数字赋能:智慧城市建设如何促进企业跨地区投资

Digital Empowerment:How Does Smart City Construction Promote Corporate Cross-Regional Investment?

中文关键词:  智慧城市建设  全国统一大市场  企业跨地区投资  制度性交易成本  企业发展预期

英文关键词:smart city construction  unified national market  corporate cross-regional investment  institutional transaction costs  corporate development expectations

中文摘要:

      数字技术的快速发展和广泛渗透提高了企业跨地区的信息获取能力,为加快全国统一大市场建设、构建新发展格局提供了重要战略支撑。基于国家智慧城市试点的准自然实验,以2005—2022年中国沪深A股上市企业为研究对象,实证考察了智慧城市建设对企业跨地区投资的影响及作用机制。研究发现,智慧城市建设能够显著促进企业跨地区投资,并且这种促进效应通过降低制度性交易成本和改善企业发展预期实现。异质性分析结果表明,上述促进效应在非国有企业、高科创水平企业,以及市场地位低、经营效能强的企业中更为显著。因此,政府应加快新型信息基础设施建设,提升城市智能化水平,发挥数字技术赋能效应,为企业跨地区投资提供坚实的技术保障。

英文摘要:

      The rapid development and extensive penetration of digital technologies have enhanced enterprises' capability to acquire cross-regional information, providing important strategic support for accelerating the building of a unified national market and fostering a new development pattern. Taking the national smart city pilot programs as a quasi-natural experiment and Chinese A-share listed companies in Shanghai and Shenzhen from 2005 to 2022 as research samples, this paper empirically examines the impact of smart city construction on corporate cross-regional investment and its underlying mechanisms. The results show that smart city construction can significantly boost corporate cross-regional investment, and such effects are realized by reducing institutional transaction costs and enhancing corporate development expectations. Heterogeneity analysis indicates that the above promoting effect is more pronounced in non-state-owned enterprises, high-tech innovative enterprises, as well as enterprises with low market positions and strong operational efficiency. Therefore, the government should accelerate the construction of new-type information infrastructure, raise the level of urban intelligence, and give full play to the empowering effect of digital technologies, so as to provide solid technical support for corporate cross-regional investment.