企业数字化、政府补贴与企业对外负债融资——基于中国上市企业的实证研究

管理评论 ›› 2021, Vol. 33 ›› Issue (11): 106-120.

企业数字化、政府补贴与企业对外负债融资——基于中国上市企业的实证研究

高雨辰¹, 万滢霖², 张思³

1. 清华大学公共管理学院, 北京 100084;
2. 北京邮电大学经济管理学院, 北京 100876;
3. 中国科学院大学经济与管理学院, 北京 100190

收稿日期:2020-09-07 出版日期:2021-11-28 发布日期:2022-01-12
通讯作者: 张思（通讯作者），中国科学院大学经济与管理学院副教授，博士。
作者简介:高雨辰，清华大学公共管理学院助理研究员，博士;万滢霖，北京邮电大学经济管理学院讲师，博士。
基金资助:
国家自然科学基金青年项目（72104121）；国家自然科学基金面上项目（71872171；71932009；72192843）；北京市自然科学基金面上项目（9222031）；中央高校基本科研业务费专项资金资助项目（E1E40807；E0E48933）。

Corporate Digitalization, Government Subsidies and Corporate External Financing: An Empirical Study Based on Chinese Listed Companies

Gao Yuchen¹, Wan Yinglin², Zhang Si³

1. School of Public Policy and Management, Tsinghua University, Beijing 100084;
2. School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100876;
3. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190

Received:2020-09-07 Online:2021-11-28 Published:2022-01-12

摘要/Abstract

摘要： 企业数字化和政府补贴是否可以相互补充，通过消除信息不对称以促进企业的对外负债融资，这一问题在数字化经济背景下十分重要但缺乏研究。本研究采用沪深两市制造业企业A股主板上市公司2008—2018年的数据，研究企业数字化和政府补贴对企业对外负债融资的影响。研究表明，企业数字化可以促进其对外短期负债融资，而获得来自政府的研发或非研发补贴则可以促进企业的对外长期负债融资。与此同时，数字化可以正向调节两种政府补贴对企业长期负债融资的正向影响，而研发补贴则可以加强企业数字化对企业短期负债融资的促进作用。本文丰富了企业数字化相关的文献，同时扩展了政府研发补贴，特别是其信号效应相关研究。此外，本文的研究发现还为政府的政策制定与企业的数字化战略设计提供了重要启示。

关键词: 企业数字化, 政府研发补贴, 非研发补贴, 企业融资, 信号效应

Abstract: Whether corporate digitalization serves as supplement by decreasing information asymmetry towards the relationship between government subsidies and corporate external financing has become more and more important under digital economy. However few researches have been conducted on this issue. We employ the data of the manufacturing companies listed on Shanghai and Shenzhen A-share mainboard in 2008-2018 to study the impact of corporate digitalization and government subsidies on corporate external debt financing. The results show that corporate digitalization can promote short-term external financing, while obtaining government R&D or non-R&D subsidies can promote long-term external financing of listed firms. Meanwhile, digitalization can promote the positive impact of government R&D as well as non-R&D subsidies on corporate long-term debt financing, while R&D subsidies can strengthen the positive impact of digitization on corporate short-term debt financing. Our research enriches the literature of corporate digitalization and contributes to the research on government R&D subsidies especially on its signal effects. In addition, our findings also provide important suggestions for the policy making of government and digitalization strategy of firms.

Key words: corporate digitalization, government R&D subsidies, non-R&D subsidies, corporate financing, signaling effect

高雨辰, 万滢霖, 张思. 企业数字化、政府补贴与企业对外负债融资——基于中国上市企业的实证研究[J]. 管理评论, 2021, 33(11): 106-120.

Gao Yuchen, Wan Yinglin, Zhang Si. Corporate Digitalization, Government Subsidies and Corporate External Financing: An Empirical Study Based on Chinese Listed Companies[J]. Management Review, 2021, 33(11): 106-120.

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