Corporate financialization and digital transformation: evidence from China

被引：1
|
作者：
Chen, Xiangfen [1 ]
Cao, Yuhua [1 ]
Cao, Qilong [2 ]
Li, Jinglei [3 ]
Ju, Meng [3 ]
Zhang, Hongru [2 ]
机构：
[1] Suzhou City Univ, Sch Digital Econ & Management, Suzhou, Jiangsu, Peoples R China
[2] Changzhou Univ, Wu Jinglian Sch Econ, Changzhou, Jiangsu, Peoples R China
[3] Changzhou Univ, Sch Business, Changzhou, Jiangsu, Peoples R China
来源：
APPLIED ECONOMICS | 2023年
关键词：
Corporate financialization; digital transformation; conceptual frameworks; text analysis techniques; BIG DATA; INVESTMENT; INNOVATION; PERFORMANCE; IMPACT; FINANCIALISATION; INTELLIGENCE; STRATEGIES; FINANCE; GO;
D O I：
10.1080/00036846.2023.2289903
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a sample of Chinese A-share-listed firms from 2007-2019, we explore how corporate financialization affects digital transformation. The findings suggest that corporate financialization has a negative effect on digital transformation and that the relationship is more pronounced in low productivity firms, traditional industries, and high bankruptcy risk groups. The results are robust to using an alternative measurement, adopting a reduced sample, and excluding city-level factors. In addition, we develop three conceptual frameworks based on the prevailing theories (crowding out effect, financial constraint effect, and substitution effect). The research provides practical implications for firms' financialization behaviour and digital transformation path.
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页数：16
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