数字经济与企业资本配置效率

Digital Economy and the Efficiency in Corporate Capital Allocation

利用2011—2022年城市数字经济和A股制造业上市公司的合并数据,本文实证考察了数字经济对制造业企业资本配置效率的影响及其内在机制。研究发现:(1)数字经济显著矫正了企业资本投入扭曲,提升了企业资本配置效率,工具变量法、“宽带中国”建设的准自然实验以及其他稳健性检验均支持该结论成立;(2)数字经济主要通过技术创新效应、融资约束缓释效应和竞争效应对企业资本配置效率产生积极作用,表现为数字经济在创新产出更低、面临融资约束更高的企业以及垄断程度更高的行业中产生的影响更强。建议各地区应结合自身的资源禀赋和产业定位,选取差异化的数字经济突破方向;推进更多场景的开发、开放,以需求拉动产业数字化和企业数字化转型;破除企业在市场经济下进行自主创新和外部融资的政策壁垒,拓展企业高质量发展的可持续路径。

Utilizing the combined data from A-share listed manufacturing companies and urban digital economy statistics spanning from 2011 to 2020,this study empirically investigates the influence of the digital economy on the capital allocation efficiency of manufacturing enterprises and its underlying mechanisms.The research findings are as follows:(1)The digital economy significantly corrects distortions in corporate capital investment,enhancing capital allocation efficiency.This conclusion is supported by the instrumental variable method,a quasi-natural experiment of“Broadband China”construction,and other robustness tests;(2)The positive impact of the digital economy on capital allocation efficiency is mainly driven by effects such as technological innovation,alleviation of financing constraints,and competitive dynamics.Specifically,the influence of the digital economy is more pronounced in enterprises with lower innovation output,higher financing constraints,and industries characterized by a higher degree of monopoly.In the future,regions should align with their resource endowments and industrial positioning to pursue differentiated breakthroughs in the digital economy.This involves promoting the development and openness of various scenarios to drive industry digitization and corporate digital transformation.Additionally,removing policy barriers hindering independent innovation and external financing for enterprises in the market economy is crucial to constructing a sustainable path for high-quality development of enterprises.