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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2022年05月第28卷第3期
   
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文章编号:1672-3104(2022)03-0110-14
 
科技金融试点政策赋能实体企业数字化转型了吗?
 
申明浩1,2,谭伟杰1,杨永聪1,2
 
(1. 广东外语外贸大学经济贸易学院,广东广州,510006;
2. 广东外语外贸大学粤港澳大湾区研究院,广东广州,510006)
 
摘  要: 以近年我国中央和地方各级政府科技与金融结合试点政策实施为准自然实验,基于2008—2016年中国A股上市实体企业面板数据,借助Python软件文本识别功能刻画出实体企业数字化转型水平,运用双重差分法(DID)考察了科技与金融结合试点政策对实体企业数字化转型的影响以及作用机理。研究发现,试点政策能够显著提升地区金融科技发展水平,进而促进实体企业数字化转型,该结论在一系列稳健性检验后仍然显著成立。机制分析表明,试点政策的有效实施,一是能够缓解信息约束问题与提升企业商业信用,二是有助于获取政府资源并引发人才集聚效应,最终赋能实体企业的数字化转型。异质性分析表明,试点政策对实体企业数字化转型的促进作用在较高内部管控成本和外部交易成本企业、高技术行业与制造业中更为显著。研究结果不仅揭示了科技金融试点政策对实体企业数字化转型的影响机理以及经济后果,也为未来数字化相关政策的制定提供了重要经验和启示。
 
关键词: 数字化转型;科技金融;实体企业;数字经济;双重差分
 
 
Has the experimental policies of sci-tech finance enabled the digital transformation of entity enterprises?
 
SHEN Minghao1,2, TAN Weijie1, YANG Yongcong1,2
 
(1. School of Economics and Trade, Guangdong University of Foreign Studies, Guangzhou, Guangdong, 510006;
2. Research Institute of Studies for the Greater Bay Area, Guangdong University of Foreign Studies, Guangzhou, Guangdong, 510006)
 
Abstract: Taking as the quasi-natural experiment the implementation of the pilot policy of integration of science, technology and finance of central and local governments, and based on 2008-2016 panel data of China A-share listed entity enterprises, this study describes the level of digital transformation of entity enterprises by employing Python crawler technology, and investigates the effect and mechanism of technology and finance integration pilot policy on digital transformation of entity enterprises by using double difference method (DID) . The study finds that the pilot policy can significantly improve the level of financial technology development in the region, and then promote the digital transformation of entity enterprises, and that the conclusion is still significant after a series of robustness tests. Mechanism analysis shows that the effective implementation of the pilot policy can firstly alleviate the information constraint and enhance the business credit of enterprises, secondly help to obtain government resources and trigger the effect of talent accumulation, and finally empower the digital transformation of entity enterprises. The heterogeneity analysis shows that the promotion effect of the pilot policy on the digital transformation of entity enterprises is more significant in the high internal control cost and external transaction cost enterprises, high-tech industries and manufacturing industries. The research results not only reveal the influence mechanism and economic consequence of sci-tech financial pilot policies on the digital transformation of entity enterprises, but also provide important experience and enlightenment for the formulation of digital related policies in the future.
 
Key words: digital transformation; sci-tech finance; entity enterprise; digital economy; double difference
 
 
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