工业技术经济2025，Vol.44Issue(8)：67-77,11.DOI:10.3969/j.issn.1004-910X.2025.08.007
数字经济政策对企业短债长用的影响研究
The Effects of Digital Economy Policies on Corporate Short-term Debt for Long-term Use
摘要
Abstract
Although many enterprises adopt short-term debt and long-term use to break through the constraints of financing constraints,in fact,short-term debt and long-term use brings great instability to the sustainable operation and high-quality deve-lopment of enterprises.Existing literature,when exploring the impact of digital economy policies on short-term debt and long-term use,is limited to formulating hypotheses from a single theoretical perspective and then analyzing the direct relationship between the two.Based on fault-tolerant control theory,signaling theory,and information asymmetry theory,this study uncovers and elabo-rates the mediating mechanism of the digital economy policy affecting the long use of short-term debt of enterprises from the perspec-tive of urban economic resilience.Moreover,this study reveals the boundary mechanism of urban economic resilience on corporate short-term debt longevity from three aspects:new quality productivity at the city level,socially responsible investment and execu-tive traits at the firm level.Using the double-difference empirical research method,this study finds that the implementation of digi-tal economy policies,i.e.,the pilot policy of the national-level big data comprehensive experimental zone,reduces firms'short-debt long-term use based on the consolidated data of China's prefecture-level city-level and A-share listed firms from 2010 to 2021.It is further found that city economic resilience plays a significant mediating role in the relationship between digital economy policies and firms'short-term debt longevity.Specifically,with the implementation of the digital economy policy,the city's eco-nomic resilience is increasing,and firms'short-term debt and long-term use of debt are significantly reduced.In addition,this study finds that the reduction of urban economic resilience on short-term debt overhang is more significant in cities with higher levels of new quality productivity.Meanwhile,this study finds that at the firm level,the reduction of short debt for long term use is more significant for firms that invest more in responsive social responsibility than in strategic social responsibility.Finally,urban econo-mic resilience has a more significant effect on the reduction of short-term debt and long-term use if the CEO of the firm has ever had the experience of suffering a disaster.This study analyzes the intrinsic theoretical mechanisms of digital economy policies and firms'short-term debt longevity from the theoretical level,and further reveals the situational mechanisms of urban economic resilience af-fecting firms'short-term debt longevity in the context of digital economy policies from multiple perspectives at the city level and firm level,respectively.In addition,this study provides practical references on how to optimize corporate strategies to achieve high-quality development in the face of financing constraints.关键词
数字经济政策/大数据综合试验区/短债长用/城市经济韧性/新质生产力/企业社会责任/高管特质/双重差分法Key words
digital economy policy/comprehensive big data pilot zones/short debt-long term/urban economic resilience/new quality productivity/corporate social responsibility/executive traits/difference-in-differences method分类
管理科学引用本文复制引用
王浩,张涛,王熹..数字经济政策对企业短债长用的影响研究[J].工业技术经济,2025,44(8):67-77,11.基金项目
澳门理工大学研究项目"新发展理念下推进高质量经济的社会综合效益研究"(项目编号:RP/ESCHS-03/2020). （项目编号:RP/ESCHS-03/2020）
