利率市场化改革对企业数字化转型的影响

The Impact of Interest Rate Marketization Reform on Digital Transformation of Enterprises

利率市场化改革是金融体制改革的重要内容之一,其在微观层面对企业数字化转型的影响引起了学术界的关注。在阐述利率市场化促进企业数字化转型逻辑的基础上,实证检验利率市场化与企业数字化转型之间的关系。研究表明,利率市场化改革能够显著促进企业数字化转型,随着金融机构存款利率上限及贷款利率下限的取消,进行数字化转型的企业显著增加,且企业数字化转型程度显著提升;利率市场化改革促进企业数字化转型的作用机制体现为降低融资约束、促进企业研发创新、提升企业生产率。同时,企业研发创新、数字化生产和管理系统引进强化了利率市场化对企业数字化转型的促进作用。进一步研究表明,利率市场化改革对企业数字化转型的促进效应在企业规模相对较小、非国有企业和非技术密集型行业的样本中尤为明显。

The interest rate marketization reform is one of the important contents of financial system reform,and how it affects the digital transformation of enterprises at the micro level has attracted academic attention.Based on the theoretical explanation of the logical relationship between interest rate marketization and digital transformation of enterprises,this study empirically tests the relationship between interest rate marketization and digital transformation of enterprises.Research has shown that interest rate liberalization reform can significantly promote digital transformation of enterprises,and with the cancellation of deposit interest rate ceiling and lending interest rate floor of financial institutions,the number of digital transformation enterprises significantly increases,and the degree of digital transformation of enterprises significantly improves.Specifically,the important mechanism of interest rate liberalization reform in promoting digital transformation of enterprises lies in three dimensions:reducing financing constraints,promoting R&D innovation,and improving productivity.At the same time,enterprise research and development innovation,digital production,and the introduction of management systems have also strengthened the promoting effect of interest rate marketization on enterprise digital transformation.Furthermore,the promotion effect of interest rate liberalization reform on digital transformation of enterprises is particularly evident in samples of relatively small enterprise sizes,non-state-owned enterprises,and non-technical intensive industries.