数字化补贴对企业数字化转型影响分析  

Analysis on the Effect of Digital Subsidies on Corporate Digital Transformation

作　　者：丁重 孙宇 DING Zhong;SUN Yu(School of Accounting,Guangdong University of Foreign Studies,Guangzhou Guangdong 510006,China;Guangzhou Container Terminal Co.,Ltd.,Guangzhou Guangdong 510730,China)

机构地区：[1]广东外语外贸大学会计学院,广东广州510006 [2]广州集装箱码头有限公司,广东广州510730

出　　处：《金融理论与教学》2025年第2期32-45,共14页Financial Theory and Teaching

基　　金：国家自然科学基金项目“基于托宾Q理论的政府补贴创新激励效应与政策优化研究”(72203049);广东省哲学社会科学规划项目“基于Q理论的政府补贴发放机理与绩效评估研究”(GD21CYJ30)。

摘　　要：基于2007—2022年中国沪深两市A股上市公司数据,通过关键词筛选和人工复核的方法确定政府数字化补贴,实证检验了政府数字化补贴对企业数字化转型的影响。研究发现:政府数字化补贴能够促进企业的数字化转型,其中数字化创新与研发补贴对企业数字化转型的促进作用优于数字化基础设施与应用补贴。此外,这种促进作用在非国有企业、成长期企业和制造业企业中更为显著。机制检验表明,政府补贴主要通过缓解融资约束和优化人力资本结构来推动企业转型。研究结果为企业实现数字化转型提供了理论和实证依据。Based on the data from A-share listed companies in Shanghai and Shenzhen from 2007 to 2022,the paper uses key words screening and manual review methods to determine government digital subsidies,and empirically tests the impact of government digital subsidies on corporate digital transformation.The study finds that government digital subsidies can promote corporate digital transformation,and in contrast with digital infrastructure and application subsidies,digital innovation and research and development subsidies have a stronger promoting effect on corporate digital transformation.In addition,this promoting effect is more significant in non-state-owned enterprises,growing enterprises,and manufacturing enterprises.Mechanism testing shows that government subsidies mainly promote corporate transformation by alleviating financing constraints and optimizing human capital structure.The research results provide theoretical and empirical evidence for enterprises to achieve digital transformation.

关 键 词：政府数字化补贴 企业数字化转型 信号效应 

分 类 号：F812.4[经济管理—财政学]