摘要
数字化转型为企业降本增效、推动经济高质量发展注入了新的活力,房住不炒政策会作用于企业的经营决策,进而影响企业的转型效果.基于中国上市公司数据,探求房住不炒政策实施对企业数字化转型的影响及其作用机理.分析发现:房住不炒政策的实施能显著提升企业数字化转型水平,资源配置渠道、融资约束渠道、融资结构渠道以及风险防范渠道是该效应实现的四种机制;异质性讨论发现,房住不炒政策与企业数字化转型间的关系在不同企业特征、行业特征和城市特征下表现出明显的差异化特点;进一步分析表明,数字化转型对企业全要素生产率具有显著的促进作用,房住不炒政策会对这一影响产生负向调节作用.本研究拓展了房地产市场调控影响微观企业行为决策相关研究的边界,也为推进企业数字化转型提供了新的思路.
The digital transformation of enterprises has injected new vitality into the cost reduction and effi-ciency enhancement of enterprises and the promotion of high-quality development of the economy,and imple-menting the"Residence without Speculation"policy will play a role in the business decision-making of enter-prises,which in turn will affect the effect of the transformation of enterprises.Based on the data of listed com-panies in China,this paper explores the impact of implementing the"Residence without Speculation"policy on the digital transformation of enterprises and its mechanism.The main conclusions drawn in this paper are summarized as follows.Implementing the"Residence without Speculation"policy can significantly enhance the level of enterprise digital transformation.This effect can work through four mechanisms,namely,enter-prise resource allocation channel,financing constraint channel,financing structure channel,and risk preven-tion channel.The heterogeneity analysis finds that the relationship between housing policy and the digital transformation of enterprises shows obvious differentiation under different enterprise characteristics,industry characteristics,and city characteristics.Further analysis shows that digital transformation of enterprises has a substantial positive effect on the total factor productivity,and the"Residence without Speculation"policy will have a negative moderating effect on this effect.This paper expands the research on the impact of real estate market regulation on enterprise behavior decision-making and also provides new ideas for promoting the digital transformation of enterprises.
作者
孙倩倩
周建军
鞠方
SUN Qian-qian;ZHOU Jian-jun;JU Fang(School of Economics and Trade,Hunan University,Changsha 410082,China;School of Finance and Statistics,Hunan University,Changsha 410082,China;Research Center of New Urbanization and Real Estate,Hunan University,Changsha 410082,China)
出处
《管理科学学报》
北大核心
2025年第7期136-152,共17页
Journal of Management Sciences in China
基金
湖南社会科学基金资助项目(24YBQ032)
教育部资助哲学社会科学研究重大课题攻关项目(21JZD024).
关键词
房住不炒政策
企业数字化转型
房地产调控
"Residence without Speculation"policy
digital transformation of enterprises
real estate regulation
