数字化转型、投资环境与创业投资——基于双重调节效应模型

Digital Transformation,Investment Climate and Venture Capital--Based on the Double Moderating Effect Model

本文基于2010~2022年上市企业的样本数据,探究了企业数字化转型对创业投资的影响。研究发现:企业数字化转型显著促进了创业投资活动的开展,该结论在考虑内生性问题后仍然成立。本文将投资环境细分为信息环境、市场化水平和行业竞争程度,并基于双重调节效应模型,研究了企业数字化转型对创业投资影响的机制路径,结果表明:企业信息环境越好,数字化转型对创业投资的促进作用越强,并且市场化水平和行业竞争程度能够强化信息环境的正向调节作用。经济后果检验发现,数字化转型可以通过促进企业创业投资,进一步提升企业账面价值、市场价值和创新产出,为数字化转型和创业投资赋能企业发展提供了新证据。

This paper explores the impact of corporate digital transformation on entrepreneurial investment based on data from a sample of listed firms from 2010~2022.It is found that enterprise digital transformation significantly promotes entrepreneurial in⁃vestment activities,and this conclusion still holds after considering endogeneity issues.This paper subdivides the investment envi⁃ronment into the information environment,the level of marketization and the degree of industry competition,and based on the dou⁃ble moderating effect model,investigates the mechanism path of enterprise digital transformation on entrepreneurial investment,and the results show that:the better the enterprise information environment is,the stronger the promotion of the digital transformation on entrepreneurial investment,and the level of marketization and the degree of industry competition can strengthen the positive mo⁃derating effect of the information environment.The economic consequence test finds that digital transformation can further enhance enterprise book value,market value and innovation output by promoting entrepreneurial investment in enterprises,providing new evidence that digital transformation and entrepreneurial investment empower enterprise development.