摘要
企业数字化转型是企业在数字经济时代寻求突破的一项重要变革。以新冠疫情为自然实验,基于2019—2020年沪深两市A股上市企业季度数据,使用PSM-DID方法实证分析数字化转型如何影响企业韧性及其影响机理。结果表明:数字化转型程度较高的企业所遭受的负面影响要比数字化转型程度较低的企业更小;企业数字化转型主要通过缓解现金流压力、提升运营效率和降低企业成本三个方面有效提升企业风险应对能力;异质性分析结果表明,企业数字化转型的积极作用在非国有企业、非高科技企业和疫情严重地区企业中表现更为明显。
Digital transformation is an important change for firms to seek breakthroughs in the digital economy era.Taking the COVID-19 pandemic as a natural experiment,this paper uses the PSM-DID method to empirically analyze how digital transformation affects firm resilience and its impact mechanism based on the 2019—2020 quarterly data of A-share listed companies in Shanghai and Shenzhen stock exchanges.The results show that firms with a higher degree of digital transformation suffer less negative impact than counterparts with a lower degree of digital transformation;digital transformation improves firm resilience through three channels:alleviating cash flow pressure,improving operational efficiency,and lowering the marginal cost of the firm.The results of heterogeneity analysis show that the positive effect of digital transformation on the firm is more obvious in non-state-owned firms,non-high-tech firms,and firms in areas hit hard by COVID-19.
作者
张卿
邓石军
ZHANG Qing;DENG Shijun(Decision Consulting Center,Party School of the Guangdong Provincial Committee of CPC,Guangzhou 510053,China;Graduate School,Party School of the Guangdong Provincial Committee of CPC,Guangzhou 510053,China)
出处
《经济与管理》
2023年第1期38-48,共11页
Economy and Management
关键词
数字化转型
企业韧性
新冠疫情
不利冲击
digital transformation
firm resilience
the COVID-19 pandemic
adverse impact
