Abstract: Building a digital economy innovation and development pilot area is an important strategic measure to build a digital economy innovation and development benchmark and support high-quality economic development in China. However, the existing research rarely brings digital economy policy and enterprise digital transformation into a unified analysis framework. In view of this, this paper takes the Ashare non-financial listed companies in 2016—2021 as the research object, the Implementation Plan of the National Digital Economy Innovation and Development Pilot Zone as the policy, and uses the quasinatural experiment method to study the impact of policy on enterprise digital transformation and its function channels.
The research conclusions of this paper are as follows: First, the pilot zone policy can effectively promote the digital transformation of enterprises, and“financial support effect” and “R&D innovation effect” are the two internal channels that play a key role; Second, the policies of the pilot zone a more obvious role in promoting the digital transformation of high-tech industries and strategic emerging industries, and the pilot zone policies can't produce more positive effects without a good external environment; Third, the pilot zone policy can have a better linkage effect with other policies to jointly promote the digital transformation of enterprises; Fourth, the pilot zone policy has positive externalities, which can also promote the digital transformation of enterprises in surrounding areas.
The main contributions of this paper are as follows: First, from the perspective of promoting the digital transformation of enterprises, it supports the beneficial role of the pilot zone policy, and enriches the relevant literature on the effectiveness of locationoriented policies in China; Second, from the perspective of external shocks, the study of the direction and channels of the role of policies in the digital transformation of enterprises will help clarify the internal connection and transmission path between the policies in the pilot zone and the digital transformation of enterprises, and enrich the relevant research on the driving factors of the digital transformation and upgrading of enterprises; Third, it further investigates the heterogeneity effect, policy linkage effect and spatial spillover effect of the pilot zone policies, providing empirical evidence for the construction of the pilot zone to serve the overall high-quality development of the national economy.

Key words: Policy, Digital Transformation of Enterprises, Digital Economy Innovation and Development Pilot Area, Quasi Natural Experiment

摘要： 本文以2016—2021年A股非金融类上市公司为研究对象,将《国家数字经济创新发展试验区实施方案》作为区位导向性政策,运用准自然实验方法分析区位导向性政策对企业数字化转型的影响及其作用渠道。结果表明,区位导向性政策显著促进企业数字化转型,且主要通过“财政支持效应”和“研发创新效应”两条渠道来实现;区位导向性政策对所在地区域财政资源更丰富、区域创新能力更强的企业和高新技术企业、战略性新兴企业具有更明显的促进作用;试验区政策与其他区位导向性政策存在一定的联动效应并具有正向扩散效应,可带动周边区域企业数字化转型。

关键词: 区位导向性政策, 企业数字化转型, 数字经济创新发展试验区, 准自然实验