数字经济政策如何赋能企业新质生产力？

冯佳林¹　袁祎开²　孙忠娟²

（1.河北经贸大学；2.首都经济贸易大学）

内容提要：本文基于2012—2022年中国A股上市公司的面板数据，探究数字经济政策对企业新质生产力的影响机制。结果显示，数字经济政策在影响企业新质生产力的过程中存在同行业企业与同地区企业数字化水平门槛，当同行业或同地区企业数字化水平跨过门槛后，数字经济政策能够促进企业新质生产力提升；当同行业企业数字化水平跨过门槛后，行业环境动态性可以加强数字经济政策对企业新质生产力的正向影响；当同地区企业数字化水平跨过门槛后，区域创新能力可以加强数字经济政策对企业新质生产力的正向影响。本文的研究为深入理解数字经济政策在微观层面的作用机制提供有益启示。

关键词：数字经济政策；企业新质生产力；数字化水平；行业环境动态性；区域创新能力

作者简介：冯佳林，河北经贸大学工商管理学院讲师/公司治理与企业成长研究中心研究员，石家庄，050061；袁祎开，首都经济贸易大学工商管理学院博士研究生，北京，100070；孙忠娟，首都经济贸易大学工商管理学院教授、博士生导师，通信作者。

基金项目：国家自然科学基金面上项目“企业数字能力的内涵构建、组态前因及其对创新的影响机制研究”（72172097）；“十四五”时期北京市属高校优秀青年人才培育计划项目“企业数字能力的概念结构、构建路径及其影响价值共创的机理研究：基于北京市专精特新企业的分析”（BPHR202203174）

引用格式：冯佳林,袁祎开,孙忠娟.数字经济政策如何赋能企业新质生产力?[J].经济与管理研究,2025,46(10):129-144.

How do Digital Economic Policies Empower Firms’ New Quality Productive Forces?

FENG Jialin¹, YUAN Yikai², SUN Zhongjuan²

(1. Hebei University of Economics and Business, Shijiazhuang 050061;

2. Capital University of Economics and Business, Beijing 100070)

Abstract: As a vital component of the firm resource dependence system, digital economic policy provides diverse external resource support for firm development. However, the impact of these policies at the micro level is not linear, which requires interconnection and mutual reinforcement with the actual digital environment of specific industries and regions. This paper, based on resource dependence theory and panel data from 1,456 A-share listed companies from 2012 to 2022, explores the threshold effect of the digitalization level of peer firms or firms within the same region on the process by which digital economic policies influence firms’ new quality productive forces (NQPF).

The findings indicate that the effect of digital economic policies on firms’ NQPF is contingent upon the digitalization level of peer firms or firms within the same region. When the level exceeds the minimum threshold, digital economic policies exert a positive influence on firms’ NQPF.It also discusses the moderating roles of industrial environment dynamics and regional innovation capability. Specifically, when the level of peer firms exceeds the threshold, industrial environment dynamics further amplify the positive impact of digital economic policies on NQPF. When the level of firms within the same region exceeds the threshold, regional innovation capability strengthens this positive impact.

This paper has specific policy implications. First, the government should continue to promote the development of digital industries and regional clustering, and strengthen the aggregation effect of digital resources. Second, policymakers should strive to create a dynamic and innovative market environment that encourages firms to experiment boldly and seize the opportunities presented by the digital economy. Third, the government should focus on cultivating regional innovation capabilities of firms within the region by establishing regional innovation funds, developing science and technology parks, and enhancing infrastructure.

The potential contributions are threefold. First, this paper reveals the nonlinear relationship between digital economic policies and firms’ NQPF, providing theoretical support for understanding the complex relationship between the two. Second, it proposes and verifies the threshold effect of the digitalization level of peer firms or firms within the same region. It argues that the level of peer firms determines how focal firms accept and understand policies. Meanwhile, the level of firms within the same region determines how focal firms adapt to and coordinate with policies. Both factors jointly determine the effectiveness of digital economic policies at the micro level. Third, it explores the moderating effect of industrial environment dynamics and regional innovation capability, expands the boundary conditions of digital economic policies affecting firms’ NQPF, and enriches the research on the situational dependence of digital economic policies.

Keywords: digital economic policy; firms’ new quality productive forces; digitalization level; industrial environment dynamics; regional innovation capability

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