营商环境与政府支持对企业数字化转型的影响——来自上市企业年报文本挖掘的实证研究

选取2013—2019年沪深两市A股上市公司为研究样本，通过文本分析识别企业数字化转型程度，实证分析营商环境与政府支持对企业数字化转型的影响，以及企业数字化转型的经济后果，并充分考虑其中存在的异质性问题。结果表明：第一，营商环境方面，政府治理环境和法治建设环境优化均对企业数字化转型具有促进作用，外商投资环境优化对企业数字化转型具有抑制效应；政府支持方面，财政科技支出作为典型的政策工具，对企业数字化转型具有重要影响，其强度越大，企业数字化转型程度越高。上述结论在更换指标计算方法、延长时间窗口等稳健性检验后依旧成立。第二，企业数字化转型能够显著促进企业经济效益提升。第三，营商环境与政府支持对企业数字化转型的影响因企业产权性质、企业所处地区，以及企业所处行业差异而有所不同。为加快企业数字化转型，在持续深化“放管服”改革，优化营商环境的同时，应充分考虑企业产权、地区、行业层面特征，坚持差异化政策供给。

The Impact of Business Environment and Government Support on Enterprise Digital Transformation: An Empirical Study Based on Text Mining of Annual Reports of Listed Companies

In the mega trend of digital transformation, enterprises face many problems in the economic practice of digital transformation, such as insufficient basic technology, huge capital investment and long payback period . It is difficult to correct such transformation failure by the market alone, which highlights the necessity of "tangible hand" in driving the digital transformation of micro subjects. Among them, as an important means to stimulate market vitality, fiscal policies such as scientific and technological expenditure should help enterprises in digital transformation. At present, due to the short development time of digital economy in China, the digital transformation level of most enterprises at this stage is still at the primary "cloud" level. In addition, the digital transformation at the enterprise level is difficult to measure. Therefore, at this stage, there is limited research on the effect of enterprise digital transformation supported by the government, and the theoretical analysis and empirical test are not sufficient. Therefore, this paper analyzes the impact of business environment and government support on enterprises' digital transformation from the government and market levels. On the basis ofthe annual reports of Shanghai and Shenzhen A-share listed companies, this study uses Python to mine the word frequency related to enterprise digital transformation and measure the level of enterprise digital transformation innovatively. From the perspective of property rights, regions and industries, the influence of business environment and government support on enterprise digital transformation is fully expounded.#br#This paper selectsA-share listed companies in Shanghai and Shenzhen stock markets from 2013 to 2019 as the research object. After screening the original data, this paper gets the final samples includes 12 975 companies/annual observed values. After establishing a benchmark regression model to test the impact of business environment and government support on enterprise digital transformation, it analyses the economic consequences of enterprise digital transformation. Then, the robustness of the results is further verified by extending the time window and changing the calculation line of variables. Finally, the paper reviews the impact of business environment and government support on enterprise digital transformation from multiple perspectives of enterprise property rights, regions and industries.#br#The results show that first, in terms of business environment, the optimization of government governance environment and legal construction environment can promote enterprises' digital transformation, while the optimization of foreign investment environment has a certain inhibitory effect on enterprises' digital transformation. In terms of government support, fiscal science and technology expenditure, as a typical policy tool, has an important impact on enterprises' digital transformation, and the greater its intensity, the deeper the degree of enterprises' digital transformation. The above conclusions are still valid after the robustness tests such as changing the index calculation method and extending the time window. Second, the digital transformation of enterprises can significantly promote the improvement of economic benefits.Thirdly, the impact of business environment and government support on enterprises' digital transformation varies with the nature of enterprise property rights, the region where enterprises are located, and the industry in which enterprises are located. To be specific, the optimization of business environment has a positive impact on the digital transformation of private enterprises, enterprises in the east, central and western regions and middle and advanced technology manufacturing enterprises, and government support has a positive impact on private enterprises, northeast China and advanced technology manufacturing enterprises.#br#This paper innovatively discusses the impact of government and market on digital transformation, taking business environment, government support and enterprise digital transformation as research objects, enriching relevant researches in specific fields. The research results of this paper have guiding significance for promoting enterprise digital transformation and constructing digital China. First of all, the empirical results of this paper are the affirmation of enterprises' continuous digital transformation, which means that enterprises should seize the development opportunities of digital economy and accelerate digital transformation. Secondly, optimizing the business environment can facilitate the digital transformation of enterprises, and there is little difference in the impact on the regions and industries where enterprises are located. Therefore, the government should continue to deepen the reform to"streamline administration and delegate power, improve regulation, and upgrade services" and allow the market play a decisive role in resource allocation. Finally, the digital transformation is a long-term process in need of government support to ease the uncertainty and risk in the process of digital transformation, meanwhile the enterprises and government departments should adjust measures to local conditions, formulate measures to explore the characteristic of the digitized transformation path.#br#