Does Social Credit Help Promote the Digital Transformation of Enter-prises:A Quasi-Natural Experiment Based on the Construction of China's Social Credit System?
As a core component of the institutional environment,social credit has an irreplaceable role in the change and development of enterprises.Taking the social credit system reform pilot promoted by the National Develop-ment and Reform Commission,the People's Bank of China and other ministries and commissions as a quasi-natural ex-periment,the article empirically examines the effect of social credit system construction on the digital transformation of enterprises and its path of action.The study finds that building a social credit system significantly improves the digital transformation of companies.The test of the path of action and economic consequences found that the construction of so-cial credit system mainly acts on the digital transformation of enterprises through the two paths of decision-making opti-mization effect and resource siphoning effect,and ultimately promotes the high-quality development of enterprises.Ex-tensive research has found that the facilitating effect of social credit system construction on digital transformation of en-terprises is more pronounced among enterprises with higher information asymmetry and lower economic status.In addi-tion,the institutional trust formed by the construction of the social credit system and the relational trust formed by dia-lect and Confucian culture show a substitution effect in promoting the digital transformation of enterprises,i.e.,the in-stitutional trust can make up for the insufficiency of the relational trust to a certain extent.The article reveals the specific forms of social credit system construction to serve the real economy,providing useful policy insights for China to con-tinue to promote the construction of social credit system and help the real economy transformation and even high-quality development.
social creditdigital transformationdecision optimization effectsresource siphon effectinstitu-tional trustrelational trust
NETL
NSTL
万方数据
