摘要
在不确定性常态化背景下,企业数字化赋能经济高质量发展的作用日益凸显。理论上,企业数字化转型兼具“降本增效”的功能,能够有效应对经济政策不确定性的负面影响。本文考察经济政策不确定性上升是否会影响企业数字化转型,研究发现,经济政策不确定性每提高1个标准差,企业数字化转型程度平均提高16.32%。机制检验表明,经济政策不确定性上升通过提高企业的经营成本和经营风险,进而对企业数字化转型产生倒逼作用。进一步分析表明,企业数字化转型能够化解经济政策不确定性上升所导致的经营成本和经营风险的负向冲击,且效果优于金融化和现金持有等财务策略。此外,对于成本、风险转嫁能力较低的企业,在经济政策不确定性上升时进行数字化转型的意愿更强。相较于行业间,数字化转型在行业内的溢出效应加强了经济政策不确定性对企业数字化转型的正向作用。本文揭示了经济政策不确定性作用于企业数字化转型的内在逻辑,为企业以降成本和去风险为目的采取数字化战略的理论推断提供了经验证据。
Economic policy uncertainty is an inevitable issue in economic development in all countries.As economic policy uncertainty currently persists and tends to increase,companies reflect on how to better cope with the costs and risk entailed by shocks in the long run.In order to reduce the negative impact of economic policy uncertainty,companies have adopted several countermeasures,including holding more cash assets,investing more in financial assets,or expanding abroad.However,these strategies do not involve changes in organizational structure and the improvement of core competitive advantages,thus making it difficult to improve the ability of enterprises to cope with economic policy uncertainty at the root.In essence,uncertainty stems from limited cognitive ability under information constraints.At the same time,the digital transformation of enterprises can resolve the uncertainty of the system with automatic data flows based on the application of data and algorithms.More importantly,digital transformation can optimize enterprises'business management and business processes,entailing disruptive innovation and change.Clearly,digital transformation is expected to have a more profound and widespread impact on enterprises than the reform of their operational and financial decisions.Against the backdrop of economic policy uncertainty,the potential benefits of digitizing production and business processes and organizational management provide a strong incentive for companies to accelerate digital transformation.On the one hand,enterprises can take advantage of information after digital transformation to develop user value-oriented product competition strategies and,then,respond to the negative impact of increased operating costs by improving resource allocation efficiency.On the other hand,digital transformation can break the innovation boundaries of traditional enterprises and fundamentally improve their product innovation capabilities,thus enhancing their core advantages in a highly competitive environment.This means that
作者
祝树金
申志轩
文茜
段凡
ZHU Shujin;SHEN Zhixuan;WEN Xi;DUAN Fan(School of Economics and Trade,Hunan University;Center for Economics,Finance and Management Studies,Hunan University;Institute of Economics,Chinese Academy of Social Sciences)
出处
《数量经济技术经济研究》
CSCD
北大核心
2023年第5期24-45,共22页
Journal of Quantitative & Technological Economics
基金
国家社会科学基金重大项目(22&ZD100)
国家自然科学基金面上项目(72173040)
国家自然科学基金青年基金项目(72103062)
湖南省研究生科研创新项目(CX20210405)的联合资助。
关键词
经济政策
不确定性
数字化转型
经营成本
经营风险
Economic Policy
Uncertainty
Digital Transformation
Operating Cost
Operating Risk
