数字化转型与企业产能利用率——来自中国制造企业的经验发现

Digital Transformation and Enterprise Capacity Utilization:Empirical Findings from Chinese Manufacturing Enterprises

有效化解产能过剩是中国激发经济活力、突破发展瓶颈的重要手段,也是如期实现“双碳”目标和经济高质量发展的重要路径。在数字经济浪潮下,企业数字化转型带来生产模式优化与供需精准对接,可能成为化解企业过剩产能和高质量发展的重要驱动力,已有研究对企业数字化转型影响产能利用率的微观路径缺乏深入探究。文章在对制造业上市公司年度报告进行文本分析度量企业数字化转型程度的基础上,考察企业数字化转型对企业产能利用率的影响及其机理。研究发现:企业数字化转型显著提升了企业产能利用率,经过一系列的稳健性和内生性检验后,结论依然成立。机制分析表明,企业数字化转型主要通过促进技术创新、提升内部控制水平和缓解信息不对称而促进产能利用率提升。异质性分析表明,在知识产权保护较强、信息基础设施水平较高地区和非国有、劳动密集型、融资约束低的样本中,数字化转型对企业产能利用率具有更强的提升效应。经济后果分析表明,企业数字化转型通过提升企业产能利用率,进而提高了企业经营绩效和环境绩效。文章的分析丰富和拓展了企业数字化转型的经济效应,不仅为中国制造业产能过剩的化解提供了有效路径,也为数字技术赋能实体经济、引领中国经济高质量发展提供了参考。

Effectively resolving overcapacity is an important means for China to stimulate economic vitality and break through development bottlenecks.It is also an important path for China to achieve the “double carbon” goal and high-quality economic development on schedule.Under the tide of digital economy,the digital transformation of enterprises brings the optimization of production mode and the accurate connection between supply and demand,which may become an important driving force for the resolution of excess capacity and the high-quality development of enterprises.However,the existing research lacks in-depth exploration on the micro path of the impact of digital transformation on enterprise capacity utilization.Based on the text analysis of the annual reports of listed manufacturing companies to measure the degree of digital transformation,this paper examines the impact of digital transformation on enterprise capacity utilization and its mechanism.It is found that digital transformation has significantly improved enterprise capacity utilization,and the conclusion is still valid after a series of robustness tests and endogenous tests.The mechanism analysis shows that digital transformation mainly promotes the improvement of enterprise capacity utilization by promoting technological innovation,improving the level of internal control and alleviating information asymmetry.The heterogeneity analysis shows that among enterprise samples in regions with strong intellectual property protection and a high level of information infrastructure,non-state-owned and labor-intensive enterprise samples,and enterprise samples with low financing constraints,digital transformation has a stronger effect on improving enterprise capacity utilization.The economic consequence analysis shows that digital transformation ultimately improves the business performance and environmental performance of enterprises by improving enterprise capacity utilization.The main contributions of this paper are as follows:First,it brings the development of digital economy and supply-side structural reform into a unified research framework from the micro perspective,and deeply analyzes the relationship between digital transformation and enterprise capacity utilization,which enriches and expands the economic effect of digital transformation,and also provides new ideas for resolving supply-side overcapacity from the micro level.Second,it identifies and empirically tests the micro mechanism of the impact of digital transformation on enterprise capacity utilization,and explores that digital transformation can affect enterprise capacity utilization through technological innovation,internal control and information asymmetry,which expands the existing research.Third,based on the characteristics of enterprise level and regional level,it analyzes the heterogeneous effect of digital transformation on enterprise capacity utilization,and further explores the final economic consequences of digital transformation on enterprise capacity utilization,which not only provides an accurate reform direction for digital economy to boost the quality improvement of supply system,but also provides empirical evidence for digital technology to enable the real economy and lead the high-quality development of economy.