重庆理工大学学报2025，Vol.39Issue(4)：84-104,21.DOI:10.3969/j.issn.1674-8425(s).2025.02.007
数字化转型与现金持有:基于企业创新的机制分析
Digital transformation and cash holdings:Mechanism analysis based on corporate innovation
摘要
Abstract
Under the macro background of accelerating digital development which explicitly stated in the 14th Five Year Plan,digital transformation at the enterprise level has gradually become a focus of academic attention.This article uses text mining methods to construct a digital transformation index to study the impact of digital transformation on corporate cash holdings.This article conducts an empirical analysis on the data of listed companies on the Shanghai and Shenzhen Stock Exchanges,ChiNext Board,and SME Board from 2012 to 2020.The results show as follows.First,there is a positive relationship between the degree of digital transformation of enterprises and their cash holdings.Secondly,from the perspective of prevention motivation based on cash holdings,exploring new impact mechanisms,namely that digital transformation,will increase the innovation needs of enterprises,thereby prompting them to hold more cash for future research and development.Thirdly,the results of the moderation effect analysis indicate that enterprises with larger scale and higher financial asset investment are relatively less affected by digital transformation,while in more competitive industries,the impact of digital transformation is more significant.(4)In addition,heterogeneity analysis results indicate that the degree of digitization has a more significant impact on cash holdings in state-owned enterprises and enterprises with lower levels of marketization.The research conclusion is helpful for enterprises to formulate more accurate digital transformation strategies and cash management policies based on their own characteristics,promoting the fast lane of high-quality development for enterprises.Based on this,this article suggests the digital development of enterprises be guided through policy and resource tilt.This article also encourages enterprises undergoing digital transformation get rid of short-term planning and embed digital transformation into long-term strategic planning,and encourage enterprises to actively innovate and improve their digital technology application capabilities.关键词
数字化转型/现金持有/企业创新/企业金融化Key words
digital transformation/cash holding/corporate innovation/corporate financialization分类
经济学引用本文复制引用
张翔,尹芳..数字化转型与现金持有:基于企业创新的机制分析[J].重庆理工大学学报,2025,39(4):84-104,21.基金项目
重庆市社会科学基金青年项目"行政区划整合视角下统一大市场建设对碳排放效率提升路径及政策效应研究"(23SKGH261) （23SKGH261）
