“拥抱”还是“拒绝”:经济政策不确定性与企业数字化转型

"Embrace"or"Reject":Economic Policy Uncertainty and Enterprise Digital Transformation

本文从经济政策不确定性视角,探究在不确定性宏观经济环境下企业是否会强化数字化转型应对外部环境不确定性。以2013一2019年沪深A股上市公司为研究样本,探讨了经济政策不确定性对企业数字化转型的具体影响与内在机理。研究结果表明:第一,经济政策不确定性对企业数字化转型产生正向驱动效应,即经济政策不确定性是不确定性环境下企业数字化转型的重要政策因素,经济政策不确定性下企业主动拥抱数字化转型,在系列稳健性检验后研究结论依然成立。第二,经济政策不确定性有助于强化企业创新研发并促进企业数字化转型,推动数字技术驱动的企业数字创新发展:且经济政策不确定性有助于强化企业数字化转型并最终促进企业创新绩效,这足以说明经济政策不确定性下企业数字化转型的创新赋能效应。第三,经济政策不确定性对企业数字化转型的影响效应在非国有产权、非政治关联与市场化强度更低的地区中更强。

From the perspective of economic policy uncertainty,this paper explores whether enterprises will strengthen digital transformation to cope with external environmental uncertainty under the uncertain macroeconomic environment.Based on the Shanghai and Shenzhen A-share listed companies from 2013 to 2019,this paper discusses the specific impact and internal mechanism of economic policy uncertainty on enterprise digital transformation.The research results show that,first,economic policy uncertainty has a positive driving effect on enterprises'digital transformation,that is,economic policy uncertainty is an important policy factor for enterprises'digital transformation in an uncertain environment.Enterprises actively embrace digital transformation under economic policy uncertainty.After a series of robustness tests,the research conclusion is still valid.Second,economic policy uncertainty helps strengthen enterprise innovation and R&D,promote enterprise digital transformation,and promote the development of digital innovation driven by digital technology;Moreover,economic policy uncertainty helps to strengthen the digital transformation of enterprises and ultimately promote the innovation performance of enterprises,which is enough to illustrate the innovation enabling effect of enterprise digital transformation under economic policy uncertainty.Third,the impact of economic policy uncertainty on the digital transformation of enterprises is stronger in regions with lower intensity of non-state property rights,non-political connections and marketization.