大数据发展与企业全要素生产率——基于国家级大数据综合试验区的实证分析

Big data development and total factor productivity of enterprises:empirical analysis based on the national big data comprehensive pilot zone

使用我国2010—2019年沪深两市A股上市公司数据,以设立国家级大数据综合试验区为外生政策冲击,利用多期双重差分模型,实证检验了大数据发展对我国企业全要素生产率产生的作用及其影响机制。研究结果显示,大数据发展可以显著提高试点地区企业的全要素生产率,这一结论在经过平行趋势检验、安慰剂检验以及其他一系列稳健性检验后依然成立。机制检验发现,大数据发展能够通过提高试点地区企业对大数据相关技术的运用程度、促进企业创新、改善企业经营能力三条途径对全要素生产率产生影响。异质性分析发现,相较于非国有企业和资本技术密集型企业,大数据发展对国有企业和劳动密集型企业全要素生产率的促进作用更强。基于研究结论,从夯实我国大数据发展基础,重视数据要素与劳动、资本等其他生产要素的融合发展以及加快扩大推动大数据发展的相关试点政策实施范围三方面提出政策建议。

This paper uses the data of China's A⁃share listed companies on the Shanghai and Shenzhen stock exchanges from 2010—2019,takes the establishment of the national big data comprehensive pilot zone as the natural experiment,and establishes a difference⁃in⁃differences model to empirically analyze the impact of big data development on the total factor productivity of enterprises.The study finds that big data development policies can significantly improve the total factor productivity of enterprises in pilot areas—a conclusion that holds true after conducting a parallel trend test,a placebo test,and a series of robustness tests.A mechanism test,meanwhile,finds that the development of big data can improve the total factor productivity of enterprises in pilot areas by improving the application degree of big data⁃related technologies,promoting enterprise innovation,and improving enterprise management ability.In addition,heterogeneity analysis finds that,compared with non⁃state⁃owned enterprises and capital⁃and technology⁃intensive enterprises,big data development plays a stronger role in promoting the total factor productivity of state⁃owned enterprises and labor⁃intensive enterprises.Based on these conclusions,this paper proposes the following policy suggestions:a solid foundation needs to be developed for big data;data factors need to be integrated with labor,capital,and other factors of production;and the implementation scope of the pilot policy to promote the development of big data needs to be accelerated.