自贸试验区试点政策对企业数字化转型的影响——基于多期DID模型的实证检验  

Research on the Impact of the Free Trade Zone on Enterprise Digital Transformation:Empirical Test Based on Time-varying DID Model

作　　者：柳凯 冯伟[2] 戴竹青[1] LIU Kai;FENG Wei;DAI Zhuqing(School of Economics&Management,Southeast University Chengxian College,Nanjing,Jiangsu 210088;School of Economics&Management,Southeast University,Nanjing,Jiangsu 211189)

机构地区：[1]东南大学成贤学院经济管理学院,江苏南京210088 [2]东南大学经济管理学院,江苏南京211189

出　　处：《管理现代化》2024年第5期159-167,共9页Modernization of Management

基　　金：江苏省高校哲学社会科学研究一般项目“贸易平衡背景下扩大进口对消费升级的促进机制与路径——以江苏省为例”(2020SJA2213);国家社会科学基金一般项目“‘双碳’目标下数字赋能对外贸易绿色化发展的机制与路径研究”(22BJL098);江苏省社会科学基金重点项目“‘双碳’目标下数字赋能江苏高耗能制造业转型升级研究”(22EYA002)。

摘　　要：自贸试验区建设以制度创新为核心使命,是加速企业数字化转型的重要载体。基于自由贸易试验区试点政策的准自然试验,选取2011—2021年沪深两市A股上市公司的面板数据,运用多期双重差分模型实证检验自贸试验区试点政策对企业数字化转型的影响。研究结论:自贸试验区试点政策能够显著促进企业数字化转型,实证检验结果较为稳健;异质性检验结果表明,相较于中西部地区企业和非国有企业,自贸试验区试点政策对东部地区企业和国有企业的数字化转型效应更加显著;进一步的中介效应检验结果表明,缓解企业融资约束和提高企业代理效率是自贸试验区试点政策促进企业数字化转型的作用机制。据此,本文建议:提升自贸试验区数字供给能力,精准对接企业融资需求,缓解企业内部代理冲突,探索自贸试验区协同发展。The undertaking of free trade zones,which takes institutional innovation as its core mission,is an important platform to accelerate enterprise digital transformation.Based on the quasi natural experiment of free trade zone pilot policy,this paper employs the time-varying DID model to investigate the impact of the pilot policy on enterprise digital transformation with panel data of listed companies of Chinese stock market for the period 2011-2021.The conclusions are as follows:the pilot policy of free trade zones significantly improves the level of enterprise digital transformation,and this conclusion has passed a multiple of robustness tests.Heterogeneity test finds that such impact is more robust to enterprises from the east regions and to the state-owned enterprises comparing with those from mid-west regions and non-state-owned enterprises;further mediation effect test confirms that the pilot policy of free trade zones promotes enterprise digital transformation by mitigating financing constraint and improving agency efficiency of enterprises.Therefore,this paper suggests that we should improve the digital supply ability of free trade zones,cater for the financing demand and mitigate the agency conflict of enterprises and explore the coordinated development of the free trade zones.

关 键 词：自贸试验区 企业数字化转型 政策效应 双重差分 

分 类 号：F720[经济管理—产业经济]