金融科技何以驱动企业数字化转型--基于有为政府和有志企业协同的视角

How Financial Technology Drives Enterprise Digital Transformation:A Perspective of Collaborative Efforts between Proactive Governments and Ambitious Enterprises

基于2011—2021年沪深A股上市公司数据,探究金融科技对企业数字化转型的影响机理及边界条件。研究发现,金融科技正向驱动企业数字化转型,且在考察不同企业类型、行业特性和地区特征条件下,其驱动效果具有明显的差异性。机制检验表明,金融科技通过缓解融资约束和提升企业风险承担水平两个渠道驱动企业数字化转型。进一步分析发现,政府税收优惠政策和企业家精神对金融科技驱动企业数字化转型具有协同调节作用。政企的协同调节效果又因企业的数字化水平而异:对数字化领先型企业的调节是互补的,对数字化后进型企业的互补调节不明显。因此,在当前经济发展的新阶段,应大力推进金融科技赋能实体企业创新转型,并协同加强政企合作,为加快建设“数字中国”,进而实现经济高质量发展提供有益借鉴。

Based on the data of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2021,this paper explores the impact mechanism and boundary conditions of financial technology on enterprise digital transformation.The study found that financial technology has a positive driving effect on enterprise digital transformation,and the driving effect has significant differences under different enterprise types,industry characteristics and regional characteristics.The mechanism test showed that financial technology drives enterprise digital transformation through two channels:alleviating financing constraints and improving the risk-taking level of enterprises.Further analysis found that government tax preferential policies and entrepreneurial spirit have a synergistic regulatory effect on the driving effect of financial technology on enterprise digital transformation.The synergistic regulatory effect of government and enterprises varies depending on the level of enterprise digitalization:it is complementary to digitalized leading enterprises,but the complementary regulatory effect is not significant for digitalized backward enterprises.Therefore,in the new stage of economic development,it is necessary to vigorously promote financial technology to empower the innovative transformation of real economy enterprises,and to strengthen government-enterprise cooperation.This will provide valuable references for accelerating the construction of“Digital China”and achieving high-quality economic development.