市场化进程会促进企业数字化转型吗

Does the Marketization Process Facilitate the Digital Transformation of Enterprises?

企业承载着宏观数字经济发展与转型的重要功能。本文基于2010—2019年沪深A股上市公司微观数据,考察市场化进程对企业数字化转型的影响及作用机理。实证结果显示,市场化进程能够显著促进企业数字化转型,在重新构建核心解释变量与被解释变量、控制高维固定效应、剔除省会城市和直辖市样本、排除企业策略性信息披露行为后结果依旧稳健。使用市场准入负面清单试点政策的外生冲击、遗漏变量评估、工具变量、Heckman两步法以及PSM法能够部分排除内生性问题。市场化进程通过缓解要素扭曲程度、促进市场化竞争以及降低政策不确定性三种机制影响企业数字化转型,同时在企业产权、交易成本、政府治理和企业规模层面具有异质性。结构效应检验发现,市场化进程对企业技术层和应用层以及行动性和预判性数字化转型都具有显著促进作用,对技术层和行动性数字化转型影响相对较大。本文的研究结果支持深化市场化改革能够引领企业数字化转型的结论,但同时也要发挥好政府有形之手的“补位”,有效发挥两手互济的作用。

Enterprises play an important role in the development and transformation of the macro digital economy.Based on the micro data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2019,this paper examines the impact and mechanism of marketization process on the digital transformation of enterprises.The empirical re-sults show that the process of marketization can significantly promote the digital transformation of enterprises,and the re-sults remain robust after reconstructing the core dependent and independent variables,controlling for high-dimensional fixed effects,excluding provincial capitals and municipalities directly under the central government samples,and excluding the strategic disclosure behavior of enterprises.A exogenous shock based on the"negative list system for market access"pilot policy,assessing the impact of omitted variables,instrumental variables,the Heckman two-step method and the PSM method can partially rule out endogeneity problems.The marketization process affects the digital transformation of enterpri-ses by mitigating factor distortions,improving market competition,and reducing policies'uncertainty,with heterogeneity at the levels of firms'state,firms'transaction cost,government governance,and firm size.The structural effect test found that the marketization process has a significant promoting effect on the digital transformation of the enterprises'technology and application layers,as well as the digital transformation of the action and prediction layers,with a relatively significant im-pact on the technology digital transformation and action digital transformation.The findings of this paper support the idea that deepening market-based reforms can lead the digital transformation of enterprises,but at the same time,the government's visible hand should be used as a complement to effectively play a mutually beneficial role.