数字化转型与资本配置效率——基于“两化”融合准自然实验的证据

Digital Transformation and Capital Allocation Efficiency——Evidence of Quasi-natural Experiment Based on the Integration of Industrialization and Informatization Pilot Program

本文基于“两化”融合贯标试点形成的准自然实验,以制造业上市企业为对象,对数字化转型与资本配置效率二者的联系进行了研究。研究发现:(1)企业数字化转型可以显著提升其资本配置效率,该结论经过多次稳健性检验依然成立;(2)数字化转型可以通过提升企业信息透明度和降低企业融资约束两条路径对资本配置效率产生促进作用;(3)通过异质性分析,相较于国有企业和管制性企业,数字化转型提升企业资本配置效率的效果在非国有企业和竞争性企业中更加明显。

Based on the quasi-natural experiment formed by the integration of industrialization and informatization pilot program,this paper studies the impact of digital transformation on capital allocation efficiency with the listed manufacturing enterprises as the research object.We finds that:( 1) The digital transformation of enterprises can significantly improve capital allocation efficiency,which is valid after robust tests.( 2) Digital transformation can promote the efficiency of capital allocation by improving enterprise information transparency and reducing enterprise financing constraints.( 3) Through heterogeneity analysis and test,compared with state-owned enterprises and regulatory enterprises,the effect of digital transformation to improve the efficiency of enterprise capital allocation is more obvious in non-state-owned enterprises and competitive enterprises.