金融制度改革与中小企业数字化转型——来自新三板分层制度的证据  

Financial Institutional Reform and Digital Transformation of SMEs:Evidence from the Tiered System

作　　者：赵琦 钟夏洋 ZHAO Qi;ZHONG Xiayang(School of Economics,Xiamen University;The Center for Studies of Hong Kong,Macao and Pearl River Delta,Sun Yat-sen University)

机构地区：[1]厦门大学经济学院 [2]中山大学港澳珠江三角洲研究中心

出　　处：《数量经济技术经济研究》2024年第10期131-149,共19页Journal of Quantitative & Technological Economics

摘　　要：分层制度是资本市场赋能中小企业高质量发展的特色化制度安排,对中小企业数字化转型产生了重要影响。本文以2016年开始实施的分层制度为准自然实验,利用2013~2020年新三板挂牌企业数据,通过文本分析法构造企业的数字化转型指标,实证检验资本市场制度建设对中小企业数字化转型的影响。研究发现,分层制度能够显著驱动中小企业数字化转型。机制检验表明,分层制度提高了新三板市场的信息透明度,降低了外部投资者与企业之间的信息不对称程度,推动要素资源向创新层企业集聚,从而降低了中小企业数字化转型成本。此外,分层制度促进创新层企业改善治理结构,充分发挥了多样性董事会功能,缓解了管理层的道德风险问题,使企业调整经营战略,激发其数字化转型动力。进一步分析发现,分层制度对机构投资者持股比例较高、人力资本水平较高和高新技术行业的企业数字化转型影响更为显著。本文验证了资本市场制度对实体经济尤其是中小企业数字化转型的赋能作用,不仅为促进数字技术和实体经济深度融合提供相关启示,而且对理解中国多层次资本市场建设具有重要的现实意义。The National Equity Exchange and Quotation System,commonly known as“New Third Board”,is designed to provide financing services for innovative,entrepreneurial,and growing smalland medium-sized enterprises(SMEs).Compared with China's A-share market stock exchanges,the New Third Board possesses a unique attribute of a nursery,focusing on nurturing SMEs with growth and investment value.This distinctive characteristic of the New Third Board presents unique issues in its operation.The tiered system of the New Third Board,as a unique institutional design,aims to meet the differentiated capital service needs of SMEs,enhance the efficiency of capital market allocation,and support the development of SMEs.The report of the 20th National Congress of the Communist Party of China emphasizes the need to“support the development of SMEs”and“promote the deep integration of the digital economy and the real economy”,highlighting the importance of SME digital transformation from a top-down perspective.However,at present,the effectiveness of digital transformation in China's SMEs is insufficient,and the experience of digital transformation is scarce.According to the Ministry of Industry and Information Technology's“Guidelines for SME Digital Transformation”,SMEs,being numerous and widespread,are critical for digital transformation.Therefore,whether the capital market can provide guarantees for the digital transformation of SMEs is crucial for the high-quality development of the real economy.This raises the following question:Can the tiered system of the New Third Board drive the digital transformation of SMEs?This study takes New Third Board SMEs as the research object,constructs an index for the level of corporate digital transformation based on annual reports and financial data of SMEs from 2013 to 2020,and adopts the multi-period difference-in-differences model to investigate whether the tiered system of the New Third Board can drive corporate digital transformation.The study finds that the tiered system can signifi

关 键 词：新三板分层制度 中小企业 数字化转型 多层次资本市场 

分 类 号：F832.51[经济管理—金融学]