能源价格上涨会抑制企业数字化转型吗———基于我国A股上市公司的实证研究  

Will Higher Energy Prices Inhibit Digital Transformation:Empirical Research Based on China’s A-share Listed Companies

作　　者：李永波[1] 赵高才 刘静 LI Yongbo;ZHAO Gaocai;LIU Jing(School of Economics and Management,China University of Petroleum(East China),Qingdao 266580,Shandong,China;Department of Information Construction,China University of Petroleum(East China),Qingdao 266580,Shandong,China)

机构地区：[1]中国石油大学(华东)经济管理学院,山东青岛266580 [2]中国石油大学(华东)信息化建设处,山东青岛266580

出　　处：《中国石油大学学报（社会科学版）》2024年第5期9-17,共9页Journal of China University of Petroleum (Edition of Social Sciences)

基　　金：国家社会科学基金项目(20BJL035)。

摘　　要：能源作为经济发展的动力来源,其价格直接影响微观主体经济活动,在企业数字化转型过程中,能源价格的影响不容忽视。利用Divisia指数模型构建我国能源价格指数,以2012—2022年我国A股上市公司数据为样本,运用固定效应模型探讨能源价格对企业数字化转型的影响,并进一步检验融资约束的中介效应和企业金融化的调节效应。研究结果表明:较高的能源价格会抑制企业的数字化转型,并且该抑制效应在东部企业、制造业企业和国有企业中较为明显;此外,融资约束和企业金融化在高能源价格抑制企业数字化转型的过程中分别发挥着显著的中介效应和调节效应。基于此,提出了平抑能源价格波动、引导社会资本进入和鼓励企业“脱虚向实”等建议,以期能为相关决策部门和企业提供参考。As the driving force of economic development,the price of energy directly affects the economic activities of micro-entities,and in the process of transformation of enterprise digitization,the impact of energy price should not be ignored.The Divisia index model is used to construct the Chinese energy price index,and the data of Chinese A-share listed companies from 2012-2022 are used as samples to explore the impact of energy prices on the digital transformation of enterprises by using the fixed effect model,and further test the mediating effect of financing constraints and the moderating effect of financialization of enterprises.The results show that higher energy prices inhibit the digital transformation of enterprises,and the inhibitory effect is more obvious in eastern enterprises,manufacturing enterprises,and state-owned enterprises;moreover,financing constraints and financialization of enterprises play significant mediating and moderating effects respectively in the process of inhibiting the digital transformation of enterprises by high energy prices.Based on this,three suggestions are put forward to calm energy price fluctuations,guide the entry of social capital and encourage enterprises to"turn from the virtual to the real",provide a reference for the relevant decision-making departments and enterprises.

关 键 词：能源价格 数字化转型 企业金融化 融资约束 DIVISIA指数 

分 类 号：F224[经济管理—国民经济] F49