文献类型：期刊文献

中文题名：数字化转型会影响管理层攫取私人收益吗?——来自管理层在职消费的经验证据

英文题名：Does Digital Transformation Affect Managers’Capture of Private Benefits?-Empirical Evidence from Managerial Perks

作者：黄明[1];宋渊洋[2];范君[3];徐峰[4];陈城锦[2]

机构：[1]复旦大学经济学院,上海200433;[2]华东理工大学商学院,上海200237;[3]招商银行股份有限公司信用卡中心,上海200120;[4]萍乡学院马克思主义学院,萍乡337055

年份：2025

卷号：37

期号：4

起止页码：175

中文期刊名：研究与发展管理

外文期刊名：R&D Management

收录：;北大核心:【北大核心2023】；

基金：国家自然科学基金面上项目“母公司数字化转型对海外子公司管控机制设计的影响研究”(72272051);“中国企业嵌入外资创新网络的跨界搜索机理研究:价值共创的视角”(71972050);上海市哲学社会科学规划课题“母公司数字化转型、海外子公司治理结构设计及绩效的关系研究”(2022BGL005)。

语种：中文

中文关键词：数字化转型;在职消费;自由现金流;行业多元化;地区多元化

外文关键词：digital transformation;managerial perk;free cash flow;industry diversification;regional diversification

摘要：数字化转型正在驱动公司治理变革,对管理层监督有重要影响,但相关研究较少。本文以在职消费这一管理层从任职企业攫取私人收益的典型方式为例,探讨数字化转型如何通过影响企业自由现金流,进而影响管理层攫取私人收益。基于中国上市企业数据的研究发现,数字化转型与在职消费呈倒U形:随着企业数字化转型程度的提升,管理层在职消费先上升后下降。影响机制分析表明,数字化转型通过影响企业自由现金流进而影响在职消费,数字化转型与自由现金流呈倒U形关系,自由现金流对在职消费有正向影响。调节效应分析表明,企业行业和地区多元化程度越高,数字化转型对在职消费的影响越强。本文揭示了数字化转型通过自由现金流这一新机制影响在职消费,对企业在数字化转型过程中预防管理层攫取私人收益有重要启示。
Digital transformation is reshaping corporate governance and significantly influencing management monitoring,yet relevant research remains limited.It used managerial perks,a common way for managers to capture private benefits,as an example to explore how digital transformation affects the capture of private benefits by managers through its impact on corporate free cash flow.Based on data from listed firms in China,it finds an inverted U-shaped relationship between digital transformation and managerial perks,indicating that as the degree of corporate digital transformation increases,managerial perks first rise and then fall.The analysis of the underlying mechanism showes that digital transformation influences managerial perks by affecting firm free cash flow:there is an inverted U-shaped relationship between digital transformation and firm free cash flow,and free cash flow has a positive impact on managerial perks.The moderating effect analysis reveals that the higher the degree of industry and regional diversification of a company,the stronger the impact of digital transformation on managerial perks.It reveals that digital transformation affects managerial perks through the new mechanism of free cash flow,which offers important insights for companies to prevent managers from capturing private benefits during the digital transformation process.