数字化转型、高管行为与企业代理成本

Abstract

Nowadays, digitization is regarded as a hot topic that can improve the core competitiveness of enterprises, and whether the agency problems existing in enterprises can be alleviated with the application of digital technology is still a black box. This article takes companies listed on the Shanghai and Shenzhen A-shares from 2010 to 2022 as samples and uses empirical research methods to explore the impact and mechanism of digital transformation on corporate agency costs. The research results indicate that digital transformation will increase the agency costs of enterprises. Mechanism analysis found that digital transformation increases agency costs by increasing executive compensation stickiness and on-the-job consumption, but through internal overseas talent recruitment and external financial institution shareholding, agency problems caused by digital transformation can be alleviated. Further analysis reveals that although digital transformation exacerbates the agency problem of enterprises and has a more significant impact on non-state-owned, mature, non-high-tech, and eastern region enterprises when conducting digital transformation, while increasing costs, digital transformation also improves the input-output rate of enterprises and alleviates financing constraints. In summary, the research results demonstrate the impact of enterprise digitization from the perspective of corporate governance, providing new solutions and ideas for reducing agency issues in enterprises, and enriching and expanding research on the impact of technological innovation on the economy and society.