数字化、溢出效应与企业绩效

本文基于2007~2020年A股上市公司的非平衡面板数据,考察数字化对企业绩效的影响及企业异质性,从企业外部融资约束环境和内部经营管理效率两个角度检验数字化对企业绩效的影响机制,最后实证考察数字化在行业内和城市内对企业绩效的溢出效应。本文的主要发现如下:数字化显著促进了企业绩效的提高,并且对小企业、北方地区、国有企业和数字化水平较高行业绩效的促进作用更大。机制检验结果发现,数字化能够同时缓解企业的外部融资约束环境和提高企业内部的经营管理效率。企业所处行业和城市的数字化水平均会对其绩效产生一定的正向溢出效应,在不同类别企业间也存在较大差异。企业自身数字化、行业和城市溢出效应均会降低企业所面临的融资约束从而促进企业绩效,而在内部经营管理效率方面,只有企业自身数字化水平起到了显著促进作用。

Digitization,Spillover Effect and Enterprise Performance

Based on the unbalanced panel data of A-share listed companies from 2007 to 2020,this paper investigates the impact and heterogeneity of digitization on enterprise performance,then tests the impact mechanism of digitization on enterprise per?formance from the perspectives of financing constraint environment and internal operation and management efficiency,and finally empirically investigates the spillover effect of digitization on enterprise performance in the industry and in the city.The main findings of this paper are as follows:digitization significantly promotes the improvement of enterprise performance.Digitization plays a grea?ter role in promoting the performance of small-scale enterprises,northern regions,state-owned enterprises and industries with high digitization level.The mechanism test results show that digitization can alleviate the external financing constraints and improve the internal operation efficiency of enterprises.Digital level of the industry and city where the enterprise is located will have a certain positive spillover effect on its performance,and there are great differences among different types of enterprises.Enterprises??own digitization,industrial and urban spillover effects will reduce the financing constraints faced by enterprises,so as to promote enter?prise performance.In terms of internal operation and management efficiency,only the enterprise??s own digital level has played a sig?nificant role.