that digital transformation significantly promotes corporate diversification, an effect that is particularly pronounced in non-SOEs, eastern regions, and the manufacturing sector. We identify two key mechanisms driving this relationship: the mitigation of financial constraints and the enhancement of risk perception. Robustness tests confirm these findings. Additionally, digital transformation mitigates the negative impact of diversification on total factor productivity (TFP). While high economic policy uncertainty suppresses diversification, digital transformation helps offset this effect. These findings advance the strategic management literature by demonstrating how digital transformation helps firms overcome policy uncertainty and diversification challenges, offering policy insights for promoting digital adoption in China's evolving economic landscape.

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来源期刊

Technology in Society Multiple-

CiteScore

17.90

自引率

14.10%

发文量

316

审稿时长

60 days

期刊介绍： Technology in Society is a global journal dedicated to fostering discourse at the crossroads of technological change and the social, economic, business, and philosophical transformation of our world. The journal aims to provide scholarly contributions that empower decision-makers to thoughtfully and intentionally navigate the decisions shaping this dynamic landscape. A common thread across these fields is the role of technology in society, influencing economic, political, and cultural dynamics. Scholarly work in Technology in Society delves into the social forces shaping technological decisions and the societal choices regarding technology use. This encompasses scholarly and theoretical approaches (history and philosophy of science and technology, technology forecasting, economic growth, and policy, ethics), applied approaches (business innovation, technology management, legal and engineering), and developmental perspectives (technology transfer, technology assessment, and economic development). Detailed information about the journal's aims and scope on specific topics can be found in Technology in Society Briefings, accessible via our Special Issues and Article Collections.