区域数字经济、研发投入对企业再投资的影响研究——来自A股上市公司的经验证据

Impact of Regional Digital Economy and R&D Investment on Enterprise Reinvestment:Empirical Evidence from A-share Listed Companies

数字经济发展有助于实现企业的“降本增效”,对企业再投资也有着重要的推动作用。以2013—2019年中国A股上市非金融和非房地产公司为样本,建立3107家上市公司的面板数据,并采用双向固定效应模型,从数字经济驱动与研发创新的角度对企业再投资行为进行实证检验。研究表明:区域数字经济和研发投入是促进企业建立子公司的重要因素,同时研发投入对区域数字经济与企业再投资行为的关系有正向调节作用;金融科技对区域数字经济与企业再投资行为的关系有正向调节作用;区域数字经济和研发投入对非高新技术企业的再投资促进效应强于高新技术企业。基于此,应通过发展区域数字经济来激活企业再投资活力,运用企业研发补贴和金融科技发展来放大激活效应。

Digital economy development helps to realize enterprise’s“cost reduction and efficiency increase”,and also plays an important role in promoting the reinvestment of enterprises.By using the A-share listed non-financial and non-real estate companies in China from 2013 to 2019 as a sample,this study obtains the panel data of 3107 listed companies,and by adopting a two-way fixed effect model,empirically tests the reinvestment behavior of enterprises from the perspective of digital economy driving and R&D innovation.The research results show that regional digital economy and R&D investment are important factors to promote enterprises to establish subsidiaries,and meanwhile R&D investment has a positive regulatory effect on the relationship between regional digital economy and enterprise reinvestment behavior;financial technology has a positive regulatory effect on the relationship between regional digital economy and enterprise reinvestment behavior;and that the promotion effect of regional digital economy and R&D investment on the reinvestment of non-high-tech enterprises is stronger than that of high-tech enterprises.Accordingly,it is necessary to activate the reinvestment vitality of enterprises through developing regional digital economy,and amplify the activation effect by using enterprise R&D subsidies and financial technology development.