摘要
在贸易摩擦、地缘冲突频发背景下,经济政策不确定性的增加凸显了数字技术的应用价值。基于2008—2021年中国上市公司数据,本文考察了经济政策不确定性对企业数字化的影响。研究发现,经济政策不确定性的增加发挥了“垫脚石”的作用,对企业数字化产生了倒逼效应,有助于提高企业风险承担能力。异质性研究表明,经济政策不确定性冲击对非国有企业、规模较小、融资约束强以及数字技术应用难度较低的服务业企业影响更为显著。进一步分析发现,丰裕的数字化人力资本、高管长远的发展眼光、较好的数字基础设施以及良好的转型预期是经济政策不确定环境下企业抓住数字化机遇的关键。因此,企业在面临经济政策不确定性冲击时,应积极通过推进数字化变革增强自身抗风险能力。同时,政府可以通过加强数字基础设施建设、营造良好的数字化转型氛围来稳定预期,降低企业应对经济政策不确定性的成本、助力企业数字化转型。
In the context of frequent trade frictions and geopolitical conflicts,the increase of Economic Policy Uncertainty makes it difficult for enterprises to grasp the future policy direction,worsening the external environmental risks faced by enterprises,and bringing great challenges to enterprise digitalization.However,Economic Policy Uncertainty also highlights the value of digital technology,which brings new opportunities to promote enterprise digitization.So,the question becomes whether Economic Policy Uncertainty is a stepping stone or a stumbling block for enterprise digitalization?Does the effect of Economic Policy Uncertainty on enterprise digitization show difference among enterprises with different characteristics?How should enterprises and governments seize the opportunity of Economic Policy Uncertainty to promote digital transformation?To solve the above problems,this paper examines the impact of Economic Policy Uncertainty on enterprise digitalization based on the data of Chinas listed companies from 2008 to 2021.The study finds that the increase of Economic Policy Uncertainty plays a"stepping stone"role for enterprise digitalization,thus improves the risk bearing capacity of enterprises.With the increase of uncertainty,enterprises are more willing to engage in digital transformation.Heterogeneity analysis shows that non-state-owned enterprises are more likely to achieve digital transformation in the period of uncertainty because of greater policy impact.Small enterprises and those with strong financing constraints face more serious information asymmetry and disadvantages in accessing bank loans,thus need to make a desperate effort to improve their competitiveness through digital investment while Economic Policy Uncertainty is rising.The service industry has lower difficulty in technology application and is more directly affected by market demand fluctuations,so it has more impetus to conduct digital transformation in the period of uncertainty.Further analysis shows that abundant digital human capital,executives'long-term development vision,better digital infrastructure and good transformation expectations are the keys for enterprises to seize the digital opportunity under the impact of Economic Policy Uncertainty.The above findings provide policy implications for better understanding the digital behavior of enterprises and seizing opportunities to accelerate the process of digitalization.First,enterprises should firmly grasp the digital transformation opportunities,actively respond to changes,and strive for victory.Enterprises should highlight the importance of digital technologies such as big data,cloud computing and remote communication in enhancing enterprise resilience.At the same time,executives ought to play a strategic leading role,build long-term competitive advantages,strengthen the construction of digital human capital,in order to empower the digital transformation of enterprises.Second,in a period of rising Economic Policy Uncertainty,the government should increase investment and optimize the layout of digital infrastructure.Digital infrastructure is an important external condition of enterprise digitalization,and the application of digital technology in enterprises can also help improve the level of digitalization of the region,so as to realize coordinated development of digitalization in both enterprises and regions.In addition,the government should also actively create a strong social atmosphere conducive to digital transformation,help enterprises build digital confidence in an uncertain environment,and stabilize future expectations.Third,the government should further improve the digital-related industrial policy system and give targeted policies to non-state-owned and small-sized enterprises.Such enterprises have low anti-risk ability,so they have high enthusiasm to fight through digital revolution.However,most of them have weak foundation and limited financial strength.Therefore,increasing the policy support for such enterprises in the period of Economic Policy Uncertainty will help make up for the lack in capital and technology,stimulate the vitality of digital innovation,narrow the gap in digital economy,and accelerate the construction of Digital China.
作者
王超
余典范
龙睿
WANG Chao;YU Dian-fan;LONG Rui(College of Business,Shanghai University of Finance and Economics,Shanghai,200433,China)
出处
《经济管理》
CSSCI
北大核心
2023年第6期79-100,共22页
Business and Management Journal ( BMJ )
基金
国家社会科学基金一般项目“我国核心技术自主创新突破口与实现路径的体制机制研究”(20BJY039)
上海市哲学社会科学规划课题一般项目“上海先进制造业发展面临的主要问题与对策研究”(2018BJB022)。
关键词
经济政策不确定性
风险承担能力
企业数字化
数字基础设施
管理者短视
economic policy uncertainty
risk bearing capability
enterprise digitalization
digital infrastructure
managerial myopia
作者简介
王超,男,博士研究生,研究领域为产业经济与数字经济,电子邮箱:wangchao_econ@126.com;通讯作者:余典范,男,研究员,博士生导师,经济学博士,研究领域为产业经济与数字经济,电子邮箱:ydfshufe@126.com;龙睿,女,博士研究生,研究领域为产业经济与数字经济,电子邮箱:longruisufe@163.com。
