摘要
文章基于大语言模型测算的制造业数字化转型指标,理论分析并实证考察了数字金融对制造业数字化转型的影响。结论如下:一是数字金融对制造业数字化转型的影响显著为正,在变换解释变量、考虑内生性等一系列稳健性检验后,结论依然成立;二是异质性检验显示,数字金融对东中部地区表现出明显的“锦上添花”效应,对资本和技术密集型行业存在“资源倾斜”,对成长期企业则发挥了“启动资金”作用;三是机制检验显示,数字金融能够通过缓解融资约束、缓解信息约束、优化资本配置和激发消费需求效应,推动制造业的数字化转型;四是溢出效应检验显示,数字金融通过促进焦点制造业企业数字化转型,产生了对产业链上游企业的溢出效应。由此提出相应的政策建议。
Based on the indicators of digital transformation of manufacturing industry measured by the large language model,the impact of digital finance on the digital transformation of manufacturing industry is theoretically analysed and empirically examined.The main findings are as follows.First,the impact of digital finance on manufacturing digital transformation is significantly positive,and the conclusions still hold after a series of robustness tests such as transforming explanatory variables and considering endogeneity.Second,the heterogeneity test shows that digital finance has a clear“icing on the cake”effect on the East and Central regions,“resource tilting”on capital-and technology-intensive industries,and“start-up capital”on growth stage enterprises.Third,the mechanism testing shows that digital finance can promote the digital transforma-tion of the manufacturing industry by alleviating financing constraints,easing information constraints,optimising capital allocation and stimulating consumer demand.Fourth,the spillover effect test shows that digital finance produces a spillover effect on the upstream enterprises of the industrial chain by promoting the digital transformation of focal manufacturing enterprises.Accordingly,this article proposes relevant policy recommendations.
作者
齐兰
王晨
马琳琳
QI Lan;WANG Chen;MA Lin-lin
出处
《求是学刊》
北大核心
2025年第4期54-69,共16页
Seeking Truth
基金
国家社科基金重大招标项目“中国特色社会主义政治经济学体系中的国家理论”(19ZDA057)
中央财经大学中央高校基本科研业务费专项资金资助项目“中国特色社会主义政治经济学”。
关键词
数字金融
制造业
数字化转型
Digital finance
manufacturing industry
digital transformation
作者简介
齐兰,中央财经大学经济学院教授、博士生导师(北京100081);王晨,中央财经大学经济学院博士研究生(北京100081);通讯作者:马琳琳,中央财经大学科研处副研究员(北京100081)。
