{"title":"市场的力量：风险投资与企业数字化转型","authors":"Huan Peng, Sulidan Bumailikaimu, Ting Feng","doi":"10.1016/j.najef.2024.102218","DOIUrl":null,"url":null,"abstract":"<div><p>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 <em>A</em>-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.</p></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"74 ","pages":"Article 102218"},"PeriodicalIF":3.8000,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The power of market: Venture capital and enterprise digital transformation\",\"authors\":\"Huan Peng, Sulidan Bumailikaimu, Ting Feng\",\"doi\":\"10.1016/j.najef.2024.102218\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>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 <em>A</em>-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.</p></div>\",\"PeriodicalId\":47831,\"journal\":{\"name\":\"North American Journal of Economics and Finance\",\"volume\":\"74 \",\"pages\":\"Article 102218\"},\"PeriodicalIF\":3.8000,\"publicationDate\":\"2024-06-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"North American Journal of Economics and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1062940824001438\",\"RegionNum\":3,\"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":"North American Journal of Economics and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1062940824001438","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The power of market: Venture capital and enterprise digital transformation
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.
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.
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