金融供给侧结构性改革与企业数字化转型--基于金融改革试验区的准自然实验

Financial Supply-Side Structural Reform and Enterprise Digital Transformation--Quasi-Natural Experiment Based on the Financial Reform Pilot Zone

本文以中国2007—2019年沪深两市A股上市企业为基础,采用双重差分法实证检验金融改革试验区的设立对企业数字化转型的影响。实证结果发现,金融改革试验区的设立能够显著驱动企业数字化转型。机制研究发现,这种制度改革能够通过改善企业财务、提升内部稳定性并强化创新活力,由此推动企业数字化转型。特别地,金融改革试验区对企业数字化转型的影响在金融监管较强的情境中体现得更为明显。进一步地,本文基于金融体制机制改革的着力点、协作联动、渠道机制和监管治理等视角,提出了相应政策建议。

Based on the A-share listed companies in China's Shanghai and Shenzhen stock exchanges from 2007 to 2019,this paper adopts the double-difference method to empirically test the impact of the establishment of financial reform pilot zones on the digital transformation of enterprises.The empirical results show that the establishment of financial reform pilot zones can significantly drive the digital transformation of enterprises.Mechanism studies have found that such institutional reforms can promote digital transformation of enterprises by improving corporate finances,enhancing internal stability,and enhancing innovation vitality.In particular,the impact of the financial reform pilot zone on the digital transformation of enterprises is more obvious in the context of strong financial supervision.Further,this paper puts forward corresponding policy suggestions based on the perspectives of the focus of financial system and mechanism reform,collaboration and linkage,channel mechanism and regulatory governance.