大数据政策治理企业“脱实向虚”——基于国家级大数据综合试验区的准自然实验

Big Data Policy Governing Enterprises′"Shift from Real to Virtual":A Quasi-Natural Experiment Based on the National-Level Big Data Comprehensive Pilot Zone

文章基于2007—2022年我国沪深两市A股上市公司数据,实证检验国家级大数据综合试验区政策对企业金融化的作用、机制和外部重要条件的影响。实证结果发现:国家级大数据综合试验区政策对企业金融化具有显著的治理作用;对非高科技企业、国有企业、东部地区企业的金融化具有较为突出的治理作用;能够有效改善企业信息不对称、提升企业发展质效以及平滑企业风险,从而能够有效治理企业金融化;进一步研究发现,在较强金融监管支撑下,国家级大数据综合试验区政策对企业金融化的治理效果更为明显。

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2022,this paper empirically tests the impact of the policy of the national-level big data comprehensive pilot zone on the financialization of enterprises,the mechanism and important external conditions.The empirical results are as follows:Firstly,the policy of the national-level big data comprehensive pilot zone has a significant governance effect on the financialization of enterprises;secondly,the policy of the national-level big data comprehensive pilot zone has a prominent role in governing the financialization behavior of non-high-tech enterprises,state-owned enterprises,and enterprises in the eastern region;thirdly,the policy of the national-level big data comprehensive pilot zone can effectively improve the information asymmetry of enterprises,improve the quality and efficiency of enterprise development,and smooth the risks of enterprises,so as to effectively govern the financialization behavior of enterprises;fourthly,with the support of strong financial supervision,the governance effect of the national-level big data comprehensive pilot zone policy on enterprise financialization is more obvious.