The power of market: Venture capital and enterprise digital transformation

IF 3.8 3区经济学 Q1 BUSINESS, FINANCE North American Journal of Economics and Finance Pub Date : 2024-06-08 DOI:10.1016/j.najef.2024.102218

Huan Peng, Sulidan Bumailikaimu, Ting Feng

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Abstract

Driving the digital transformation of enterprises with the power of the capital market is a new key to comprehensively promoting the development of the digital economy. In this context, we investigate the impact of venture capital on the digital transformation of enterprises. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2022, we find that venture capital can promote digital transformation. State-owned and syndicated venture capital have more significant impacts on promoting digital transformation. In terms of the mechanism of action, venture capital plays three roles: financial assistance, governance empowerment, and capability support. It helps enterprises to obtain credit support and ease financing constraints, improve management efficiency and curb myopia, increase investment in R&D personnel and innovation output, and thus promote digital transformation. In addition, venture capital can enhance its value-added role through digital transformation and provide sufficient market incentives for it to promote digital transformation. Our study enriches the literature on venture capital and enterprise digital transformation and provides empirical reference for leveraging market forces to accelerate enterprise digital construction.

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市场的力量：风险投资与企业数字化转型

借助资本市场的力量推动企业数字化转型，是全面促进数字经济发展的新关键。在此背景下，我们研究了风险投资对企业数字化转型的影响。基于2008-2022年沪深两市A股上市公司的数据，我们发现风险投资能够促进企业数字化转型。国有创投和银团创投对促进数字化转型的影响更为显著。从作用机理来看，风险投资发挥着金融助力、治理赋能和能力支持三种作用。它帮助企业获得信贷支持，缓解融资约束；提高管理效率，抑制近视；增加研发人员投入，提高创新产出，从而推动数字化转型。此外，风险投资可以通过数字化转型提升自身的增值作用，为其推动数字化转型提供充分的市场激励。我们的研究丰富了风险投资与企业数字化转型的相关文献，为借助市场力量加快企业数字化建设提供了实证参考。

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来源期刊

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.