企业数字化转型对运营灵活性的影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-10-03 DOI:10.1016/j.frl.2025.108634

Yeming Sang , Rui Huang

{"title":"企业数字化转型对运营灵活性的影响","authors":"Yeming Sang , Rui Huang","doi":"10.1016/j.frl.2025.108634","DOIUrl":null,"url":null,"abstract":"<div><div>This study empirically investigates the impact of digital transformation on operational flexibility using data from A-share listed enterprises in China from 2010 to 2022. Digital transformation is measured by the frequency of digital-related keywords in annual reports, while operational flexibility is proxied by operating leverage, employee retention rate, and cash flow volatility. The results reveal a significant negative relationship between the level of digital transformation and operational flexibility. These findings remain robust after employing a Difference-in-Differences (DID) model and instrumental variable (IV) approach. Mediation analysis indicates that R&D investment plays a partial mediating role in this relationship. Further moderation analysis shows that the negative effect is more significant among state-owned and long-established enterprises. This study contributes to the theoretical understanding of the consequences of digital transformation and offers practical implications for corporate strategy and policy design.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108634"},"PeriodicalIF":6.9000,"publicationDate":"2025-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of enterprise digital transformation on operational flexibility\",\"authors\":\"Yeming Sang , Rui Huang\",\"doi\":\"10.1016/j.frl.2025.108634\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study empirically investigates the impact of digital transformation on operational flexibility using data from A-share listed enterprises in China from 2010 to 2022. Digital transformation is measured by the frequency of digital-related keywords in annual reports, while operational flexibility is proxied by operating leverage, employee retention rate, and cash flow volatility. The results reveal a significant negative relationship between the level of digital transformation and operational flexibility. These findings remain robust after employing a Difference-in-Differences (DID) model and instrumental variable (IV) approach. Mediation analysis indicates that R&D investment plays a partial mediating role in this relationship. Further moderation analysis shows that the negative effect is more significant among state-owned and long-established enterprises. This study contributes to the theoretical understanding of the consequences of digital transformation and offers practical implications for corporate strategy and policy design.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"86 \",\"pages\":\"Article 108634\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-10-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325018884\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325018884","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文利用2010 - 2022年中国a股上市企业的数据，实证研究了数字化转型对运营灵活性的影响。数字化转型是通过年度报告中数字相关关键词的出现频率来衡量的，而运营灵活性是由经营杠杆、员工保留率和现金流波动率来代表的。结果显示，数字化转型水平与运营灵活性之间存在显著的负相关关系。在采用差异中的差异（DID）模型和工具变量（IV）方法后，这些发现仍然是稳健的。中介分析表明，研发投入在这一关系中起部分中介作用。进一步的调节分析表明，国有企业和老字号企业的负面影响更为显著。本研究有助于对数字化转型后果的理论理解，并为企业战略和政策设计提供实践启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The impact of enterprise digital transformation on operational flexibility

This study empirically investigates the impact of digital transformation on operational flexibility using data from A-share listed enterprises in China from 2010 to 2022. Digital transformation is measured by the frequency of digital-related keywords in annual reports, while operational flexibility is proxied by operating leverage, employee retention rate, and cash flow volatility. The results reveal a significant negative relationship between the level of digital transformation and operational flexibility. These findings remain robust after employing a Difference-in-Differences (DID) model and instrumental variable (IV) approach. Mediation analysis indicates that R&D investment plays a partial mediating role in this relationship. Further moderation analysis shows that the negative effect is more significant among state-owned and long-established enterprises. This study contributes to the theoretical understanding of the consequences of digital transformation and offers practical implications for corporate strategy and policy design.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance