国有企业数字化转型的赋能机制与外部效应  

The Private and Social Benefits of SOE's Digital Transformation

作　　者：王勇 窦斌 王悦 WANG Yong;DOU Bin;WANG Yue(School of Social Sciences,Tsinghua University,Beijing,100084,China;China Enterprise Reform and Development Society,Beijing,100053,China)

机构地区：[1]清华大学社会科学学院,北京100084 [2]中国企业改革与发展研究会,北京100053

出　　处：《经济管理》2024年第4期80-95,共16页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金重大项目“互联网平台的社会影响与治理路径研究”(21&ZD196)。

摘　　要：国有企业的数字化转型如何提升其自身运营效率,对整体经济运行产生的影响效应如何,是推进国有企业数字化转型需要回答的关键问题。对此,本文基于Word2Vec神经网络语言模型,构造了国有企业数字化转型的量化指标,并结合国有上市企业的经营数据,实证检验了国有企业数字化转型的赋能机制和外部效应。研究发现:国有企业的数字化转型可以通过优化人力资本、提升管理能力、增强创新能力三个渠道促进其生产效率的提升,呈现出显著的赋能效应;国有企业数字化转型对整体经济的外部效应体现在对其他企业转型的溢出效应,以及应对宏观经济冲击的稳定器效应。本文还发现,通过提高国有企业的财务柔性和适应性创新能力,以及加强管理层激励和加大政府补助力度,可以实现更好的转型效果。上述发现不仅从量化的角度检验了国有企业数字化转型的自身赋能效应和外部经济效应,论证了加快国有企业数字化转型的必要性,也明确了国有企业数字化转型的具体途径,为出台相关政策提供了理论依据。This paper focuses on the empowerment effect and external influence of state-owned enterprise's(SOE's)digital transformation.We empirically test the relationship between digital transformation and SOE's total factor productivity in China's capital market.With the help of the Word2Vec neural network language model,we construct the indicator of corporate digital transformation based on the digital decision-making text information in Management Discussion and Analysis(MD&A).MD&A is representative and directional,and irrelevant information is seldom included.It is a targeted discussion and analysis of the company's development strategies and other major issues by the management,taking the external business environment and internal operating conditions into full consideration.High quality text data is helpful to improve the accuracy of the empirical outcomes.With the help of deep learning algorithms and text analysis tools,this paper improves the quantitative method for evaluating digital transformation of SOE based on the textual vocabulary,semantic features,and contextual information from the MD&A.Based on this digital transformation indicator and financial data of listed SOEs,this paper tries to discuss the following two questions.First,how does digital transformation drive the improvement of SOE's productivity?That is the evaluation of the empowerment effect and its mechanisms of SOE's digital transformation.Second,how does the digital transformation of SOE generate social benefits?That is the analysis of the externalities of SOE's digital transformation from perspectives of industry level,region level,and macroeconomic environment.The main findings of this paper are as follows.Frist,the digital transformation of SOEs can significantly improve the corporate productivity by optimizing their human capital,improving their management ability and innovation ability.Second,the external influences of the SOEs'digital transformation are mainly reflected in the following two aspects:spillover effect on digital technologica

关 键 词：国有企业 数字化转型 Word2Vec模型 溢出效应 稳定器效应 

分 类 号：F061.3[经济管理—政治经济学]