营商环境对企业数字化转型的影响及作用机制研究

Research on the Impact and Mechanism of Business Environment on Enterprise Digital Transformation

作为企业经营发展面临的重要外部环境,营商环境已成为企业财务决策考虑的重要因素,可能通过影响企业财务行为作用于企业数字化转型。然而有关营商环境对企业数字化转型的影响及作用机制的实证研究关注不足。文章以2010—2020年间沪深两市A股上市公司作为数据样本,探讨营商环境对企业数字化转型的影响及作用机制。研究表明:营商环境与企业数字化转型呈现正相关关系,表明优化营商环境能够促进企业数字化转型;机制检验表明,优化营商环境通过增加企业研发投入、提高信息透明度与降低财务风险,进而促进企业数字化转型,以上构成了营商环境促进企业数字化转型的主要路径;在进一步区分产权性质后发现,非国有企业数字化转型对营商环境的敏感性更强。研究结论丰富了营商环境与企业数字化转型领域的相关研究,明晰了营商环境对企业数字化转型的作用机理,同时也为政府持续优化营商环境、企业加速数字化转型提供了增量经验证据。

As an important external environment for the operation and development of enterprises,business environment has become an important factor to be considered in the financial decision-making of enterprises,which may affect enterprise digital transformation by affecting financial behavior of enterprises.However,empirical research on its impact on enterprise digital transformation and its mechanism are insufficient.Based on this,this paper takes A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2020 as data sample to explore the impact of business environment on enterprise digital transformation and its mechanism.The research shows that:there is a positive correlation between business environment and enterprise digital transformation,indicating that optimizing business environment can promote enterprise digital transformation;The mechanism test shows that optimizing business environment can promote enterprise digital transformation by increasing R&D investment,improving information transparency and reducing financial risk,which constitute the main path for business environment to promote enterprise digital transformations;After further distinguishing nature of property rights,it is found that non-state-owned enterprise digital transformation is more sensitive to business environment.The research conclusions enrich relevant research in the field of business environment and enterprise digital transformation,clarify the action mechanism of business environment on enterprise digital transformation,and provide incremental empirical evidence for the government to continuously optimize business environment and enterprises to accelerate digital transformation.