财政压力对企业数字化转型的影响研究  

Study on the Impact of Financial Pressure on Enterprise Digital Transformation

作　　者：刘硕 李香菊[2] LIU Shuo;LI Xiangju(China Academy of Civil Aviation Science and Technology,Beijing,China;Xi’an Jiaotong University,Xi’an,China)

机构地区：[1]中国民航科学技术研究院 [2]西安交通大学经济与金融学院,西安市710061

出　　处：《管理学报》2024年第10期1456-1466,共11页Chinese Journal of Management

基　　金：国家社会科学基金资助重点项目(19AJY024);陕西省软科学资助项目(2023-CX-RKX-002)。

摘　　要：利用2016年增值税“五五分成”改革作为地方政府受到财政压力冲击的准自然实验,采用A股上市公司2012~2019年财务数据作为研究样本,实证检验地方政府财政压力提升对企业数字化转型的影响效应。研究发现:地方政府财政压力增加对上市公司数字化转型产生了抑制作用;机制分析表明,地方政府财政压力会通过降低高水平人力资本和提高融资约束抑制企业数字化转型,地方政府财政压力也会通过“开源”和“节流”双重传导路径,从而影响企业资本要素成本与人力资本水平;进一步分析表明,区域产业集聚协同效应和信贷资源高效配置能力会对企业数字化转型产生正向调节效应,企业层面产权异质性特征也会影响财政压力冲击效应。Using the VAT Revenue Division reform in 2016 as a quasi-natural experiment of the impact of fiscal pressure on local governments,the financial data of A-share listed companies from 2012 to 2019 are used as research samples to empirically test the impact and internal mechanism of the increased financial pressure of local governments on the digital transformation of enterprises.The results show that the increasing financial pressure of local governments inhibits the digital transformation of listed companies.Mechanism analysis shows that local government financial pressure will inhibit enterprises’digital transformation by reducing high-level human capital and improving financing constraints,and local government financial pressure will also affect enterprises’capital factor cost and human capital level through the dual transmission path of“open source”and“throttling”.Further analysis shows that the synergistic effect of regional industrial agglomeration and the ability of efficient allocation of credit resources will have a positive moderating effect on the digital transformation of enterprises,and the heterogeneity of property rights at the firm level will also affect the impact effect of financial pressure.

关 键 词：财政压力 税收分成 数字化转型 双重差分 

分 类 号：C93[经济管理—管理学]