地方债管理体制改革与企业数字化转型

Reform of the Local Debt Management System and Digital Transformation of Enterprises

本文以2015年开始的地方债管理体制改革作为准自然实验,匹配2010—2019年上市公司数据作为研究样本,利用多期双重差分法考察了地方债管理体制改革对企业数字化转型的影响。研究发现,地方债管理体制改革显著促进了企业数字化转型,该结论经过了一系列稳健性检验后依然成立。机制分析表明地方债管理体制改革主要通过投资效应、人才效应和数字技术创新效应影响了企业数字化转型。异质性分析表明,地方债管理体制改革促进企业数字化转型在融资约束大、研发密集度高的企业和在人才集聚度高、数字化环境和政商环境较好的城市的影响更为显著。本文研究评估了地方债管理体制改革的微观经济效果,也为影响企业数字化转型的因素提供了新的经验证据。

This paper takes the reform of local debt management system since 2015 as a natural experiment,utilizes the data of listed companies from 2010 to 2019 matched with cities as a research sample,and uses the multi-period double difference method to investigate the impact of the local debt management system reform on enterprise digital transformation.The study finds that the reform of the local debt management system has significantly promoted the digital transformation of enterprises,and this conclusion is still valid after a series of robustness tests.Mechanism analysis shows that the reform of the local debt management system mainly affects the digital transformation of enterprises through investment effect,talent effect and digital technology innovation effect.The heterogeneity analysis shows that the reform of the local debt management system promotes the digital transformation of enterprises,which has more significant impact on enterprises with tight financing constraints,high RD intensity,and cities with high concentration of talents and good digital environment and political and business environment.This study verifies the microeconomic effect of the reform of the local debt management system,and also provides new empirical evidence for examining factors affecting the digital transformation of enterprises.