金融科技赋能企业数智化转型的机制分析——基于沪深A股上市公司的实证数据

Mechanism Analysis of Fintech Empowering Enterprises’ Digital and Intelligent Transformation—Based on Empirical Data of Listed Companies in Shanghai and Shenzhen A-Shares

摘要: 本文基于2011~2023年中国沪深A股上市公司的面板数据，采用机器学习文本分析法构建了企业“数智化转型”(数字化与智能化融合)指数。在此基础上，文章运用双向固定效应模型，实证检验了金融科技对企业数智化转型的赋能效应。研究发现，金融科技能显著促进企业数智化转型，这一结论在经过工具变量法、滞后变量、替换核心变量和更换模型等一系列内生性与稳健性检验后依然成立。异质性分析表明，金融科技的促进作用在非国有企业、东部和中部地区企业、高科技企业以及强监管时期的企业中更为显著。机制分析揭示，金融科技通过提升企业的风险承担水平和改善资源配置效率这两条路径，来推动企业的数智化转型。

Abstract: Based on the panel data of Chinese Shanghai and Shenzhen A-share listed companies from 2011 to 2023, this paper constructs an index of “digital and intelligent transformation” (the integration of digitalization and intelligence) of enterprises by using machine learning text analysis methods. On this basis, the paper employs a two-way fixed effect model to empirically test the enabling effect of financial technology on the digital and intelligent transformation of enterprises. The research finds that financial technology can significantly promote the digital and intelligent transformation of enterprises. This conclusion remains valid after a series of endogeneity and robustness tests, including the instrumental variable method, lagged variables, replacement of core variables, and model changes. Heterogeneity analysis shows that the promoting effect of financial technology is more significant in non-state-owned enterprises, enterprises in the eastern and central regions, high-tech enterprises, and enterprises during periods of strong regulation. Mechanism analysis reveals that financial technology promotes the digital and intelligent transformation of enterprises through two paths: enhancing the risk-taking level of enterprises and improving the efficiency of resource allocation.