摘要:本文基于镶嵌理论和声誉理论,以2007—2020年沪深A股上市公司为样本, 研究独立董事所处网络中心度对所任职企业数字化转型的影响。研究发现,独立董事所处的网络中心度越高,企业数字化转型的程度越大,说明董事网络显著促进了企业数字化转型。经稳健性检验后,该结论仍然成立。机制检验表明,独立董事网络中心度通过降低代理成本、缓解融资约束推动企业数字化转型进程。进一步研究发现,对于制度环境较差地区的企业、信息透明度较高的企业以及民营企业,独立董事网络中心度对企业数字化转型的推动作用更显著。研究结论对于如何推动数字经济与实体企业深度融合,实现企业高质量发展有重要的参考价值。
Abstract: This article is based on the embedding theory and reputation theory, and uses A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as samples to study the impact of the network centrality of independent directors on the digital transformation of the companies they serve. Research has found that the higher the network centrality of independent directors, the greater the degree of digital transformation of enterprises, indicating that the director network significantly promotes digital transformation of enterprises. After robustness testing, the conclusion still holds. Mechanism testing shows that the centrality of the independent director network drives the digital transformation process of enterprises by reducing agency costs and alleviating financing constraints. Further research has found that for enterprises in areas with poor institutional environments, enterprises with high information transparency, and private enterprises, the centrality of the independent director network has a more significant driving effect on the digital transformation of enterprises. The research conclusions have important reference value for promoting the deep integration of the digital economy and physical enterprises, and achieving high-quality development of enterprises.