【摘要】 企业数字化转型是强调数字生产要素价值、重塑生产关系的重要体现，在转型过程中机遇与挑战并存。选取2007—2021年中国沪深A股上市公司为样本，从高管和员工收入分配视角出发，检验企业数字化转型带来的经济后果。实证结果表明：企业数字化转型对高管收入和员工收入均产生了提升效应，并且全要素生产率在其中发挥了中介作用；具体而言，相比于普通员工，数字化转型对高管收入的提升效应更显著，体现为对高管风险管理的补偿，说明这部分差距是收入分配注重效率的体现，而非高管代理问题下的自利。研究结果表明，企业数字化转型会基于要素价值效应和风险管理效应发挥收入分配效应，使得企业内部收入分配兼顾了效率与公平。研究对于数字化转型在我国实现“共同富裕”以及兼顾“效率与公平”的收入分配机制中会发挥作用提供了切实的经验证据。更多还原

【Abstract】 The digital transformation of enterprises is an important manifestation of emphasizing the value of digital production factors and reshaping production relations. Opportunities and challenges coexist in the transformation process. Selecting Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as samples, this study examines the economic consequences of digital transformation from the perspective of income distribution among executives and employees. The empirical results indicate that the digital transformation of enterprises has an improvement effect on both executive and employee income, and total factor productivity plays a mediating role in it; Specifically, compared to ordinary employees, digital transformation has a more significant effect on improving executive income, reflected in compensating for executive risk management, indicating that this gap is a reflection of efficiency in income distribution, rather than self-interest under executive agency issues. The research results indicate that digital transformation of enterprises will exert income distribution effects based on factor value effects and risk management effects, enabling internal income distribution of enterprises to balance efficiency and fairness. The study provides practical empirical evidence for the role of digital transformation in achieving “common prosperity” and balancing “efficiency and fairness” in income distribution mechanisms in China.更多还原