数字化转型, 关系型交易, 规模限制局限, 掏空局限

Under the background of Chinas characteristic “relationshipbased” system，enterprises generally adopt the model of relationshipbased transactions，and its information and communication advantages reduce the transaction costs faced by both parties However，with the promotion of economic transformation and the goal of the single nationwide market，the disadvantages of relationshipbased transactions are gradually revealed，and its governance has become the focus of academic attention
On the one hand，relationshipbased transactions can only be carried out between market entities that are familiar with each other Hence，the number of market entities that can participate as well as the market size is limited On the other hand，compared with marketbased transactions，relational transactions have higher complexity and information opacity，which make it easy to become a tool for major shareholders to hollow out minority shareholders under the pyramidtype equity structure Corresponding to these two limitations，its governance issues must be considered from two aspects
Given this，this paper uses the data of Chinalisted companies from 2010 to 2023，our study examines the effect of digital transformation on the governance of relationshipbased transactions from the perspective of related party transactions The empirical results show that the digital transformation of enterprises significantly reduces the size of related party transactions，and our inferences remain unchanged after we conduct a series of robustness tests including consideration of endogeneity The analysis of mechanisms finds that the reduction effect of digital transformation on related party transactions is mainly achieved by suppressing the size limitation disadvantage and the tunneling disadvantage of related party transactions Further analysis shows that the above effects are mainly reflected in commodity related transactions，nonmarket pricing related transactions and benefittransfer related transactions，and are more obvious in the samples with stronger substitutability of related transactions
 Compared with the existing research，this paper has the following contributions： First，this paper systematically analyzes the governance logic of digital technology in terms of scale limitation and tunneling limitation respectively，and the research conclusion is conducive to comprehensively reflecting the governance ideas of relational transactions Secondly，the conclusion of this paper is conducive to exploring new ideas of relational transaction governance from the perspective of emerging momentum，to inspire the construction of a new dualcycle development pattern and the healthy development of the capital market