数字化转型如何促进资本跨地域流动?——基于上市公司新增异地子公司的证据
How Does Digital Transformation Promote Cross-Regional Capital Flow?——Evidence Based on Listed Companies
王营 1崔楷净2
作者信息
- 1. 山东财经大学金融学院(济南,250002)
- 2. 山东财经大学金融学院
- 折叠
摘要
本文在建设全国统一大市场、构建新发展格局的背景下,实证检验企业数字化转型对资本跨地域流动的影响及机制.研究发现,企业提高数字化水平可以显著促进资本跨地域流动,具体表现为新增异地子公司数量的提高,且能够在较长的时间序列内形成具有叠加特征的促进作用,并呈现出结构异质性的特点.数字化水平提升对资本跨地域流动的促进作用主要通过提高全要素生产率和优化人力资本结构的渠道实现;以财政补贴为表现的政企关系负向影响企业数字化水平对资本跨地域流动的促进作用.
Abstract
Against the background of building a national unified large market and constructing a new development pat-tern,this paper empirically tests the impact and mechanism of enterprise digital transformation on capital cross-regional flow.It is found that the improvement of the digitalization level can significantly promote the cross-regional capital flow,which specifically is reflected in the increase in the number of new non local subsidiaries,and can form a promoting effect with overlapping characteristics over a long time series and exhibit structural heterogeneity.The promotion effect of the digitalization improvement on the cross-regional capital flow is mainly realized through the channels of improving total fac-tor productivity and optimizing human capital structure.However,the government-enterprise relationship represented by fi-nancial subsidies has a negative effect on the effect of enterprise digitization level on the cross-regional capital flow.
关键词
数字化转型/资本跨地域流动/异地子公司/全要素生产率/政企关系Key words
digital transformation/cross-regional capital flow/non local subsidiary/total factor productivity/government-enterprise relationship引用本文复制引用
基金项目
教育部人文社科规划基金项目(23YJA790081)
山东省自然科学基金面上项目(ZR2023MG018)
山东省社会科学规划研究一般项目(23CJJJ14)
出版年
2024
NETL
NSTL
万方数据