数字化转型、资金链管理与企业金融化

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中图分类号：F23 文献标识码：A doi:10.3969/j.issn.1672-2272.202508036

Digital Transformation,Capital Chain Management and Enterprise Financialization

Shi Huajun，Chen Suxin (School of Economics and Management，Hunan University of Technology， Zhuzhou 4l2007,China)

Abstract: Improving the management level of the capital chain through digital technology and reducing the uncertainty of enterprise investment is the foundation and key to accelerating the formation of new quality productivity and promoting high-quality development. From the perspective of capital chain management，the mechanism of digital transformation afecting enterprise financialization is analyzed, and the theoretical expectations are verified by the data of A-share listed companies from 2Ol1 to 2023. The results show that: ① The digital transformation of enterprises significantly improves the management level of enterprise capital chain and reduces the degree of enterprise financialization. ② Among enterprises in the eastern region， non-state-owned and with high equity concentration，the role of digital transformation in inhibiting the financialization of enterprises is more obvious. ③ Further analysis of all aspects of capital chain management shows that digital transformation plays a more significant role in inhibiting enterprise financialization through fund recovery.To a certain extent，the perspective of capital chain management provides a reference for the deep integration of digital technology and enterprise development.

Key Words:Digital Transformation; Financialization of Enterprises； Fund Chain Management

0 引言

在经济全球化不断深化的背景下，中国不可避免地受到"经济金融化"趋势的冲击[1]。（剩余19875字）