智慧城市建设背景下数字经济发展对实体投资的影响研究

Research on the Impact of Digital Economy Development on Entity Investment under the Background of Smart Gity Construction

以智慧城市建设为背景,基于2008—2020年A股上市实体企业面板数据,采取多期DID方法(Time-varying DID),探究数字经济发展对实体投资的影响效应及内在机理,结果表明,数字经济发展可以显著地促进实体投资。机制分析表明,数字经济通过减缓实体与外界的信息不对称、减少融资约束、强化内部控制质量,进而对实体投资产生显著影响。异质性分析表明,在民营企业、大规模、资本密集型实体及法律制度环境完善的地区,数字经济的激励效应更为显著。

Taking the construction of smart city as the background,based on the panel data of A-share listed companies from 2008 to 2020,the author made an statistical analysis on impact effect and mechanism of development of digital economy on enterprise entity investment of Chinese enterprises,by using Time-varying DID.The results show that the development of digital economy can significantly promote the investment of Chinese enterprises.The mechanism analysis shows that the development of digital economy mainly improves the investment efficiency of enterprises by reducing information asymmetry,easing corporate financing constraints and improving the quality of internal control channels.Heterogeneity analysis shows that the incentive effect of digital economy is more significant in private enterprises,large-scale enterprises,high capital intensive enterprises and areas with perfect legal system environment.