国际经济与贸易学院知识库

       当前我国经济正处于结构转型升级的阵痛期，投资活力表现疲软。企业作为市场经济活动的微观主体，其投资行为的优化便成为促进自身可持续发展、实现经济回升向好的重要途径。而数字政府建设作为一种新型治理模式，能够优化投资者所处的外部环境，为投资者作出更好投资决策提供有利条件，这与有效投资主体不谋而合。在此背景下，深入研究数字政府建设对企业投资行为的影响，为企业探索有效投资路径、优化投资结构提供新的视角，对贯彻落实党的二十大精神，促进国家治理现代化具有一定的积极意义。

        本文在数字治理理论和企业投资理论的基础上建立分析框架，对数字政府建设与企业投资行为的关系进行理论分析。基于2017-2022年A股上市公司样本，从数字基础设施建设度、政务服务平台互动度、政务信息和数据开放度三个维度梳理出影响数字政府建设的13个因素建立起多维度指标体系对我国31个省市自治区的数字政府建设发展指数进行测度，运用固定效应模型检验数字政府建设对企业投资水平和投资效率的影响。主要研究内容有：

        第一，从数字政府建设对企业投资水平影响的视角看，本文研究发现：（1）数字政府建设能够显著促进企业投资水平，以上结论在经过一系列稳健性检验后依旧成立。（2）机制检验结果表明，数字政府建设能够通过优化营商环境、缓解企业融资约束等途径提高企业投资水平。异质性分析表明，数字政府建设对企业投资水平的提升作用在信息基础设施水平较低、政府干预程度较高的地区中更为显著。（3）对企业投资结构的偏向性进行分析发现，数字政府建设促使企业减少金融资产投资增加实业投资，实业投资的增加主要是体现在研发投资方面。

        第二，从数字政府建设对企业投资效率影响的视角看，本文研究发现：（1）数字政府建设能够显著改善企业投资效率，以上结论在经过一系列稳健性检验后依旧成立。（2）机制检验结果表明，数字政府建设能够通过降低信息不对称程度、减少企业政治寻租行为改善企业投资效率。异质性分析表明，数字政府建设对企业投资效率的改善作用在董监管不具有海外背景的企业、数字化转型程度较高的企业、市场监督环境较差的地区和产品市场竞争程度较高的行业中更大。（3）对企业非效率投资类型进行分析发现，数字政府建设只会减少企业过度投资问题，在投资不足的情形下，数字政府建设仅对资本密集度高、大股东持股比例高的企业有益；数字政府建设能够通过缓解企业过度投资问题进而优化企业的资源配置效率。

        在研究结论的基础上，本文提出相应的政策建议：一是各地区要加快推进数字基础设施的建设，充分释放数字政府潜在价值；二是地方政府需要进一步挖掘如何建设数字政府以释放其外部效应；三是数字政府的建设应当因地制宜、因企制宜。

Currently, the Chinese economy is undergoing a phase of structural transformation and enhancement, with a notable lack of robustness in investment dynamism. The micro-subjects of market economic activities, represented by enterprises, have witnessed the optimization of their investment behaviors become a crucial approach to fostering sustainable development and facilitating economic revival and enhancement. The establishment of a digital government, as an innovative governance paradigm, can improve the external environment for investors, thereby offering favorable circumstances that enable more informed and effective investment decision-making, aligning with the needs of an efficient investment entity. Under this background, it is of great significance to study the impact of digital government construction on enterprise investment behavior. The research provides new perspectives for enterprises to explore effective investment paths and optimize investment structures, which also has certain practical significance for implementing the spirit of the 20th National Congress of the Communist Party of China and contributing to the advancement of national governance modernization.

Based on the theories of digital governance and enterprise investment, this paper establishes an analytical framework to conduct theoretical analysis on the relationship between digital government construction and enterprise investment behavior. Based on the sample of A-share listed companies from 2017 to 2022, this paper establishes a multi-dimensional index system by sorting out 13 factors influencing digital government construction from the perspectives of digital infrastructure construction degree, interaction degree of government service platforms, and the extent of government information and data transparency. Then, the development index of digital government construction in 31 autonomous regions and provinces of China is measured, and the impact of digital government construction on enterprise investment levels and investment efficiency is tested using a fixed effects model.The main research contents are as follows:

Firstly, from the perspective of the impact of digital government construction on enterprise investment levels, this study finds that:(1) Digital government construction can significantly promote enterprise investment levels, the conclusion is still stable after a series of robustness analyses. (2) The mechanism test results show that digital government construction can prompt enterprise investment levels by optimizing the business environment and alleviating enterprise financing constraints. The heterogeneity analysis shows that the promotion of enterprise investment levels by digital government construction is more pronounced in areas with lower information infrastructure levels and higher levels of government intervention. (3) Analysis of the bias in enterprise investment structure shows that digital government construction leads enterprises to reduce financial asset investment and increase real estate investment, and the increase in real estate investment is primarily manifested in the aspect of R&D investment.

Secondly, from the perspective of the impact of digital government construction on enterprise investment efficiency, this study finds that:(1) Digital government construction can significantly improve enterprise investment efficiency, the conclusion is still stable after a series of robustness analyses. (2) The mechanism test results show that digital government construction can improve enterprise investment efficiency by reducing information asymmetry and decreasing enterprise political rent-seeking behavior. The heterogeneity analysis shows that the role of digital government construction in improving enterprise investment efficiency is greater in firms without overseas background, firms with higher levels of digital transformation, regions with poor market supervision environments, and industries with high product market competition. (3) Analysis of inefficient investment types by enterprises shows that digital government construction can only mitigate the issue of over-investment. In cases of under-investment, digital government construction is only beneficial to capital-intensive enterprises and those with a high shareholding ratio by large shareholders. Digital government construction can optimize the efficiency of resource allocation by alleviating the issue of excessive investment by enterprises.

Based on the research conclusions, this paper puts forward the following policy recommendations: First, regions should accelerate the construction of digital infrastructure to fully release the potential value of digital government. Second, local governments need to further explore how to build digital governments to release their external effects. Third, digital government construction should be tailored to local conditions and enterprise needs.