国家数字经济创新发展试验区设立对企业风险承担的影响  

The Impact of the Establishment of National Digital Economy Innovation and Development Pilot Zones on Corporate Risk-taking

作　　者：周小渝[1] 周建军[1,2] ZHOU Xiao-yu;ZHOU Jian-jun

机构地区：[1]湘潭大学商学院 [2]湖南大学金融与统计学院

出　　处：《科学决策》2025年第1期69-81,共13页Scientific Decision Making

基　　金：教育部哲学社会科学研究重大课题攻关项目(21JZD024);湖南省哲学社会科学基金项目(21JD017);湖南省教育厅科学研究项目(20C1480)。

摘　　要：本文选取2016-2022年中国沪深A股上市公司数据,以国家数字经济创新发展试验区设立作为一项准自然实验,利用双重差分法考察该政策对企业风险承担水平的影响。研究发现:试验区的设立可以发挥资源支持和治理效应,通过缓解企业融资约束与降低企业代理成本进而提高试点地区企业的风险承担水平。异质性分析表明,试验区的设立主要提高了资本与技术密集型、知识产权保护水平和数字基建水平较高地区样本组企业的风险承担水平。以上研究结论为促进数字经济与实体经济深度融合、实现经济高质量发展提供了经验证据。This paper selects data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges for the period 2016-2022,treating the establishment of National Digital Economy Innovation Development Pilot Zones as a quasi-natural experiment.By employing the difference-in-differences method,we examine the impact of this policy on corporate risk-taking levels.The research findings indicate that the establishment of pilot zones can exert resource support and governance effects,and increase the level of risk-taking amongfirms in pilot regions by alleviatingfinancing constraints and reducing agency costs.Heterogeneity analysis shows that the establishment of pilot zones primarily enhances the risk-taking levels offirms in sample groups that are capital and technology-intensive,as well as those in regions with higher levels of intellectual property protection and digital infrastructure.These research conclusions provide empirical evidence to promote the deep integration of the digital economy with the real economy and achieve high-quality economic development.

关 键 词：国家数字经济创新发展试验区 企业风险承担 融资约束 代理成本 

分 类 号：F270[经济管理—企业管理]