政府补贴对数字产业化的影响——基于企业层面数据的中介效应检验  

The Impact of Government Subsidies on the Digital Industrialization——An Intermediation Effect Test Based on Enterprise-level Data

作　　者：王瑞良 Wang Ruiliang(School of Public Finance and Taxation,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学财政税务学院,成都611130

出　　处：《工业技术经济》2025年第2期44-55,共12页Journal of Industrial Technology and Economy

摘　　要：政府补贴是促进数字产业化的重要举措。本文基于2011~2021年中国上市数字企业数据,使用面板数据模型对政府补贴与数字产业化之间的关系进行探讨。研究发现:(1)政府补贴在企业层面显著促进了数字产业化;(2)政府补贴可通过提高企业研发投入和风险承担水平、缓解企业融资约束、推动企业数字化转型来促进数字产业化;(3)政府补贴对数字产业化的影响不存在地区发展水平、企业产权性质和企业规模异质性,但存在产业特征方面的异质性,且政府补贴对数字服务业的促进作用更大。基于此,本文提出了如下建议:(1)继续加大对数字企业的补贴力度,提高企业研发投入和风险承担水平;(2)完善信贷市场运行机制,降低融资约束,促进企业数字化转型;(3)优化政府补贴政策。Government subsidies are an important measure to promote digital industrialization.Based on the data of listed digital enterprises in China from 2011 to 2021,this paper discusses the relationship between government subsidies and digital indus⁃trialization by using the panel data model.The results indicate that:firstly,the government subsidy significantly promotes the digital industrialization at the enterprise level.Then,the government subsidy can improve the R&D investment and risk-taking level,alleviate the financing constraints,and promote the digital transformation of enterprises.Finally,the level of regional development,property rights,enterprise scale and industry differences make the influence of government subsidy on the digital development of industry heterogeneous.Based on this,the paper puts forward the following suggestions:firstly,continue to increase the subsidies to digital enterprises,improve the R&D investment and risk bearing level.Secondly,improve the operation mechanism of the credit market,reduce financing constraints,and promote the digital transformation of enterprises.Thirdly,optimize the government subsidy structure.

关 键 词：政府补贴 数字产业化 数字经济 信息产业 创新融合 研发投入 风险承担水平 信贷市场 

分 类 号：F276[经济管理—企业管理] F812[经济管理—国民经济]