財務(wù)柔性對企業(yè)數(shù)字化轉(zhuǎn)型的影響研究

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TheImpact ofFinancial Flexibility on the Digital Transformation of Enterprises

ZHENG Xiaowei HE Shining

（School of Business and Management，Shanghai International Studies University，Shanghai 2Ol62O，China）

Abstract： The digital economy has become a crucial pillar of China’s national economy，fundamentally reshaping societal and economic operations through its deep integration with the real economy. Understanding the factors driving digital transformation has therefore become a research priority. This study empirically examines the impact of financial flexibility on corporate digital transformation using data from Chinese A-share listed companies from 2Oll to 2O22. The findings indicate that financial flexibility significantly promotes digital transformation in enterprises.Mechanism analysis reveals that this effect operates through enhanced dynamic capabilities and increased R&D investment.Moreover，the impact is more pronounced in high-tech enterprises and smalland medium-sized enterprises.This study contributes to the literature by exploring micro-level drivers of digital transformation in enterprises and providing empirical evidence to support policies that further integrate the digital and real economies.

Key words： financial flexibility； digital transformation； dynamic capability，R&D investment

1 問題的提出

資本、土地、知識、技術(shù)、管理、數(shù)據(jù)等在內(nèi)的各類生產(chǎn)要素的市場評價機制。（剩余12172字）