摘要
文章基于2009—2023年中国A股民营上市公司数据,以国家级大数据综合实验区建设作为准自然实验,运用多期双重差分法实证检验数据要素对民营企业资产负债表韧性的影响及作用机制。研究发现,数据要素政策实施能显著提升民营企业资产负债表韧性,该结论在经过平行趋势检验、安慰剂检验等一系列稳健性检验后依然成立。机制分析表明,数据要素主要通过效率赋能与结构优化两条路径发挥作用:一方面通过提升全要素生产率增强企业资产运营效率和盈利韧性;另一方面通过驱动企业轻资产运营与信息透明化,降低债权型耐心资本,优化资本结构。异质性分析进一步揭示,政策效果在东部地区、低融资约束、高研发投入、初创期与成熟期企业以及高度依赖数据要素的行业中更为显著。文章为理解数据要素影响微观财务韧性的内在机制提供了新证据,并为政府制定差异化、精准化的数据要素赋能政策以支持民营企业高质量发展提供了重要参考。
Based on data from China’s A-share listed private enterprises from 2009 to 2023,this paper utilizes the establishment of the National Big Data Comprehensive Experimental Zones as a quasi-natural experiment and employs a multi-period difference-in-differences(DID)approach to empirically examine the impact of data factors on the balance sheet resilience of private enterprises and its underlying mechanisms.The findings reveal that the implementation of data factor policies significantly enhances the balance sheet resilience of private enterprises,a conclusion that remains robust after a series of tests including parallel trends and placebo tests.Mechanism analysis indicates that data factors primarily function through two pathways:efficiency enhancement and structural optimization.On the one hand,they boost total factor productivity(TFP),thereby strengthening asset operation efficiency and profit resilience.On the other hand,they promote lean asset operation and information transparency,which in turn reduces debt-type patient capital and optimizes the capital structure.Heterogeneity analysis further shows that the policy effects are more pronounced among enterprises located in eastern regions,those facing low financing constraints,those with high R&D intensity,those in their start-up or maturity stages,and those in industries highly dependent on data factors.This study provides new evidence for understanding the intrinsic mechanisms through which data factors influence micro-level financial resilience and offers important insights for policymakers to design targeted and differentiated data factor policies to support the high-quality development of private enterprises.
作者
王桂虎
刘永丽
苏占才
Wang Guihu;Liu Yongli;Su Zhancai
出处
《兰州学刊》
2025年第6期145-162,共18页
基金
国家社科基金后期资助项目(项目编号:22FJLB034)
河南省软科学研究计划项目(项目编号:252400410563)
河南省高等学校哲学社会科学创新人才支持计划(项目编号:2024-CXRC-15)。
关键词
国家级大数据综合实验区
民营企业
多期双重差分法
全要素生产率
耐心资本
national big data comprehensive experimental zones
private enterprises
multi-period difference-in-differences
total factor productivity
patient capital
