高质量发展背景下经济数字化与企业投资  

Economy digitization and enterprise investment:Based on the natural experimental evidence of“national pilot city of information benefits the people”

作　　者：梁权熙[1] 王智宇 黄畅婷 杨慧维 LIANG Quanxi;WANG Zhiyu;HUANG Changting;YANG Huiwei(School of Economics,Guangxi University,Nanning 530004,China)

机构地区：[1]广西大学经济学院,广西南宁530004

出　　处：《重庆理工大学学报（社会科学）》2023年第9期33-49,共17页Journal of Chongqing University of Technology（Social Science）

基　　金：广西研究生教育创新计划项目“经济数字化与企业资本配置效率——基于‘信息惠民国家试点城市’的自然实验证据”(YSSW2022098)。

摘　　要：当下以数字化为核心表征的信息技术革命给企业带来了全面且深远的影响。基于2014年“信息惠民国家试点城市”政策对经济数字化的外生冲击,通过双重差分模型识别经济数字化与企业投资之间的因果关系。研究表明:“信息惠民国家试点城市”政策对企业投资具有促进作用,且这一促进作用源自试点政策促进了经济数字化,使企业能以更低的成本获得更多的外部融资从而缓解了融资约束;企业拥有更多的投资机会、增加了更多的异地投资,可以更有效地把握投资机会。异质性分析表明这一促进效应主要存在于小规模、非国有、资本技术密集型以及高素质人才占比更高的企业。研究成果不仅有助于为数字化时代的企业经营管理提供参考,而且也为政府进一步推进国家信息化建设、实现经济高质量发展提供参考。Following the agricultural revolution and the industrial revolution,human beings are experiencing the information technology revolution characterized by digitization.This new economic form has brought about a comprehensive and far-reaching impact on people’s production and life as well as the global economy.The biggest feature of economic digitization is that it can greatly improve the availability of information,accelerate the speed of information flow,reduce the cost of information transmission,and effectively reduce the information asymmetry among stakeholders.Whether and how this feature of economic digitization has an impact on economic society,especially enterprises which are one of the main entities of micro-economy,is worthy of further study.For enterprises,investment decision is the first link of financial decision,which has important research significance.Existing studies have paid little attention to whether the digital economy will affect enterprise investment,mainly examining the impact of digital finance on enterprise investment efficiency.However,it is one-sided to study the impact of digital transformation of a certain entity on enterprise investment,because economic digitization is a comprehensive transformation involving various economic entities.Therefore,this paper takes data of Shanghai-Shenzhen A-share listed companies from 2010 to 2016 as research samples,and uses the exogenous impact of the“National Pilot City of Information Benefits the People”policy on economic digitization in 2014 to design a difference in different model to identify the causal relationship between economic digitization and enterprise investment.Then this paper studies the mechanism of economic digitization on enterprise investment from the following channels,including financing constraints and investment opportunities.After that,this paper discusses the impact of the“National Pilot City of Information Benefits the People”policy on enterprise investment from the aspects of enterprise scale,property right natur

关 键 词：经济数字化 企业投资 信息不对称 融资约束 投资机会 高质量发展 

分 类 号：F832.51[经济管理—金融学] F275