地方经济增长目标与企业数字化转型——基于上市企业年报文本识别的实证研究

Local Economic Growth Goals and Corporate Digital Transformation:Based on Empirical Evidence of Text Recognition of Listed Companies'Annual Reports

地方政府部门基于经济的增长治理会对辖域内微观主体产生重要影响,地方经济增长目标也会影响到企业数字化转型.本文基于上市企业年报文本识别,分析地方经济增长目标对企业数字化转型的影响.研究发现,地方经济增长目标同微观企业主体的数字化转型之间存在明显的错配特征,地方经济增长目标设定越高,则企业的数字化转型水平越低;在企业属性差异和地区禀赋差异下,地方经济增长目标对企业数字化转型的负面冲击展现出了较强的异质性效果;地方经济增长目标设定越高,宏观上导致政府的财力愈发不平衡,并降低了财政科技支出强度,微观上从"投入—产出"两个维度对企业数字化转型能力形成挤出;地方政府的激励结构变迁,也是影响地方经济增长目标作用效果差异的重要条件.研究表明,建议充分考虑地方政府行为激励,在差异化的政策供给下驱动企业转型,注重调控地方增长目标对企业决策行为影响的传导路径.

The growth governance of local government departments based on economy will have an important influence on the micro-subjects in its jurisdiction,and the growth target of local economy will also influence the digitalization transformation of enterprises.Based on the text recognition of annual reports of listed companies,this paper analyzes the impact of local economic growth targets on the digital transformation of enterprises.It is found that there is an obvious mismatch between the local economic growth target and the digital transformation of micro-enterprises.The higher the local economic growth target,the lower the level of digital transformation of enterprises Under the difference of enterprise attribute and regional endowment,the negative impact of local economic growth target on enterprise digital transformation shows a strong heterogeneous effect,macroscopically,it leads to the imbalance of the government's financial power,and reduces the intensity of the financial expenditure on science and technology.Microscopically,it squeezes out the enterprise’s digital transformation ability from two dimensions of“Input-output”,and changes the incentive structure of the local government,it is also the important condition that affects the effect difference of local economic growth target function.The above analysis shows that it is necessary to fully consider the local government behavior incentive,drive the enterprise transformation under the differentiated policy supply,and pay attention to regulating the transmission path of the impact of local growth goals on the enterprise decision-making behavior.