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经济政策不确定性对企业数字化转型影响研究
The impact of economic policy uncertainty on enterprise digital transformation
随着世界经济格局日趋复杂,经济政策不确定性对企业的影响愈发不可忽视。加快企业数字化转型是推动高质量发展的重要举措,探究经济政策不确定性对于企业数字化转型的影响具有战略意义。本研究基于2010—2019年中国A股上市企业的数据,从实物期权理论探讨了经济政策不确定性对企业数字化转型的影响,并基于政府视角进一步构建了经济政策不确定性、数字基础设施政策和市场化进程的三项交互调节效应模型。研究结果表明:(1)经济政策不确定性能够促进企业数字化转型;(2)经济政策不确定性减弱了数字基础设施政策对企业数字化转型的促进效果;(3)推动市场化进程是应对经济政策不确定性对数字基础设施政策的负面影响的有效手段。本研究结合企业与政府双重视角,分析了宏观经济因素对企业数字化转型及其相关政策效果的多维影响,为相关研究提供了新的理论和政策分析视角。
With the increasing complexity of the world economic landscape, the impact of economic policy uncertainty on enterprises is increasingly important. The acceleration of corporate digital transformation represents a significant strategic initiative, and it is of strategic significance to explore the impact of economic policy uncertainty on corporate digital transformation. Based on the data of China's A-share listed enterprises from 2010-2019, this study explored the impact of economic policy uncertainty on corporate digital transformation from real options theory, and further developed a three-way interaction model from a government perspective. The results of this study showed that: (1) economic policy uncertainty can promote corporate digital transformation; (2) economic policy uncertainty reduces the effect of digital infrastructure policies on promoting corporate digital transformation; and (3) promoting the marketisation process is an effective way to mitigate the negative impact of economic policy uncertainty on digital infrastructure policies. This study has combined the perspectives of enterprises and governments to analyze the multidimensional impact of macroeconomic factors on corporate digital transformation and its related promotion policies, thereby providing a new theoretical and policy perspective for related research.
数字经济 / 经济政策 / 不确定性 / 数字化转型 / 数字基础设施
digital economy / economic policy / uncertainty / digital transformation / digital infrastructure
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