Does the Marketization Process Facilitate the Digital Transformation of Enterprises?
Enterprises play an important role in the development and transformation of the macro digital economy.Based on the micro data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2019,this paper examines the impact and mechanism of marketization process on the digital transformation of enterprises.The empirical re-sults show that the process of marketization can significantly promote the digital transformation of enterprises,and the re-sults remain robust after reconstructing the core dependent and independent variables,controlling for high-dimensional fixed effects,excluding provincial capitals and municipalities directly under the central government samples,and excluding the strategic disclosure behavior of enterprises.A exogenous shock based on the"negative list system for market access"pi-lot policy,assessing the impact of omitted variables,instrumental variables,the Heckman two-step method and the PSM method can partially rule out endogeneity problems.The marketization process affects the digital transformation of enterpri-ses by mitigating factor distortions,improving market competition,and reducing policies'uncertainty,with heterogeneity at the levels of firms'state,firms'transaction cost,government governance,and firm size.The structural effect test found that the marketization process has a significant promoting effect on the digital transformation of the enterprises'technology and application layers,as well as the digital transformation of the action and prediction layers,with a relatively significant im-pact on the technology digital transformation and action digital transformation.The findings of this paper support the idea that deepening market-based reforms can lead the digital transformation of enterprises,but at the same time,the government's visible hand should be used as a complement to effectively play a mutually beneficial role.
digital economicsdigital transformationmarketization processnegative list system for market access
NETL
NSTL
万方数据
