粤港澳大湾区可以助力企业数字化转型吗?——来自中国内地上市公司的经验证据

Can Guangdong-Hong Kong-Macao Bay Area Help Enterprises in their Digital Transformation?Empirical Evidence from Listed Companies in China's Mainland

粤港澳大湾区建设对宏微观经济产生的影响作用是学术界与实务界热议的话题之一。本文从企业数字化转型的微观角度出发,基于2011—2019年中国A股上市公司数据,利用双重差分模型与倾向得分匹配方法,探究了粤港澳大湾区设立对企业数字化转型的作用效果。研究发现,粤港澳大湾区在要素供给与资金支持两大方面进一步增强了企业数字化转型的程度,在考虑了平行趋势问题、样本选择问题以及其他政策干扰问题等影响后,粤港澳大湾区助力企业数字化转型的结论依旧成立。进一步研究发现,在市场化环境较差、投资者关注度较高以及制造业类企业中,这一正向作用更加显著。研究结论不仅补充了粤港澳大湾区设立的经济后果和企业数字化转型的影响因素研究,而且为有关监管部门与资本市场监督机构提供了一定的政策建议。

The impact of the construction of Guangdong-Hong Kong-Macao Bay Area on the microeconomics industry is one of the hot topics in academic and practical circles,based on the data of A-share listed companies from 2011 to 2019,this paper explores the effect on the enterprises'digital transformation after the establishment of Guangdong-Hong Kong-Macao Bay Area.The study finds that Guangdong-Hong Kong-Macao Bay Area further enhances the degree of enterprises'digital transformation in two aspects:Factors supply and financial supports,after considering the influence of parallel trend,sample selection and other policy interference,the conclusion that Guangdong-Hong Kong-Macao Bay Area encourages enterprises in digital transformation is still valid.Further research shows that the positive effect is more significant in the poor market environment,high investor attention and manufacturing enterprises.The findings of this study not only supplement the relevant literature on the impact of the establishment of the Guangdong-Hong Kong-Macao Bay Area and the factors influencing enterprises'digital transformation,it also provides some policy suggestions for relevant regulatory departments and capital market supervision institutions.