西安交通大学学报（社会科学版）2025，Vol.45Issue(5)：16-28,13.DOI:10.15896/j.xjtuskxb.202505002
科技金融政策对企业数字化转型的影响及其作用机制
The Impact of Pilot Policies of Technology Finance on Digital Transformation of Enterprises and Underlying Mechanisms
摘要
Abstract
The Central Financial Work Conference held in October 2023 proposed to"unswervingly follow a path of financial development with Chinese characteristics and promote high-quality development of China's finance",and explicitly stated that efforts should be focused on five major areas:technology finance,green finance,inclusive finance,elderly care finance and digital finance.Among them,technology finance takes the lead.China has made remarkable progress in how to promote technology finance to serve the real economy.For instance,the quality and efficiency of financial services have been continuously improved through the implementation of multiple measures and policies,so that to better support the development of the real economy. Despite the considerable literature on the science and technology finance,the relationship between technology finance and digital transformation of enterprises has received scant attention,and the mechanisms through which technology finance affects digital transformation of enterprises are not yet well understood.This study utilizes the pilot policy aimed at promoting the integration of technology and finance as a quasi-natural experiment.By applying the multi-time-point difference-in-differences approach,it explores the impact of sci-tech finance policies on the digital transformation of enterprises and the underlying mechanisms.We find that this policy has a sizeable positive effect on digital transformation of enterprises,especially in technology-listed firms,regions with higher levels of financial development,and areas with more advanced industrial structures.Mechanism analysis reveals that technology financial policy accelerates digital transformation of enterprises through channels such as financing alleviation effects,talent support effects,and innovation-driven effects. Compared with previous literatures,this paper contributes to the literature in several ways:first,we complement the literature on the consequences of the technology financial policies for the economic consequences.This paper takes the pilot policies to promote the integration of technology and finance as a quasi-natural experiment and identifies the causal relationship between technology financial policies and digital transformation of enterprises.Second,our work adds to the literature on the influencing factors of enterprises'digital transformation.It investigates the mechanisms through the financing mitigation effect,talent support effect and innovation-driven effect,providing useful inspiration for optimizing and improving digital transformation of enterprises. This paper reveals the intrinsic connection and mechanism of action between technology finance policies and digital transformation of enterprises,providing valuable insights and specific guidance for enterprises to optimize and improve their digital transformation strategies.It helps enterprises better utilize technology finance policy resources and continuously enhance their digital capabilities and market competitiveness.At the same time,these findings also help government departments more effectively promote the transformation of scientific and technological investment into actual productive forces,deepen the construction of the digital credit system,and facilitate the collaborative sharing of various production factors,thereby better guiding and supporting the digital transformation of enterprises.关键词
金融高质量发展/科技金融政策/企业数字化转型/融资缓解效应/人才支撑效应/创新驱动效应Key words
high-quality development of finance/technology finance policy/digital transformation of enterprises/financing mitigation effect/talent support effect/innovation-driven effect分类
管理科学引用本文复制引用
钱雪松,崔娅鹃,孙炜..科技金融政策对企业数字化转型的影响及其作用机制[J].西安交通大学学报（社会科学版）,2025,45(5):16-28,13.基金项目
湖北省社会科学基金重点项目(HBSKJJ20240226). （HBSKJJ20240226）
