隐私保护与企业业绩表现——基于《个人信息保护法》的实证研究  

Privacy Protection and Firm Performance:An Empirical Study Based on the Personal Information Protection Law

作　　者：马瑄忆 施新政 Ma Xuanyi;Shi Xinzheng(School of Economics and Management,Tsinghua University;School of Economics,Peking University)

机构地区：[1]清华大学经济管理学院 [2]北京大学经济学院

出　　处：《经济科学》2024年第6期122-147,共26页Economic Science

基　　金：国家自然科学基金项目“智能设备的采用对服务型企业表现和员工工作时间的影响:基于实地随机实验的证据”(项目编号:72473076);国家社会科学基金项目“劳动力流动视角下健全城乡融合发展机制研究”(项目编号:19ZDA075)的阶段性成果。

摘　　要：数据作为一种继资本、劳动力之后的新型生产要素,是经济发展的重要基础和动力,为社会经济形态、商业模式、生活方式等带来一系列变革。然而在数据的获得和处理过程中,用户常面临着个人信息滥用和泄露的风险,平衡好个人信息保护与企业发展之间的关系成为当前数字经济发展中的一大难题。本文基于2021年颁布的《个人信息保护法》,借助于自然语言处理的办法,构建双重差分模型,研究隐私保护政策对企业业绩表现指标的影响。本文的研究结果表明,加强个人信息的保护对企业业绩表现有积极作用,这一作用在非国有企业、规模较大的企业和流动负债比率低的企业中更显著。机制分析表明,受隐私保护政策的影响,企业增加了创新研发支出和隐私保护型专利的申请数量,更重视产品质量和公平竞争理念的体系建设。同时,隐私保护政策的冲击使得行业集中度提升,头部企业拥有更多资源支持,进一步提升了市场竞争优势。Data,as a new factor of production following capital and labor,is an important foun⁃dation and driver for economic development,bringing about a series of changes in social and eco⁃nomic forms.However,in the process of data acquisition and processing,users often face the risks of personal information abuse and leakage.Balancing the relation between personal informa⁃tion protection and business development has become a major challenge in the current develop⁃ment of the digital economy.Based on the Personal Information Protection Law of the People's Republic of China enacted in 2021 and leveraging natural language processing methods,this pa⁃per constructs a difference⁃in⁃differences(DID)model to study the impact of privacy protection policies on firm performance indicators.The findings indicate that strengthening the protection of personal information has a positive effect on firm growth indicators,which is more significant in non⁃state⁃owned enterprises,larger enterprises,and enterprises with lower current liability ratios.Mechanism analysis shows that under the influence of privacy protection policies,compa⁃nies increase their R&D expenditures and the application number of patents for privacy⁃friendly patents,and attach more significance to the construction of product quality and fair competition concepts.At the same time,privacy protection policies lead to an increase in industry concentra⁃tion,with leading enterprises having more resources,further enhancing their market competitive advantages.

关 键 词：隐私保护 《个人信息保护法》 企业业绩表现 

分 类 号：F49[经济管理—产业经济] F27