科研管理

科研管理 ›› 2024, Vol. 45 ›› Issue (6): 116-125.DOI: 10.19571/j.cnki.1000-2995.2024.06.012

• 论文 • 上一篇    下一篇

资产结构配置对企业高质量发展的影响研究——基于数字经济调节效应的分析

许志勇1,2,3，张娜1   

  1. 1.湖北经济学院会计学院，湖北 武汉430205；
    2.湖北会计发展研究中心，湖北 武汉430205；
    3.湖北经济学院资本运营研究中心，湖北 武汉430205
  • 收稿日期:2023-10-01 修回日期:2024-04-02 出版日期:2024-06-20 发布日期:2024-05-29
  • 通讯作者: 许志勇
  • 基金资助:
    国家社会科学基金一般项目：“资产结构错配与企业高质量发展的形成机理、作用机制与防控对策研究”(22BGL032，2022.09—2025.06)。

Research on the impact of asset structure allocation on the high-quality development of enterprises: An analysis based on the moderating effect of digital economy

Xu Zhiyong1,2,3, Zhang Na1   

  1. 1. School of Accounting, Hubei University of Economics, Wuhan 430205, Hubei, China;
    2. Hubei Accounting Development Research Center, Wuhan 430205, Hubei, China;
    3. Research Center for Capital Operation of Hubei University of Economics, Wuhan 430205, Hubei, China
  • Received:2023-10-01 Revised:2024-04-02 Online:2024-06-20 Published:2024-05-29

摘要：    企业资产配置反映了企业的资源配置战略，数字经济是驱动企业资源配置的新引擎，合理的资产结构是实现企业高质量发展的必要条件。本文基于2011—2020年中国A股上市公司数据，探究了企业资产结构配置偏差即资产结构错配对企业高质量发展的影响,并分析数字经济对两者关系的调节效应。研究发现：资产结构配置偏差降低了企业的高质量发展水平。作用机制显示，数字经济对资产结构错配与企业高质量发展关系具有显著正向调节效应。进一步研究表明：资产结构配置偏差对企业高质量发展的负向影响在无形资产、固定资产、存货与金融资产占总资产比例较高的企业，以及高财务杠杆、低金融发展水平与低市场化区域内企业的影响更为明显。研究结论丰富了资本配置相关理论,对推进数字经济和实体经济深度融合，促进企业高质量发展提供经验证据和参考建议。

关键词: 资产结构, 数字经济, 企业高质量发展, 调节效应

Abstract:    The asset allocation of enterprises reflects their resource allocation strategies. Digital economy is a new engine to drive the resource allocation of enterprises, and a reasonable asset structure is a necessary condition for achieving high-quality development of enterprises. Based on the panel data of China′s A-share listed companies from 2011 to 2020, this paper examined how the asset structure mismatch affects the high-quality development of enterprises and analyzed the regulatory effect of digital economy on the relationship between them. The study found that the mismatch of asset structure significantly hinders the improvement of high-quality development level of enterprises. The test results of the regulatory effect showed that the digital economy can significantly alleviate the negative impact of asset structure mismatch on the high-quality development of enterprises. Further research showed that the negative impact of asset structure mismatch on the high-quality development of enterprises is more obvious in enterprises with high proportion of financial assets, fixed assets, intangible assets and inventory in total assets, as well as those with high financial leverage, low financial development level and low marketization. The research conclusion will enrich the theory of capital allocation, and provide empirical evidence and reference suggestions for promoting the deep integration of digital economy and real economy and promoting the highquality development of enterprises.

Key words: asset structure, digital economy, high quality development of enterprise, moderating effect