地方官员连续性与辖区内企业数字化转型程度——基于中国上市公司的实证研究  

Local Politician Continuity and Firm Digital Transformation—Evidence from Listed Firms in China

作　　者：王立雯 杨仕铭 金露 刘怡文 Liwen Wang;Shiming Yang;Jason Lu Jin;Yinwen Liu(WeBank Institute of Fintech,Shenzhen University;Research Center for Fintech and Digital-Intelligent Management,Shenzhen University;Business School,Shenzhen Campus of Sun Yat-sen University)

机构地区：[1]深圳大学微众银行金融科技学院 [2]深圳大学金融科技与数智管理研究中心 [3]中山大学·深圳商学院

出　　处：《经济管理学刊》2025年第1期189-224,共36页Quarterly Journal of Economics and Management

基　　金：国家自然科学基金项目(72002156);深圳市科技计划项目(2023A012)。

摘　　要：本文基于资源依赖理论构建研究模型,分析地方官员连续性对辖区内企业数字化转型程度的影响,检验企业海外收入比例、企业研发投入、企业所有制和地方数字经济政策的调节作用,并进一步根据国有企业细分类型和官员调任方式进行异质性分析。本文样本为2010—2022年中国沪深A股上市公司。实证结果发现,地方官员连续性对当地企业数字化转型程度具有显著的正向影响,企业海外收入比例、研发投入和地方数字经济政策会削弱这种正向效应;国有企业会强化这种正向效应,且对央企及其附属子公司的正向影响最大。此外,官员连续性对当地企业数字化转型的影响在官员不同调任来源情况下没有显著区别。本文主要贡献在于提炼出了地方官员连续性对辖区内企业数字化转型的作用机制,并反映出企业在管理非市场依赖关系时市场战略和制度因素的重要性。In the midst of digital revolution,it is both critical and urgent to promote the digital transformation of Chinese firms,as they face numerous obstacles in this process.These include,for example,a lack of clear strategic goals and practical pathways,a scarcity of digital talent,and insufficient financial resources.Emerging market governments,as a crucial force in market operations,play a significant role in coordinating and allocating market resources,while providing policy support and guidance.However,we know little regarding how local politician continuity,a systemic setting and political phenomenon in China,affects firm digital transformation.Drawing on resource dependence theory,this study investigates the impact of local politician continuity on firm digital transformation.Politician continuity in a local area lowers uncertainty in public policymaking and resource allocation,thereby facilitating local firms’digital transformation.Furthermore,firm specific characteristics and institutional factors determine the extent of firms'resource dependence on the local government,thus moderating the aforementioned effect.Specifically,we focus on how the proportion of overseas revenue,research and development(R&D)investment,firm ownership,and local digital economy policies moderate the relationship between local politician continuity and firm digital transformation.The empirical setting is Chinese listed firms from 2010 to 2022.Firm-level data came from the CSMAR database,Wind database,and China Research Data Service Platform(CNRDS).Information of local politicians were from the personal resumes of local officials published on websites,such as People's Daily Online,Xinhua Net,Zecheng Net,and Baidu Encyclopedia,and are supplemented by news reports and government websites to ensure the comprehensiveness and authenticity of the data.The names,birth dates,genders,educational backgrounds,places of origin,time of joining the CPC,first working time,time of taking office,time of leaving office,reasons for leaving office,and o

关 键 词：地方官员连续性 企业数字化转型 资源依赖理论 地方数字经济政策 

分 类 号：F270.7[经济管理—企业管理]