城市数字经济驱动企业高质量发展:理论逻辑与经验检验

Urban Digital Economy Driving High-quality Development of Enterprises:Theoretical Logic and Empirical Test

在当前中国数字经济与实体经济不断融合的背景下,深入探索城市数字经济发展与企业高质量发展之间的关系对于实现数实融合具有重要意义。基于结构化数据、微观数据与文本数据测度中国城市数字经济发展水平,并结合沪深A股上市企业2011—2020年数据测度企业生产率,进一步研究数字经济对企业高质量发展的影响机制与效应,结果表明:数字经济发展能显著赋能企业高质量发展,在使用工具变量法、替换企业高质量发展指标计算方式等稳健性检验后结论依旧成立;机制检验结果反映了数字经济发展有利于促进企业运营规模的扩张、研发创新能力的提升、人力资本的升级和融资约束的缓解,从而推动企业高质量发展;数字经济发展对企业生产率的提升作用,存在地区、行业及企业异质性的影响,在信息基础设施建设水平较高地区的企业、高技术行业的企业、企业数字化转型水平较高的企业高质量发展受到数字经济的促进作用更显著。研究结论拓展了数字经济效应在微观层面的研究范畴,为我国政府优化数字经济政策和企业制定高质量发展战略提供了有益参考。

In the current context of the on-going integration of China’s digital economy and real economy,it is of great significance,with an aim to integrate digital and real economies,to explore the relationship between the development of urban digital economy and the high-quality development of enterprises.This paper,based on the structured data,the micro-data and text data,measures the level of digital economy development in Chinese cities;it,by employing the data of China’s A-share listed enterprises on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2020,measures enterprise productivity,and further studies the mechanism and impact of the digital economy on the high-quality development of enterprises.The results show that:the development of the digital economy can significantly empower the high-quality development of enterprises,and the conclusion holds true after robustness tests with adopting the instrumental variables approach and replacing the calculation of the high quality development indicator;the results of the mechanism test reflect that the development of the digital economy is conducive to promoting the expansion of the operational scale of enterprises,the enhancement of R&D and innovation capabilities,the upgrading of human capital and the alleviation of financing constraints,thus promoting the high-quality development of enterprises;the promotion effect of digital economy development on enterprise productivity is influenced by regional,industry,and enterprise heterogeneity:enterprises in areas with higher levels of information infrastructure construction,high-tech industries,and enterprises with higher levels of digital transformation are more significantly promoted by the digital economy for high-quality development.The research conclusion expands the scope of micro level research on the effects of the digital economy,thus providing useful references for the Chinese government to optimize digital economy policies and enterprises to formulate high-quality development strategies.