市场分割与企业数字化转型:作用机制、应对策略与异质性特征  

Market Segmentation and Enterprise Digital Transformation:Mechanisms,Countermeasures and Heterogeneity Characteristics

作　　者：董竹 李有文[2] Dong Zhu;Li Youwen(Center for Quantitative Economics,Jilin University;School of Business and Management,Jilin University)

机构地区：[1]吉林大学数量经济研究中心,130012 [2]吉林大学商学与管理学院,130012

出　　处：《经济评论》2024年第4期90-104,共15页Economic Review

基　　金：国家社会科学基金项目“城乡融合背景下普惠金融缓解相对贫困的机制与路径研究”(21BJY043);吉林省社会科学基金项目“资本市场助推企业创新能力提升与吉林省对策研究”(2021A19)的资助。

摘　　要：在加快建设全国统一大市场和打造数字经济新优势的背景下,从地区市场分割视角探究微观主体数字化转型问题具有重要意义。本文基于2011—2021年A股上市公司样本,考察市场分割对企业数字化转型的影响及作用机理。研究表明,市场分割对企业数字化转型具有显著抑制作用。作用机制分析表明,市场分割主要通过提高经营成本、加剧融资约束、抑制市场竞争和锁定市场需求规模对企业数字化转型产生消极影响。异质性分析显示,在股价信息含量较低、资产专用性水平较高以及存在共同机构投资者的企业中,市场分割的数字化转型抑制作用更显著。进一步检验发现,高铁开通能够显著缓解市场分割对企业数字化转型的不利影响。本文有助于系统揭示地区市场分割对企业数字化转型的影响,为扎实推进全国统一大市场建设,促进企业数字化转型提供理论依据和政策启示。Against the backdrop of accelerating the construction of a unified national market and creating new advantages in the digital economy,it is of great significance to explore the digital transformation of micro entities from the perspective of regional market segmentation.Drawing from data on A-share listed companies from 2011 to 2021,this study investigates the impact and mechanism of market segmentation on enterprise digital transformation.The study shows that market segmentation significantly inhibits enterprise digital transformation,primarily through cost escalation,worsening financial constraints,reducing market competition,and constraining market demand.Heterogeneity analysis indicates a stronger inhibitory effect on digital transformation among firms with higher leverage,lower stock informativeness,higher asset specificity,and common institutional investors.Furthermore,the study finds that the development of high-speed rail networks can notably alleviate market segmentation's adverse effects on digital transformation.This research systematically unveils regional market segmentation's influence on enterprise digitalization,offering theoretical groundwork and policy insights for advancing the construction of a unified national market and promoting enterprise digital transformation.

关 键 词：全国统一大市场 市场分割 数字化转型 高铁 

分 类 号：F279.2[经济管理—企业管理]