金融集聚促进了企业数字化转型吗--基于企业年报文本大数据分析的经验证据  

Does Financial Agglomeration Promote the Digital Transformation of Enterprises?Empirical Evidence based on Big Data Analysis of Corporate Annual Reports

作　　者：李华民 崔皓 吴非[2] Li Huamin;Cui Hao;Wu Fei

机构地区：[1]广东金融学院广东区域金融政策研究中心 [2]广东金融学院金融科技工程技术开发中心,广东省广州市510521

出　　处：《南方经济》2022年第12期60-81,共22页South China Journal of Economics

基　　金：国家自然科学基金青年项目“金融科技对企业数字化转型的效应评估、机制分析与策略优化研究”(72202046);广东省重点建设学科科研能力提升项目“金融业较快增长的机制与治理”(2021ZDJS125);广东省哲学社会科学规划青年项目“高质量发展背景下粤港澳大湾区金融科技创新的空间效应及其监管研究——基于广东省案例”(GD19YYJ06);广东区域金融政策研究中心(省重点研究基地)委托课题“金融业优先增长研究”(2021-GDJD-0101)。

摘　　要：企业数字化转型作为中国数字经济的最小微观构成,其发展离不开高质量的金融供给支撑。文章利用2007—2019年中国A股上市企业数据集,分析金融集聚对企业数字化转型的影响及其作用机制。研究发现,金融集聚能够显著促进企业数字化转型,特别是对于非国有企业、战略性新兴产业及位于初创期、成熟期的企业驱动效果更加明显。机制研究发现,金融集聚能够通过缓解融资约束、改善企业预期和促进企业创新能力提升等三种传导路径助力企业开展数字化转型。特别地,金融监管是金融集聚更好释放效力的重要外部基础条件,在金融监管强度大的地区中,金融集聚能够有效助力企业数字化转型活动。本项研究从新的视角为理解金融发展与企业创新转型提供了经验证据。The information technology wave led by digital technology is on the rise in China,the digital economy has stepped up to a new level of high-quality development,the financial industry to stick to the main responsibility of the main business,enabling the real economy is increasingly prominent importance,at the same time,the existing financial system of financial mismatch problems restrict the efficiency of financial services to the economy.In this context,in order to achieve the goal of matching finance with the real economy,financial agglomeration,as a way to accelerate the flow of financial resources,has improved the traditional financial supply pattern and enriched financing channels for the majority of micro,small and medium-sized enterprises to break financing difficulties.On this basis,this paper analyzes the impact of financial agglomeration on the digital transformation of enterprises and its mechanism by using the data set of Chinese A-share listed enterprises from 2007 to 2019.First,the core hypothesis of this paper“financial agglomeration can effectively drive the digital transformation of enterprises”is still significant after multiple robustness and endogeneity tests.Secondly,the impact of financial agglomeration on the digital transformation of enterprises will be heterogeneous due to the different attributes of enterprises.Specific terms,for the non-state-owned enterprises,in strategic emerging industries,leading enterprises in terms of financial agglomeration and maturity to significantly promote transformation and upgrading of enterprise digital,and contrary to state-owned enterprises,in the strategic emerging industry and the enterprises in terms of financial agglomeration of the recession's influence on the transformation and upgrading of enterprises to develop digital activity is weak;Thirdly,the main channels of financial agglomeration on the digital transformation and upgrading of enterprises are to relieve the financing constraints of enterprises,optimize the expectations of enterprises a

关 键 词：金融集聚 数字化转型 文本识别 金融监管 

分 类 号：F832.5[经济管理—金融学]