互联网与中国制造业企业风险承担

Internet and Chinese Manufacturing Enterprises' Risk-Taking

近年来,互联网的迅速发展深刻改变了企业的生产和经营方式,本文使用微观企业数据深入考察了互联网对中国制造业企业风险承担水平的作用效果及影响机制。研究发现,互联网通过成本节约效应和效率提升效应显著提高了制造业企业的风险承担水平;互联网对企业风险承担水平的作用效果受到企业规模、技术水平、所有制以及出口状态等因素的制约,其作用在大规模企业、高效率企业、民营企业和出口企业中更为显著;互联网通过提升企业的风险承担水平显著提高了制造业行业资源配置效率,其具体体现在促进各地区行业内高效率企业的进入、加速低效率企业的退出、修正“不对称竞争”现象以及缓解市场分割等方面。本文研究对于数字经济时代制造业企业竞争力的增强具有一定的现实意义。

In recent years,the rapid development of the Internet has profoundly changed the way of production and management of firms.This paper uses the data of Chinese manufacturing firms to examine in depth the micro-impact and channels of the use of the Internet on firms'risk-taking.The study finds that the Internet significantly increases the levels of firms'risk-taking through cost-saving effects and productivity-enhancing effects.More-over,the effect of the Internet on firms'risk-taking is constrained by factors such as the size of firms,the level of technology,the ownership and the state of exports.And the effect is more significant in those large-scale,high-efficiency,private and exporting firms.Further,by improving firms'risk-taking,the Internet has significantly promoted the effi-ciency of resource allocation in the manufacturing industry,which is mainly reflected in promoting the entry of high-efficiency enterprises in various regions,accelerating the exit of inefficient enterprises,and amending"asymmetric competition"phenomenon and erasing market segmentation.This paper has important practical significance for the improvement of the competitiveness of manufacturing firms in the digital economy era.