对新质生产力的投资能否推动制造业企业的数字化转型？
学术
财经
2024-09-19 13:40
上海
对新质生产力的投资能否推动制造业企业的数字化转型？
Does Venture Capital for New Quality Productive Forces Facilitate the Digital Transformation of Manufacturing Enterprises?
《外国经济与管理》2024年46卷第9期 页码：134-152 online：2024年9月20日
中：董静1 , 吕孟丽1 , 孙传超1 , 谢韵典2
英：Dong Jing1 , Lyu Mengli1 , Sun Chuanchao1 , Xie Yundian2
作者单位：1.上海财经大学 商学院, 上海 200433; 2.武汉科技大学 法学与经济学院, 湖北 武汉 430065
摘要：本文基于外部学习的视角，探讨了制造业企业对新质生产力的投资活动和自身数字化转型之间的关系。研究结果表明，（1）制造业企业对新质生产力进行风险投资能有效促进自身的数字化转型，这说明公司风险投资作为一种典型的外部学习策略，能帮助制造业企业学习和获取组织外的相关技术和知识以建设新质生产力，从而助推数字化转型。（2）制造业企业的技术生态位多样性和技术生态位重叠度作为重要的情境因素，均能增强新质生产力投资对企业数字化转型的积极效应。（3）异质性分析表明，当制造业企业为民营企业、所在地区营商环境较好，以及处于成长期和成熟期阶段时，对新质生产力的投资更能推动企业数字化转型。本文的研究结论不仅为公司以外部学习的方式建设新质生产力提供了经验支持，也为制造业企业探索数字化转型路径和策略提供了新思路。
关键词：新质生产力；数字化转型；风险投资；外部学习；技术生态位
Summary: For China’s manufacturing enterprises, digital transformation has become a critical strategy for maintaining competitive advantages and achieving sustainable development. Thus, how manufacturing enterprises cultivate “new quality productive forces” (NQPFs) suited to digital transformation becomes paramount. This paper takes A-share listed manufacturing enterprises from 2010 to 2020 as the sample and explores the relationship between the venture capital for NQPFs (NVC) and their digital transformation from an external learning perspective. The results indicate that NVC by manufacturing enterprises significantly promote their digital transformation. This demonstrates that NVC, as a typical external learning strategy, plays a crucial role in digital transformation. On the one hand, manufacturing enterprises can establish equity links with invested enterprises through NVC activities, enabling them to acquire tacit knowledge beyond their organizational boundaries. On the other hand, NVC activities exhibit characteristics of real options, solidifying the foundation for continuous and dynamic exploration of external NQPFs by manufacturing enterprises in the future. Furthermore, the diversity and overlap of manufacturing enterprises’ technological niche, as significant contextual factors, both enhance the positive effect of NVC on digital transformation. In addition, heterogeneity analysis shows that the promotion effect of NVC on digital transformation is more pronounced in private manufacturing enterprises, those located in regions with good business environments, and those in the growth and maturity stages. This paper makes the following contributions: First, it introduces the concept of NVC for the first time, providing new empirical evidence for the literature on how enterprises cultivate NQPFs. Second, it investigates the impact of NVC activities on the digital transformation of manufacturing enterprises, uncovering the mechanisms of external learning in this context. Third, it reveals that technological niche is a critical boundary condition affecting the impact of NVC on the digital transformation of manufacturing enterprises, further enriching the study on the relationship between enterprise knowledge attributes and inter-organizational learning effectiveness.
Key words:new quality productive forces; digital transformation; venture capital; external learning; technological niche
DOI：10.16538/j.cnki.fem.20240807.102
收稿日期：2024-07-24
基金项目：国家自然科学基金面上项目（71872108）；上海财经大学研究生创新基金资助项目（CXJJ-2022-410）
