信息基础设施建设与企业投资——基于“宽带中国”试点政策的准自然实验

Information Infrastructure Construction and Corporate Investment:Quasi-natural Experiment Based on the“Broadband China”Pilot Policy

本文基于2010—2018年A股上市公司数据,采用多时点DID模型考察以“宽带中国”试点政策为标志的信息基础设施建设对企业投资的影响。研究发现,信息基础设施建设显著提升了企业投资水平,这一结论在大量稳健性检验后仍然成立。机制分析表明,企业信息不对称程度降低和管理效率提高是信息基础设施建设提高企业投资水平的主要渠道。异质性分析表明,信息基础设施建设对企业投资水平的促进作用主要表现在资本密集型企业以及融资约束较高的企业中。进一步分析表明,信息基础设施建设也显著促进了企业权益类投资和信息化投资;同时,信息基础设施建设提高了企业投资对投资机会的敏感度,提升了企业投资效率。

Based on the data of A-share listed enterprises from 2010 to 2018,this paper uses the difference-in-differences(DID)method to examine the impact of information infrastructure construction marked by the “ Broadband China”pilot policy on corporate investment.This paper finds that information infrastructure construction significantly promotes the level of corporate investment,which still holds after a lot of robustness tests.The mechanism analysis shows that the reduction of corporate information asymmetry and the improvement of management efficiency are the main mechanisms for information infrastructure construction to increase corporate investment.The heterogeneity analysis shows that the promotion effect of information infrastructure construction is particularly pronounced in capital-intensive enterprises,and enterprises with higher financing constraints.And further analysis shows that information infrastructure construction significantly promotes equity investment and informatization investment.Meanwhile,information infrastructure construction improves the sensitivity of corporate investment to investment opportunities,indicating that it promotes the corporate investment efficiency.