创新驱动政策能否助力企业数字化转型?——来自国家创新型城市试点政策的证据

Can Innovation-driven Policies Help the Digital Transformation of Enterprises?Evidence from Pilot Policies of National Innovative City

加速推动企业数字化转型是实现中国经济高质量发展的必然选择。利用2008—2018年沪深A股上市公司数据,在严格筛选并控制影响试点入选变量的基础上,研究了国家创新型城市试点政策对企业数字化转型的影响及其作用机理。研究发现,试点政策显著推动了企业数字化转型,该结论经异质性-稳健估计量、PSM-DID、排除其他政策干扰等一系列稳健性检验后依然可靠。机制分析发现,创新型城市建设会通过增加企业高层次人才流入、增进银企关系和增加政府补贴助力企业破解数字化转型困局。异质性分析表明,这一政策在西部城市,以及小规模企业、创新禀赋高的企业有更大的促进作用。研究结论为破解企业数字化转型困局提供了一定的经验依据,也为完善创新型城市试点的配套政策和实现区域协调发展战略提供了一定的借鉴思路。

Accelerating the digital transformation of enterprises is an inevitable choice to realize the high-quality development of China’s economy.Using the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2018,this paper investigates the impact of the pilot policy of national innovative cities on the digital transformation of enterprises and its mechanism of action on the basis of strictly screening and controlling the variables affecting pilot selection.It is found that pilot policy significantly promotes the digital transformation of enterprises,and the conclusion still holds after a series of robustness tests such as heterogeneity-robust estimator,PSM-DID,and exclusion of interferences from other policies.The mechanism analysis finds that innovative city building will help firms crack the digital transformation dilemma by increasing the inflow of high-level talents in firms,enhancing the relationship between banks and enterprises,and increasing government subsidies.Heterogeneity analysis shows that this policy has a greater promoting effect in western cities,as well as in small-scale firms with high innovation endowment.The findings of this paper provide empirical evidence for cracking the digital transformation dilemma of enterprises,as well as ideas for improving the supporting policies of innovative city pilots and realizing the regional coordinated development strategy.