數字化轉型與家族企業傳承期績效表現

[摘 要：在遵循“數字化基礎設施（ABCDM）—互聯網商業模式—企業信息化建設”數字化邏輯的基礎上，文章基于2017—2021年上市家族企業年報，通過文本分析法構建模型，實證檢驗了家族企業數字化轉型對代際傳承動態過程中績效表現的影響機理，打開了差序格局情境下，中國兩代人協同治理家族企業的數字化效益實證研究“黑箱”，對“為什么家族二代應該引領數字化變革”作出回應。結果表明：家族企業數字化轉型能夠通過降低風險承擔水平、減少冗余資源和弱化代理成本三重路徑提升傳承期績效，但在不同傳承和創新屬性視角下表現出顯著非對稱性效果，即處于父輩掌權且子輩輔佐父輩階段以及高創新強度的家族企業數字化轉型賦能與績效驅動效應更強。實證結果為二代引領家族企業數字化轉型提供經驗支持，同時為其在數字化情境下打破企業邊界、優化業務流程、整合外部資源提出探索性建議。

關鍵詞：家族企業數字化轉型；傳承期績效；風險承擔水平；冗余資源；代理成本

中圖分類號：F276.5；F49；F832.51" " 文獻標識碼：A 文章編號：1007-5097（2023）07-0081-11 ]

Abstract：Following the digital logic of \"digital infrastructure （ABCDM）—Internet business model—enterprise informatization construction\"，this paper builds a model based on the annual report of listed family enterprises from 2017 to 2021，empirically tests the mechanism of the impact of digital transformation of family enterprises on performance in the dynamic process of intergenerational inheritance，opens the black box of empirical research on the digital benefits of collaborative governance of family enterprise by two generations in China in the context of a differentiated pattern，and responds to the question of \"why the second generation of families should lead digital transformation\". The results show that family enterprise digital transformation can improve the performance in the inheritance period by reducing the level of assumption of risk，reducing redundant resources，and weakening agency costs. However，in the perspective of different inheritance and innovation attributes，it shows a significant asymmetric effect，that is，family enterprise digital transformation has stronger empowerment and performance driving effects when the parents are in power and the children assist the parents，and when the innovation intensity is high. The empirical results provide an empirical support for the second generation to lead the digital transformation of family enterprise，and provide exploratory suggestions for them to break business boundaries，optimize business processes，and integrate external resources in the digital context.

Key words：digital transformation of family enterprise；performance in the inheritance period；risk-taking level；redundant resources；agency cost

一、引 言

數字基礎設施、數字技術應用以及互聯網商業模式深度賦能傳統產業，并逐漸成為驅動實體經濟轉型發展、消費持續升級、企業高效運轉的價值利器。2021年數字化轉型成功的領軍企業占比從2018年的7%躍升至16%［1］，數字化轉型的后備力量日益強化、“低水平均衡”問題得到有效緩解［2］。數字化轉型已然成為企業提振競爭優勢、應對多元危機和快速變化的有力抓手與驅動力量。……