| 李万利,潘文东,袁凯彬.企业数字化转型与中国实体经济发展[J].数量经济技术经济研究,2022,(9):5-25 | | 企业数字化转型与中国实体经济发展 | | Enterprise Digital Transformation and the Development of Chinas Real Economy | | | | DOI： | | 中文关键词: 数字化转型 赋能实体 金融化 实业投资 | | 英文关键词: Digital Transformation Empowering Real Economy Financialization Industrial Investment | | 基金项目:本文获得国家自然科学基金青年项目（72002068）、教育部哲学社会科学研究后期资助项目（21JHQ064）和湖南省自然科学基金青年项目（2022JJ40104）的资助。 | | | 中文摘要: | | 本文从释放“实业”潜力和加剧“虚拟”特性的竞争性视角，构建“数字化转型-企业发展方向-赋能实体/加剧金融化”的理论框架,系统论证和揭示了企业数字化转型的真实经济影响。研究发现，企业数字化转型能够显著提升其实业投资水平，抑制“脱实向虚”，且上述效应在盈利水平较低和市场竞争程度较高的行业中表现更加明显。进一步研究表明，增强产品核心竞争力、拓展市场战略布局和提升运营管理效率是企业数字化转型释放赋能效应的重要路径。我们还发现，数字化赋能有助于企业培育“专精特新”的深耕式发展模式，提升其专业化优势。本文深化了对数字技术与企业经济行为之间内在逻辑关系的理论认知，并为有效推进数字经济与实体经济的深度融合、实现全球价值链中高端攀升目标以及预防利用数字技术加剧“脱实向虚”的潜在风险提供了重要政策参考。 | | 英文摘要: | | Abstract: Chinas economy is in a difficult phase of slowing growth and restructural transformation. The original competitive advantage of the traditional manufacturing industry has gradually faded, resulting in a continuous decline in the industrial investment rate of enterprises. And the increasing involvement of non-financial firms in financial investment activities also creates a prominent problem of the “shift from real to virtual”. Therefore, how to revitalize the real economy and promote the industry to the top of the global value chain is the key to enabling the high-quality development of Chinas economy in the future. Driven by a new scientific and technological revolution, enterprise digital transformation is regarded as an important opportunity to occupy the top of the global value chain and build unique competitive advantages.Existing studies on digital transformation focus on exploring digital technologys positive effects on economic activities. However, most of these studies have examined the positive impact of digital transformation on economic efficiency laterally, lacking direct evidence and specific path test of digital transformation enabling entity economic development. Meanwhile, they also ignore the potential negative impact of the nature of capital to pursue high-return financial assets under the support of frontier digital investment technology, which further aggravates the “shift from real to virtual” of entity enterprises.Based on this, this paper attempts to systematically examine the real economic impact of digital transformation on entity enterprises. We find that enterprise digital transformation can significantly improve their level of industrial investment and reduce their degree of financialization. This result shows that the digital transformation can promote the entity enterprises to return to industrial development and restrain the “shift from real to virtual”. These effects are more evident in industries with lower profitability and higher market competition. Further research finds that the enterprise digital transformation exerts its enabling effect mainly through the following paths. First, digital transformation can enhance the core competitiveness of enterprise products by improving corporate technology innovation and producing differentiated products. Second, digital transformation can achieve “volume and speed” two-dimensional growth of corporate sales revenue and connect more international markets while unobstructed the domestic market. Third, digital transformation can improve the efficiency of enterprise internal operation and supply chain management by creating an efficient operation management system. We also find that digital empowerment helps enterprises cultivate the development pattern of “specialized, fined, peculiar and innovative”.The possible contributions of this paper are reflected in the following aspects: First, based on the competitive perspective of releasing the potential of “industry” and intensifying the characteristics of “financialization”, this paper comprehensively reveals the mechanism of enabling industry development or intensifying financialization of enterprise digital transformation. This result deepens the theoretical understanding of the inherent logical relationship between digital technology and the economic behavior of entity enterprises and provides empirical evidence at the micro-level for a deep understanding of the real economic impact of digital transformation. Second, this paper comprehensively reveals the specific path of digitalized transformation enabling industrial development from various perspectives, including strengthening the core competitiveness of enterprise products, expanding the strategic market layout, and improving the efficiency of enterprise management. Thirdly, this paper systematically demonstrates the possible impact of digital transformation enterprises on their financial asset investment using frontier digital investment technology, which is a beneficial supplement to the literature on the causes of enterprises “shift from real to virtual”.Finally, our conclusions can also provide an important theoretical foundation and policy implications for effectively promoting the deep integration of digital technology and the real economy. On the one hand, governments must consider the possibility that enterprises can use the advantages of digital technology to exacerbate the “shift from real to virtual” in driving digital transformation. On the other hand, the government should also actively guide the digital transformation enterprises to target the core technology in critical areas to develop the “specialized, fined, peculiar and innovative” pattern. | | 查看全文 相关附件： 下载数据代码附录.zip |
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