数字化转型对企业财务绩效的影响：企业动态能力的中介作用和调节作用

摘要/Abstract

摘要： 在数字经济的背景下，企业通过数字化转型寻求提升其财务绩效。通过构建经营结果随机波动条件下的融资-生产决策模型，本文揭示了数字化转型通过动态能力影响财务绩效的内在机制，指出作为动态能力具体维度的财务柔性在绩效提升过程中的调节性影响以及中介作用。本文基于2007—2020年的A股面板数据对理论模型进行检验，实证研究发现：第一，数字化转型能够增强企业对市场环境波动的适应能力，进而能够显著提高企业的财务绩效。第二，财务柔性在上述过程中同时发挥中介作用与调节作用，具备财务柔性的企业实施数字化转型可更好地提升其财务绩效。本文有助于丰富数字化对企业管理作用的有关理论，并为更好地发挥企业数字化转型的作用提供相关启示。

关键词: 数字化转型, 适应性动态能力, 财务柔性, 财务绩效

Abstract: In the context of the digital economy, enterprises seek to enhance their financial performance through digital transformation. By constructing a financing-production decision-making model under the condition of random fluctuations in business results, this paper reveals the internal mechanism by which digital transformation affects financial performance through dynamic capabilities, and points out the moderating and mediating roles of financial flexibility, as a specific dimension of dynamic capabilities, in the process of performance improvement. Based on the A-share panel data from 2007 to 2020, this paper tests the theoretical model, and the empirical study finds that: first, digital transformation can improve the adaptability of enterprises to market environment fluctuations, and thus can significantly improve the financial performance of enterprises; second, financial flexibility plays both mediating and moderating roles in the above process, and enterprises with financial flexibility can better improve their financial performance by implementing digital transformation. This paper helps to enrich the theory about the role of digitalization in enterprise management and provides relevant enlightenment for better exerting the role of enterprise digital transformation.

Key words: digital transformation, adaptive capability, financial flexibility, financial performance

王开阳, 孙倬, 陈鹏程. 数字化转型对企业财务绩效的影响：企业动态能力的中介作用和调节作用[J]. 管理评论, 2024, 36(12): 249-262.

Wang Kaiyang, Sun Zhuo, Chen Pengcheng. The Impact of Digital Transformation on Enterprise Financial Performance: The Mediating and Moderating Roles of Dynamic Capabilities[J]. Management Review, 2024, 36(12): 249-262.

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