摘要
如何有效促进微观企业数字化转型并协同推进产业数字化成为各界共同关注的现实议题,资本市场开放可能为促进企业数字化转型提供有利的契机。利用“陆港通”交易制度实施提供的准自然实验环境,选取2007—2020年沪深A股上市公司作为研究对象,采用多时点双重差分(Difference-in-Difference,DID)模型实证检验了资本市场开放对企业数字化转型的影响及其作用机制。研究发现,资本市场开放能够显著促进企业数字化转型,即“陆港通”交易制度实施后,标的企业数字化转型程度显著提高。在进行内生性处理和一系列稳健性检验后,这一结论依然成立。机制分析表明,资本市场开放可以通过缓解融资约束、促进企业创新和缓解管理层短视等渠道促进企业数字化转型。异质性分析表明,资本市场开放对企业数字化转型的促进作用在非国有企业、高科技企业和高行业竞争度的企业中表现更为明显。
How to effectively promote the digital transformation of micro enterprises and promote industrial digitalization has become a practical issue of common concern;the stock market liberalization may provide favorable opportunities to promote the digital transformation of enterprises.Taking the quasi-natural experimental environment provided by the implementation of“Mainland-Hong Kong Stock Connect”trading system,using Shanghai and Shenzhen A-share listed companies from 2007 to 2020 as subjects,this paper used a multi-period difference-in-differences model to empirically test the impact of stock market liberalization on enterprise digital transformation and its mechanism.The research finds that stock market liberalization can significantly promote the digital transformation of enterprises,that is,after the implementation of“Mainland-Hong Kong Stock Connect”trading system,the degree of digital transformation of the target enterprises has improved significantly.The result still holds water after the endogenic treatment and a series of robustness tests.The mechanism analysis shows that stock market liberalization can promote the digital transformation of enterprises through alleviating financing constraints,promoting enterprise innovation and alleviating management myopia.Heterogeneity analysis shows that the promoting effect of stock market liberalization on enterprise digital transformation is more obvious in non-state-owned enterprises,high-tech enterprises,and enterprises with high industry competition.
作者
占韦威
ZHAN Weiwei(Business School,Nanjing University,Nanjing Jiangsu 210093,China)
出处
《北京理工大学学报（社会科学版）》
北大核心
2023年第4期159-172,共14页
Journal of Beijing Institute of Technology：Social Sciences Edition
基金
国家社科基金重大项目“互联网金融发展、风险与监管”(14ZDA043)。
关键词
资本市场开放
企业数字化转型
陆港通
融资约束
企业创新
管理层短视
stock market liberalization
enterprise digital transformation
Mainland-Hong Kong Stock Connect
financing constraints
enterprise innovation
management myopia
