城投平台入股与企业数字化转型——基于资源效应与治理效应的双重视角  

Share-Holding of City Investment Platform and Digital Transformation of Enterprises:From the Dual Perspective of Resource Effects and Governance Effects

作　　者：甄红线 郭东 Zhen Hong-xian;Guo Dong(Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,辽宁大连116025

出　　处：《当代财经》2025年第3期154-164,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“公司债券违约风险防范:基于公司债特殊条款和政府参与评级的视角”(72172029);国家自然科学基金面上项目“系统性风险对技术创新的影响:基于风险分层和交叉传染的视角”(71971046);辽宁省教育厅高等学校基本科研项目(面上项目)“营商环境优化、企业扶贫可持续性与乡村振兴——来自辽宁省的经验证据”(LJKR0462)。

摘　　要：当前,数字经济已成为中国经济高质量发展的重要引擎。在此背景下,企业亟须推进数字化转型。为此,以2015—2022年中国A股上市公司为样本,探究了城投平台入股企业对企业数字化转型的影响及其影响机制。研究发现,城投平台入股企业能提高企业的数字化水平。机制检验发现,在城投平台入股企业后,城投平台可以缓解企业的融资约束、提高企业的创新能力、降低企业的代理成本,因而城投平台入股企业可促进企业数字化转型。异质性检验发现,当入股企业的城投平台主体信用评级高、行政级别高和持股比例高时,城投平台入股企业对企业数字化转型的促进作用更显著。因此,要积极促进企业与城投平台合作,以推动企业数字化转型。Currently,the digital economy has become the new engine of China's high-quality economic development.In this context,it is urgent for enterprises to promote digital transformation.For this purpose,this paper takes China's A-share listed companies from 2015 to 2022 as samples to investigate the impact of the equity investments by city investment platforms on enterprises'digital transformation and its underlying mechanisms.The findings show that the equity investment by city investment platforms can enhance the digitalization level of enterprises.The mechanism test reveals that after the city investment platform invested in enterprises,it could alleviate the enterprises'financing constraints,improve their innovation capacity,and reduce their agency costs.Therefore,the investment of the city investment platform in enterprises can promote the digital transformation of enterprises.The heterogeneity analysis shows that if the city investment platform has higher credit rating,higher administrative level and higher shareholding ratio,the enterprises that invested on the city investment platform will play a more obvious role in promoting the digital transformation of the enterprises.Therefore,it is necessary to actively promote the cooperation between enterprises and city investment platforms to promote the digital transformation of enterprises.

关 键 词：城投平台入股 数字化转型 资源效应 治理效应 企业创新 

分 类 号：F294.1[经济管理—国民经济] F272.3