地方财政压力与企业数字化转型

詹新宇，米凯伦

（北京工商大学 经济学院，北京 100048）

摘要：以“宏观财政体制—中观政府行为—微观企业决策”为逻辑链条，从政府和企业的双重视角，探讨地方财政压力对辖区内企业数字化转型的影响及其作用机制。基准回归结果显示，地方财政压力会抑制辖区内企业数字化转型。机制分析结果表明，地方财政压力通过资金路径、人才路径和信心路径，分别固化企业数字化转型中“不能转”“不会转”“不敢转”的三类约束。此外，这种影响在地理区域、产业属性、地区人口老龄化程度、地区税收征管强度、管理者特征差异、政治关联与企业产权性质等方面存在异质性。研究结果不仅为财政压力相关理论提供了新补充，也为优化地方财政治理、稳定企业数字化转型预期、推动传统经济与新兴数字经济有机结合提供了经验证据。

基金项目：研究阐释党的二十大精神国家社会科学基金重大项目“以高质量发展推进现代化建设的核心要求与制度保障研究”(23ZDA027）

关键词：地方财政压力；企业数字化转型；政府行为；数字经济

作者简介：詹新宇，北京工商大学经济学院教授、博士生导师；米凯伦，北京工商大学经济学院博士研究生，通信作者。

引用格式：詹新宇，米凯伦. 地方财政压力与企业数字化转型[J]. 首都经济贸易大学学报，2026，28（4）：32-44.

Local Financial Pressure and Enterprise Digital Transformation

ZHAN Xinyu, MI Kailun

(Beijing Technology and Business University, Beijing 100048)

Abstract: In recent years, digital transformation has become an important driver of high-quality economic development and corporate competitiveness. However, many Chinese firms still face constraints in financing, talent accumulation, and expectation formation during digital transformation. Meanwhile, local governments are under increasing fiscal pressure because of the mismatch between fiscal revenue capacity and expenditure responsibilities. Unlike prior studies that mainly examine corporate digital transformation from the perspectives of firm characteristics, digital infrastructure, market environment, or industrial policy, this paper focuses on local fiscal pressure and explores how macro-level fiscal constraints are transmitted to micro-level corporate decisions through government behavior. Based on data from Chinese A-share listed firms and prefecture-level cities from 2007 to 2023, this paper empirically examines the relation between local fiscal pressure and corporate digital transformation. Corporate digital transformation is measured using textual information from firms' annual reports, while local fiscal pressure is measured using city-level fiscal revenue and expenditure data. The baseline model controls for firm-level and city-level characteristics and includes industry and year fixed effects. The results show that local fiscal pressure significantly inhibits corporate digital transformation. This conclusion remains valid after addressing potential endogeneity through an instrumental variable approach and propensity score matching. It remains robust after tests including lagging the explanatory variable. These findings indicate that greater fiscal pressure weakens local governments' policy support capacity and firms' transformation expectations, thereby reducing firms' willingness and ability to promote digital transformation. Mechanism analysis reveals that local fiscal pressure intensifies three types of constraints on corporate digital transformation: "unable to transform", "unskilled in transformation", and "afraid to transform". First, fiscal pressure reduces local fiscal expenditure on science and technology and increases corporate financing costs, thereby aggravating firms' financial constraints. Second, fiscal pressure weakens government talent support and reduces firms' investment in R&D personnel. Third, fiscal pressure reduces local governments' attention to digital development and weakens macroeconomic confidence. Heterogeneity analysis reveals that the inhibitory effect is more pronounced among firms in the eastern region, manufacturing firms, those in areas with lower population aging, regions with stronger tax enforcement, firms with less short-sighted managers, non-politically connected firms, and non-state-owned enterprises. This paper provides new evidence for understanding the interaction between traditional fiscal systems and the emerging digital economy. The findings suggest that promoting corporate digital transformation requires improving local fiscal governance, maintaining stable support for science and technology expenditure, strengthening talent policies, and creating a predictable institutional environment.

Keywords: local fiscal pressure; enterprise digital transformation; government behavior; digital economy

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