政府风险投资与企业数字化转型：来自中国的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-18 DOI:10.1016/j.frl.2025.107815

Yingdan Jia , Jingwen Li , Jindan Zhang

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引用次数: 0

摘要

本文调查并证实了政府风险投资对企业数字化转型的积极影响。实证结果表明，全球价值链参与度每增加一个标准差，数字化转型强度相对于平均值提高0.34%。降低信息不对称程度、缓解融资约束、提高全球价值链参与上市公司的风险承担水平是全球价值链促进企业数字化转型的三个可能的潜在渠道。本文丰富了对全球价值链和企业数字化转型机制的研究，为全球价值链参与非风险投资市场提供了证据。我们的研究结果表明，全球价值链在ipo后企业的可持续发展中发挥了重要作用，阐明了政府参与如何影响战略投资决策。这些洞见对于优化国有市场混合模式以促进战略发展和可持续经济增长至关重要。

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Governmental venture capital and corporate digital transformation: evidence from China

This paper investigates and confirms the positive effects of governmental venture capital (GVCs) on corporate digital transformation. The empirical evidence reveal that each standard deviation increase in GVC participation raises digital transformation intensity by 0.34 % relative to the mean. Reducing the degree of information asymmetry, easing financing constraints, and improving the level of risk taking offered by GVCs participating in listed firms are the three plausible underlying channels through which GVCs promote corporate digital transformation. This paper enriches the research on GVCs and the mechanism on corporate digital transformation and provides evidence for GVCs to participate in the non-venture capital market. Our findings demonstrate GVCs' significant role in post-IPO firms' sustainable development, clarifying how government participation shapes strategic investment decisions. These insights are crucial for optimizing state-market hybrids to promote strategic development and sustainable economic growth.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance