基于融资约束与创新驱动下的企业金融发展与数字化转型
Enterprise Financial Development and Digital Transformation Based on Financing Constraints and Innovation-Driven

在数字经济纵深发展的时代背景下，企业数字化转型作为新经济社会发展的重要加速器，其进程亟需金融资本的精准赋能与创新性支持。本文基于2011~2020年中国A股上市公司数据，研究数字金融发展对企业数字化转型的影响及其作用机制，利用基线模型分析了数字金融发展对企业数字化转型的影响。结果表明：数字金融对企业数字化转型的促进作用显著，且对非国有企业的促进作用更强，但西部地区和周边城市的数字金融发展对企业数字化转型的促进作用弱于东中部地区和中心城市。
Against the backdrop of the in-depth development of the digital economy, the digital transformation of enterprises, as an important accelerator for the development of the new economic society, urgently requires the precise empowerment and innovative support of financial capital. Based on the data of Chinese A-share listed companies from 2011 to 2020, this paper studies the impact of the development of digital finance on the digital transformation of enterprises and its mechanism, and uses the baseline model to analyze the impact of the development of digital finance on the digital transformation of enterprises. The results show that digital finance has a significant promoting effect on the digital transformation of enterprises, and this promoting effect is stronger for non-state-owned enterprises. However, the promoting effect of the development of digital finance in the western region and surrounding cities on the digital transformation of enterprises is weaker than that in the eastern and central regions and central cities.