财政支出效率如何提升企业数字化转型水平？

陈蕾¹，毛宇凯²，钟笑雪¹

（1. 首都经济贸易大学 财政税务学院，北京 100070；

2. 中央财经大学 财政税务学院，北京 102206）

摘要：数字化转型是企业谋求高质量发展的动力引擎。本文选取2007—2022年省级财政数据与A股上市公司匹配数据，实证检验财政支出效率对企业数字化转型的影响及其作用机制。研究发现，财政支出效率对企业数字化转型具有促进作用；机制检验结果表明，财政支出效率通过优化营商环境和人力资本结构、提升技术创新水平促进企业数字化转型水平提升，同时发挥人力资本协同效应与技术创新要素协同效应；异质性分析发现，财政支出效率对中部地区和西部地区企业数字化转型的边际效应更强，对国有企业、地方财政分权程度高和吸收能力强的企业数字化转型水平提升效应更加明显；进一步分析发现，营商环境优化能够促进人力资本结构优化与技术创新水平提升，并与两者交互共同促进企业数字化转型。上述研究结论为政府如何制定更加合理的财政支出政策，从而驱动企业数字化转型升级提供了政策启示。

关键词：财政支出效率；数字化转型；营商环境；人力资本结构；技术创新

作者简介：陈蕾（1981—），女，首都经济贸易大学财政税务学院教授、博士生导师；毛宇凯（2001—），男，中央财经大学财政税务学院博士研究生，通信作者；钟笑雪（1997—），女，首都经济贸易大学财政税务学院博士研究生。

基金项目：北京市社会科学基金规划项目“北京企业数字化转型的数据赋能机制与效果评估测度研究”（22JJB012）

引用格式：陈蕾,毛宇凯,钟笑雪.财政支出效率如何提升企业数字化转型水平?[J].首都经济贸易大学学报,2025,27(5):20-35.

Expenditure Efficiency Improve the Digital Transformation of Enterprises?

CHEN Lei¹, MAO Yukai², ZHONG Xiaoxue¹

（1. Capital University of Economics and Business, Beijing 100070;

2. Central University of Finance and Economics, Beijing 102206）

Abstract: Digital transformation is the driving force for enterprises to seek high-quality development and an important means for the government to achieve the value of data factors and develop new quality productive forces. This paper explores the impact of the improvement of fiscal expenditure efficiency on the digital transformation of enterprises and its mechanisms based on the new public management theory, transaction cost theory, and public choice theory. From the three aspects of optimizing the business environment and structure of human capital, and improving technological innovation, it reveals the impact mechanism of fiscal expenditure efficiency on the digital transformation of enterprises. This paper provides a macro policy basis for how to optimize the allocation of resources through fiscal expenditure and then drive the digital transformation of enterprises.

This paper uses the panel matching data of A-share listed companies at the provincial level from 2007 to 2022 to empirically test the effect of fiscal expenditure efficiency on the digital transformation of enterprises. It finds that fiscal expenditure efficiency significantly promotes the digital transformation of enterprises after a series of robustness tests. The mechanism test shows that the improvement in public service and the optimization of factor resource allocation caused by the improvement in fiscal expenditure efficiency help improve the digital transformation of enterprises through the optimization of the business environment, optimum structure of human capital, and technological innovation improvement, and the improvement of fiscal expenditure efficiency has produced certain human capital synergy effect and technological innovation synergy effect. Heterogeneity analysis shows that the improvement of fiscal expenditure efficiency has a more obvious promoting effect on the digital transformation of state-owned enterprises, enterprises with high local fiscal decentralization and stronger absorptive capacity, and has a stronger marginal effect on the digital transformation of enterprises in the central and western regions. Further analysis shows that the business environment can promote the optimization of human capital structure and the improvement of technological innovation, and jointly promote the digital transformation of enterprises.

The policy implications are as follows. First, it is necessary to strengthen the budget performance management to improve the supply capacity of public services and products, optimize the allocation of resources, and formulate long-term fiscal expenditure planning to ensure the sustainable and effective implementation of policies. Second, we will continue to improve the digital economy development environment, strengthen the coordination between fiscal policy and other policies, ensure the continuity and stability of policies, and improve the quality of the business environment. Third, we should pay attention to differentiated fiscal support policies, consider implementing policies according to enterprises and local conditions, assess the input costs and benefits in the field of digital transformation, and form performance feedback.

Keywords: fiscal expenditure efficiency; digital transformation; business environment; structure of human capital; technological innovation

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