摘要
科技金融作为金融“五篇大文章”之首,对提升金融服务质效、支持实体经济发展发挥了重要作用。以促进科技和金融结合试点政策为准自然实验,运用多时点双重差分法考察科技金融政策对企业数字化转型的影响及其作用机制。研究表明,试点政策显著促进了企业的数字化转型,尤其在科技类上市公司、金融发展水平较高地区以及产业结构更高级的地区效果更为明显。机制分析发现,科技金融试点政策主要通过融资缓解效应、人才支撑效应和创新驱动效应等渠道加速企业数字化转型。因此,加快政府科技投入转化、不断深化数字信用体系建设、促进数字要素协同共享,进而提高政策有效性,是推动数字化转型促进企业发展的有效机制。
The Central Financial Work Conference held in October 2023 proposed to“unswervingly follow a path of financial development with Chinese characteristics and promote high-quality development of China’s finance”,and explicitly stated that efforts should be focused on five major areas:technology finance,green finance,inclusive finance,elderly care finance and digital finance.Among them,technology finance takes the lead.China has made remarkable progress in how to promote technology finance to serve the real economy.For instance,the quality and efficiency of financial services have been continuously improved through the implementation of multiple measures and policies,so that to better support the development of the real economy.Despite the considerable literature on the science and technology finance,the relationship between technology finance and digital transformation of enterprises has received scant attention,and the mechanisms through which technology finance affects digital transformation of enterprises are not yet well understood.This study utilizes the pilot policy aimed at promoting the integration of technology and finance as a quasi-natural experiment.By applying the multi-time-point difference-in-differences approach,it explores the impact of sci-tech finance policies on the digital transformation of enterprises and the underlying mechanisms.We find that this policy has a sizeable positive effect on digital transformation of enterprises,especially in technology-listed firms,regions with higher levels of financial development,and areas with more advanced industrial structures.Mechanism analysis reveals that technology financial policy accelerates digital transformation of enterprises through channels such as financing alleviation effects,talent support effects,and innovation-driven effects.Compared with previous literatures,this paper contributes to the literature in several ways:first,we complement the literature on the consequences of the technology financial policies for the economic consequences.This paper takes the pilot policies to promote the integration of technology and finance as a quasi-natural experiment and identifies the causal relationship between technology financial policies and digital transformation of enterprises.Second,our work adds to the literature on the influencing factors of enterprises’digital transformation.It investigates the mechanisms through the financing mitigation effect,talent support effect and innovation-driven effect,providing useful inspiration for optimizing and improving digital transformation of enterprises.This paper reveals the intrinsic connection and mechanism of action between technology finance policies and digital transformation of enterprises,providing valuable insights and specific guidance for enterprises to optimize and improve their digital transformation strategies.It helps enterprises better utilize technology finance policy resources and continuously enhance their digital capabilities and market competitiveness.At the same time,these findings also help government departments more effectively promote the transformation of scientific and technological investment into actual productive forces,deepen the construction of the digital credit system,and facilitate the collaborative sharing of various production factors,thereby better guiding and supporting the digital transformation of enterprises.
作者
钱雪松
崔娅鹃
孙炜
QIAN Xuesong;CUI Yajuan;SUN Wei(School of Economics,Huazhong University of Science and Technology,Wuhan 430074,China;Industrial Bank Co.,LTD.,Xiamen Branch,Xiamen 361000,China)
出处
《西安交通大学学报(社会科学版)》
北大核心
2025年第5期16-28,共13页
Journal of Xi'an Jiaotong University:Social Sciences
基金
湖北省社会科学基金重点项目(HBSKJJ20240226)。
关键词
金融高质量发展
科技金融政策
企业数字化转型
融资缓解效应
人才支撑效应
创新驱动效应
high-quality development of finance
technology finance policy
digital transformation of enterprises
financing mitigation effect
talent support effect
innovation-driven effect
