财政收支结构调整与企业数字化转型：“春风化雨”还是“适得其反”？

王国松¹　李欣宇¹　杨彤²

（1. 上海大学经济学院；2. 安徽财经大学财政与公共管理学院）

　　

　　内容提要：本文以2011—2020年A股上市公司为样本，研究财政收支结构调整对企业数字化转型的影响与内在机制。研究结果显示：支出方面，财政支出向民生领域倾斜以及科教支出占民生性支出比重提升对企业数字化转型能够产生驱动效应；收入方面，税收收入与非税收入之比上升对企业数字化转型产生U型影响，直接税收入与间接税收入之比上升促进企业数字化转型。伴随着有为政府建设的推进与有效市场的完善，财政收支结构调整对企业数字化转型的影响呈边际递增的非线性特征。作用渠道分析结果表明，财政支出结构与财政收入结构调整通过影响企业交易成本与资本配置效率作用于数字化转型，财政民生性支出结构与税收结构优化则通过激励企业增加研发投入和技术性人力资本驱动数字化转型。进一步分析结果表明，财政收支结构调整对数字化转型的效应在不同企业、行业、地区之间存在显著差异；财政支出结构优化对数字化转型程度较低的企业具有促进作用，财政收入结构优化则对数字化转型程度较高的企业激励效应更强。本文研究结论可以为政府通过优化财政收支结构精准助力企业数字化转型提供经验证据与有益参考。

　　关键词：财政收支结构；企业数字化转型；有为政府；有效市场；交易成本；资本配置效率

　　

　　作者简介：王国松，上海大学经济学院教授、博士生导师，上海，200444；李欣宇，上海大学经济学院博士研究生，通信作者；杨彤，安徽财经大学财政与公共管理学院教授，蚌埠，233030。

　　基金项目：国家自然科学基金青年科学基金项目“充电基础设施PPP模式规范运作的驱动机理及政策设计研究”（72003002）；安徽省哲学社会科学规划青年项目“突出环境问题共治中政府责任和公众参与机制研究”（AHSKQ2020D60）

　　引用格式：王国松,李欣宇,杨彤.财政收支结构调整与企业数字化转型:“春风化雨”还是“适得其反”?[J].经济与管理研究,2023,44(11):3-24.DOI:10.13502/j.cnki.issn1000-7636.2023.11.001.

　　

　　

Fiscal Revenue and Expenditure Structure Adjustment and Digital Transformation of Enterprises: Productive or Counterproductive?

WANG Guosong¹, LI Xinyu¹, YANG Tong²

(1. Shanghai University, Shanghai 200444;

2. Anhui University of Finance & Economics, Bengbu 233030)

　　

　　Abstract: In the context of deepening fiscal and taxation reform in China, it is highly valuable to investigate how the government can optimize the fiscal revenue and expenditure structure to drive the digital transformation of enterprises. This paper starts with the fiscal revenue and expenditure structure adjustment and explores the impact and internal mechanism of the adjustment on the digital transformation of enterprises based on the data of A-share listed firms in China from 2011 to 2020. Then, it uses a panel threshold model to analyze the impacts of the adjustment in different levels of government intervention and market conditions.

　　The results show that the inclination of fiscal expenditure to the livelihood field and the rising proportion of science and education expenditure in the livelihood expenditure have a driving effect on the digital transformation of enterprises. The increase in the ratio of tax revenue to non-tax revenue exerts a U-shaped impact on the digital transformation of enterprises, while that of direct tax revenue to indirect tax revenue significantly promotes the digital transformation of enterprises. With the continuous improvement of a well-functioning government and efficient market, the impact of fiscal revenue and expenditure structure adjustment on the digital transformation of enterprises presents the nonlinear characteristic of marginal increase. The channel analysis shows that the optimization of fiscal revenue and expenditure structure acts on digital transformation by affecting enterprises’ transaction costs and capital allocation efficiency. The optimization of fiscal livelihood expenditure structure and tax structure drives digital transformation by encouraging enterprises to increase R&D investment and technical human capital. Further analysis shows that the impact of fiscal revenue and expenditure structure adjustment on the digital transformation of enterprises is more significant in non-service enterprises, enterprises in industries with higher competition, and enterprises in regions with weaker fiscal competition. In addition, the optimization of fiscal expenditure structure and fiscal livelihood expenditure structure has a significant incentive effect on enterprises with lower digital transformation, while that of fiscal revenue structure and tax structure has a more significant effect on enterprises with higher digital transformation.

　　The contributions of this paper are threefold. Firstly, it clarifies the factors and transmission paths that affect the digital transformation of enterprises from the perspectives of macro-policy adjustment and government behaviors. Secondly, it further highlights the policy significance of fiscal revenue and expenditure structure adjustment, providing micro-level evidence for optimizing the fiscal revenue and expenditure structure and deepening the reform of the fiscal and taxation system. Finally, it embeds the well-functioning government and efficient market into the research framework to explore the impacts of fiscal revenue and expenditure structure adjustment in different situations.

　　

　　Keywords: fiscal revenue and expenditure structure; digital transformation of enterprise; well-functioning government; efficient market; transaction cost; capital allocation efficiency