金融改革如何赋能企业数字化转型?——来自金融综合改革试验区设立的准自然实验  

How Can Financial Reform Enable Enterprises to Transform Digitally?——From the Quasi-Natural Experiment Set Up in the Pilot Zone for Comprehensive Financial Reform

作　　者：葛春瑞 韩君 Ge Chun-rui;Han Jun(School of Statistics,Lanzhou University of Finance and Economics,Lanzhou 730020,China)

机构地区：[1]兰州财经大学统计学院,甘肃兰州730020

出　　处：《经济体制改革》2023年第5期147-155,共9页Reform of Economic System

基　　金：国家社会科学基金一般项目“新发展阶段自然资源资产负债核算理论体系构建与实践应用研究”(22BTJ001);兰州财经大学重点项目“兰州—西宁城市群高质量协同发展机制、测度与提升路径研究”(Lzufe2022B-005)。

摘　　要：金融改革作为支持实体经济发展的重要制度,对推动企业数字化转型具有重要意义。以国家设立金融综合改革试验区为准自然实验,选取2007~2020年沪深A股上市企业数据,实证检验金融改革对企业数字化转型的影响效应及作用机制。研究表明:国家设立金融综合改革试验区能够显著驱动辖区内企业数字化转型;金融改革对企业数字化转型的影响具有明显的异质性,在制度环境较高地区以及高技术行业、非国有企业中的促进作用更为明显。机制验证表明,金融改革助推企业数字化转型的关键在于纾解融资约束和促进企业创新。因此,应加快推进金融供给侧结构性改革,缓解企业资金短缺问题,增加创新投入,赋能企业数字化转型。As an important system to support the development of the real economy,financial reform is of great significance in promoting the digital transformation of enterprises.Taking the national comprehensive financial reform pilot zone as a quasi natural experiment,this paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 to empirically test the impact of financial reform on corporate Digital transformation and its mechanism.The research shows that the establishment of the national comprehensive financial reform pilot zone can significantly drive the digital transformation of enterprises within the jurisdiction.The impact of financial reform on enterprises'digital transformation has obvious heterogeneity,especially in regions with better institutional environment,high-tech industries,and non-state-owned enterprises.The mechanism verification shows that the critical path method for financial reform to promote enterprises'digital transformation is to ease financing constraints and promote enterprise innovation.So we should accelerate the financial supply side structural reform,alleviate the shortage of funds for enterprises,increase innovation investment,and enable enterprises to make Digital transformation.

关 键 词：金融综合改革试验区 数字化转型 企业技术创新 双重差分模型 

分 类 号：F832.1[经济管理—金融学]