Abstract：Using the VAT Revenue Division reform in 2016 as a quasi-natural experiment of the impact of fiscal pressure on local governments, the financial data of A-share listed companies from 2012 to 2019 are used as research samples to empirically test the impact and internal mechanism of the increased financial pressure of local governments on the digital transformation of enterprises. The results show that the increasing financial pressure of local governments inhibits the digital transformation of listed companies. Mechanism analysis shows that local government financial pressure will inhibit enterprises’ digital transformation by reducing high-level human capital and improving financing constraints, and local government financial pressure will also affect enterprises’ capital factor cost and human capital level through the dual transmission path of “open source” and “throttling”. Further analysis shows that the synergistic effect of regional industrial agglomeration and the ability of efficient allocation of credit resources will have a positive moderating effect on the digital transformation of enterprises, and the heterogeneity of property rights at the firm level will also affect the impact effect of financial pressure.
刘硕，李香菊. 财政压力对企业数字化转型的影响研究[J]. 管理学报, 2024, 21(10): 1456-.
LIU Shuo，LI Xiangju. Study on the Impact of Financial Pressure on Enterprise Digital Transformation. Chinese Journal of Management, 2024, 21(10): 1456-.
