转型投入资金对中小企业数字化转型成效的影响研究  

Research on the Impact of Transformation Investment Funds on the Effectiveness of Digital Transformation in Small and Medium-Sized Enterprises Analysis of mechanisms based on efficient markets and active governments

作　　者：王仲 彭静怡 WANG Zhong;PENG Jingyi(National Industrial Information Security Development Research Center,Beijing 100040,China)

机构地区：[1]国家工业信息安全发展研究中心,北京100040

出　　处：《经济与管理》2025年第2期86-92,F0003,共8页Economy and Management

基　　金：2025中国亚太经合组织合作基金APEC中小企业绿色化数字化协同发展项目。

摘　　要：中小企业数字化转型受前期投入大、不确定性风险高、回报周期长等因素制约,“不愿转”“不会转”“不敢转”现象突出。从理论和实证层面探讨我国中小企业数字化转型成效与转型投入资金间的投入产出机制具有现实意义。研究发现,转型投入资金与中小企业数字化转型成效间呈显著正相关关系,经过稳健性检验和内生性检验后,结论依然有效;创新能力在中小企业数字化转型投入资金与转型成效两者关系中存在正向中介作用;中小企业营收能力在数字化转型投入资金与转型成效之间发挥正向调节作用。异质性分析表明,相较于机械行业,投入资金对于化工、轻工行业的数字化转型促进作用更强,并且在数字基础设施改造需求方面存在差异。The digital transformation of small and medium-sized enterprises is constrained by factors such as high initial investment,high risks of uncertainty,and long return cycles,resulting in prominent phenomena of"unwillingness to transform","inability to transform",and"reluctance to transform".This article explores the input-output mechanism between the effectiveness of digital transformation and investment funds in small and medium-sized enterprises from both theoretical and empirical perspectives.The study found that there is a significant positive correlation between investment funds and the effectiveness of digital transformation in small and medium-sized enterprises.After robustness testing and endogenous testing,the conclusion is still valid.Innovation capability plays a positive mediating role between the investment funds of digital transformation and transformation effectiveness.Revenue capability of small and medium-sized enterprises plays a positive moderating role between the investment funds of digital transformation and the transformation effectiveness.Heterogeneity testing found that compared to the mechanical industry,investment funds has a stronger promoting effect on the digital transformation of the chemical and light industries,and there are differences in the demand for digital infrastructure renovation.

关 键 词：中小企业 数字化转型 投入资金 创新能力 营收能力 

分 类 号：F123[经济管理—世界经济] F275