刘莎莎,金一帆,孔东民

• 1:暨南大学管理学院
• 2:华中科技大学经济学院

摘要(Abstract)：

数字技术的发展为提升企业生产效率与生产管理水平提供了可能。在此背景下，本文考察企业能否借数字化转型缓解当前较为严峻的产能过剩问题。基于我国A股非金融业上市公司的样本，本文发现：第一，企业数字化转型会显著降低企业的产能过剩程度，该结果在更换替代性测度及使用工具变量回归后，仍然稳健。第二，机制分析显示，企业数字化转型通过降低信息不对称程度以及提升公司治理水平对产能过剩产生影响。第三，企业数字化转型对产能过剩的影响存在异质性，该作用主要集中在市场竞争程度较低、资本密集度较高以及企业业绩波动较大的样本中。上述结果有利于形成推动我国数字化发展的针对性政策，对缓解我国产能过剩问题提供了一定的借鉴。

关键词(KeyWords)： 企业数字化转型;产能过剩;信息不对称;公司治理

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金重点项目“数字经济下公司财务决策与资源配置效率研究”(项目批准号:72132002);国家自然科学基金面上项目“基于文本分析与机器学习的分析师行为决策研究”(71972088);; 国家社会科学基金重大项目“创新驱动发展战略下全面塑造发展新优势的路径研究”(项目编号:21ZDA010)的资助

作者(Author): 刘莎莎,金一帆,孔东民

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• ① 中国信息通信研究院发布《中国数字经济发展与就业白皮书(2020年)》指出，数字经济是指“以数字化的知识和信息作为关键生产要素，以数字技术为核心驱动力量，以现代信息网络为重要载体，通过数字技术与实体经济深度融合，不断提高经济社会的数字化、网络化、智能化水平，加速重构经济发展与治理模式的新型经济形态。”
• (1)本文参考的数字化相关国家政策包括:《“十四五”数字经济发展规划》(国发[2021]29号)、《国务院关于加强数字政府建设的指导意见》(国发[2022]14号)、《制造业质量管理数字化实施指南(试行)》(工信厅科[2021]59号)、《建材工业智能制造数字转型行动计划(2021—2023年)》(工信厅原[2020]39号)以及近5年(2018年至2022年)的《国务院政府工作报告》。
• (2)137个数字化关键词为:数字化、互联网、Internet、物联网、人工智能、大数据、云计算、AI、模块性、RUP、SNOBOL、数位化、网络化、计算机化、电子化、数字信息、无纸化、缩微胶片、数字视频、5G通信、数字经济、办公自动化、数字传输、数码化、传输服务、数码技术、网络工程、智能化、区块链、财务共享、云技术、启测云、网际网路、因特网、互联网络、互联网内容、互联网站、网际、英特网、网络新闻、在线视频、互联网服务、互连网、Web、J2EE、NetWare、WinFX、Firebase、WebDAV、人工智慧、专家系统、数据挖掘、机器人学、图像识别、智能、神经计算、模式识别、人机交互、认知科学、人工神经网络、粗糙集、人工生命、LIDA、多媒体通信、数字图像处理、电脑化、空间数据、IPFS、Akonadi、缩微胶卷、非书、缩微、数字音频、集成系统、专网、电信技术、AGPS、数字电话、高速数据、VOIP、交换网、数字影像、光机电、遥感信息、宽带网、网路、UUCP、互联网协议、外网、VeriSign、NetBlocks、NGN、超媒体、多媒体业务、数据网络、视频流、数据服务、MVNO、网络电话、IP电话、DTN、RESTful、Kubernetes、API、MIDP、J2ME、mbed、NEXTSTEP、VirtualBox、Xenix、UMDF、PhoneGap、Elasticsearch、Bitbucket、DNSCrypt、OpenKM、TextSecure、SFTP、OpenVPN、NNTP、OpenAI、并行算法、决策支持系统、软件配置管理、OLAP、网络分析、计算机辅助、电路仿真、智能家居、功能分析、信息处理、商业智能、神经科学、神经网络、感知机、Hopfield、决策分析。
• (3)Aretz and Pope (2018)方法的前提假设是产能非负,该假设与我国企业普遍存在产能过剩的现实状况较为契合(孔东民等,2021)。
• (4)结合Jiang(2017)和袁淳等(2021),工具变量法第二阶段中的LDig_log估计系数大于基准回归中的LDig_log估计系数,可能的原因是“局部平均处理效应”的存在,即工具变量法可能仅捕捉了样本中一部分个体的平均处理效应,而非全部个体的平均处理效应。