摘要
在法治化改革深化进程中,破产制度的完善深刻影响着企业经营行为。数字化转型作为提升企业效率和推动数字经济发展的关键因素,其进程备受关注。通过手工收集破产法庭成立数据,实证分析破产审判专业化对不同规模企业数字化转型的影响。基准回归分析结果显示,破产法庭成立对企业数字化转型的整体影响不显著,但分组回归结果揭示,其对中小企业数字化转型有抑制作用,而对大企业数字化转型有促进作用,这一发现经稳健性检验后依然成立,支持了熊彼特假说。机制分析指出,融资约束和风险承担是破产法庭成立产生异质性影响的主要渠道。在非国有企业和执法效率高的地区,这种影响更为显著。同时,地区数字金融和数字技术基础设施的发展能有效减轻破产法庭成立对中小企业数字化转型的抑制作用。这些结论揭示了破产制度优化的溢出效应。
The report to the 20th National Congress of the Communist Party of China(CPC)proposes to accelerate the development of the digital economy,promote the deep integration of the digital economy and the real economy,and build a digital industry cluster with high international competitiveness.In this process,the digital transformation of enterprises is undoubtedly a key path for achieving deep integration between the two.However,the current digital transformation in Chinese enterprises is not optimistic,with only 16%of enterprises achieving significant results,and most of these enterprises are industry-leading large enterprises.The digital transformation of small and medium-sized enterprises(SMEs)significantly lags.In this context,promoting the digital transformation of SMEs has become crucial for promoting a balanced development of the digital economy.The shortage of funds and risk concerns are undoubtedly the two major challenges that hinder the digital transformation of SMEs.Since 2016,the State Council of China has explicitly required intermediate people s courts in various cities to establish liquidation and bankruptcy courts,as well as independent bankruptcy courts(hereinafter referred to as“bankruptcy courts”).This measure significantly improves the efficiency of handling bankruptcy cases,strengthens the protection of creditors rights and interests,and thus has a significant impact on the financing constraints and risk-taking level of enterprises.Theoretical research has shown that this influence exhibits significant heterogeneity among enterprises of different scales,which can have vastly different effects on the digital transformation of enterprises of different scales.This article manually collects relevant data on the establishment of bankruptcy courts and uses empirical analysis methods to deeply explore the impact of bankruptcy court establishment on the digital transformation of enterprises of different sizes.The benchmark regression results show that the establishment of bankruptcy courts has no significant overall impact on the digital transformation of enterprises.However,the group regression analysis shows that the establishment of bankruptcy courts has a restraining effect on the digital transformation of SMEs,while it has a promoting effect on the digital transformation of large enterprises.This discovery still holds true after robustness testing,providing strong support for Schumpeter s hypothesis.Further mechanism analysis shows that financing constraints and risk-taking are the main transmission channels for the heterogeneous impact of the establishment of bankruptcy courts.In addition,this impact is more significant in non-state-owned enterprises and areas with higher law enforcement efficiency.Additionally,the development of regional digital finance and digital technology facilities can alleviate the inhibitory effect of the establishment of bankruptcy courts on the digital transformation of SMEs.The marginal contributions of this article are mainly reflected in the following three aspects:Firstly,from the perspective of creditor protection,this article reveals the positive impact of optimizing the legal environment on the digital transformation of enterprises,and deepens research on the external environmental driving factors of enterprise digital transformation.Secondly,this article delves into the heterogeneous role of enterprise size in the impact of bankruptcy court establishment on the digital transformation of enterprises,providing strong empirical support for the applicability of Schumpeter s hypothesis in the Chinese context.Finally,from the perspective of digital transformation,this article deeply analyzes the microeconomic effects of the establishment of bankruptcy courts and expands the research boundaries of the“law and finance”field.The conclusion of this article reveals the spillover effects of optimizing the bankruptcy system,providing important policy references for promoting the digital transformation of enterprises of different scales in the context of legal reform.
作者
刘礼稳
文杰
LIU Liwen;WEN Jie
出处
《暨南学报(哲学社会科学版)》
北大核心
2025年第6期128-155,共28页
Jinan Journal(Philosophy and Social Sciences)
基金
江西省高校人文社会科学项目“债权人保护与投融资期限错配——基于破产法庭设立的证据”(JJ23230)。
关键词
破产法庭
企业规模
数字化转型
熊彼特假说
bankruptcy court
enterprise scale
digital transformation
Schumpeter s hypothesis
