Abstract：Using A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as samples, this study explores the impact of cross-owners on the enterprise digital transformation. Empirical tests find that the collusive fraud effect generated by cross-owners can significantly reduce the digital level of enterprises. The mechanism is that cross-owners can generate strong market power for the enterprises within the portfolio, thereby meeting their investment goals and reducing digital technology investment. Cross-owners can increase the market share and profitability of the enterprises within the portfolio, making them content with the current situation and reducing the digital level of enterprises. Further analysis reveals that the reducing effect of cross-owners on the digital level of enterprises is more significant in non-monopolistic industries and non-state-owned enterprises. Cross-owners which are non-controlling shareholders, or those with a short holding period, are more likely to reduce the digital level of the enterprise. After cross-owners reduced the digital level of the enterprise, they drove the management to disclose more digital technology information.
杨小伟，张娆. 连锁股东对企业数字化的影响研究[J]. 管理学报, 2024, 21(6): 831-.
YANG Xiaowei，ZHANG Rao. Research on the Impact of Cross-Owners on Enterprise Digital Transformation. Chinese Journal of Management, 2024, 21(6): 831-.
