Impact of China’s comprehensive financial reform pilot zone on digital transformation of manufacturing companies. Evidence from listed companies

References

• Ang, J. B. (2010). Research, technological change and financial liberalization in South Korea. Journal of Macroeconomics, 32(1), 457–19. https://doi.org/10.1016/j.jmacro.2009.06.002
   Web of Science ®Google Scholar
• Chun, Y., Tusheng, X., Chunxiao, G., & Sheng, Y. (2021). Digital transformation and corporate division of labor: Specialization or vertical integration. China Industrial Economics, (9), 137–155. https://doi.org/10.19581/j.cnki.ciejournal.2021.09.007
   Google Scholar
• Cui, R. M., Chen, Y. S., & Li, D. (2021). The establishment of pilot free trade zone and regional economic growth: A study based on dynamic mechanism and spatial driving effect. International Trade Issues, (11), 1–20. https://doi.org/10.13510/j.cnki.jit.2021.11.001
   Google Scholar
• Dapeng, Y., Mengtao, C., & Mengzhou, X. Can the digital transformation of enterprises inhibit the “de-realization” - an empirical study based on A-share listed companies. Zhejiang Journal, 2023(2), 144–152. https://doi.org/10.16235/j.cnki.33-1005/c.2023.02.022
   Google Scholar
• DaQian, S., Hai, D., Ping, W., & Jianjiang, L. (2018). Can smart city construction reduce environmental pollution. China Industrial Economy, (6), 117–135. https://doi.org/10.19581/j.cnki.ciejournal.2018.06.008
   Google Scholar
• Demirguc–Kunt, A., & Maksimovic, V. (1998). Law, finance, and firm growth. Journal of Finance, 53(6), 2107–2137. https://doi.org/10.1111/0022-1082.00084
   Web of Science ®Google Scholar
• Fei, W., Huizhi, H., Huiyan, L., & Xiaoyi, R. (2021). Corporate digital transformation and capital market performance-empirical evidence from stock liquidity. Management World, 37(7), 130-144+10.11–1235. https://doi.org/10.19744/j.cnki.11-1235/f.2021.0097
   Google Scholar
• Gomber, P., Kauffiman, R. J., Parker, C., & Weber, B. W. (2018). On the FinTech revolution: interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 1(1), 220–265. https://doi.org/10.1080/07421222.2018.1440766
   Google Scholar
• Hanelt, A., Bohnsack, R., Marz, D., & Antunes, C. (2021). A systematic review of the literature on digital transformation: Insights and implications for strategy and organizational change. Journal of Management Studies, 58(5), 1159–1197. https://doi.org/10.1111/joms.12639
   Web of Science ®Google Scholar
• Han, R.-D., & Fan, B. (2020). Can regional financial reforms alleviate capital allocation distortions? International Financial Studies, (10), 14–23.
   Google Scholar
• Hongming, W., Pengbo, S., & Huifang, G. (2022). How can digital finance enable digital transformation of enterprises? –Empirical evidence from Chinese listed companies. Finance and Economics Series, 10, 1–14. https://doi.org/10.13762/j.cnki.cjlc.20220311.001
   Google Scholar
• Huang, Y., & Shen, Y. (2022). Have financial reform policies eased corporate financing constraints? –A quasi-natural experiment based on the establishment of a comprehensive financial reform pilot zone. Southern Finance, (8), 3–18. https://kns.cnki.net/kcms/detail/detail.aspx?FileName=GDJR202208001&DbName=CJFQ2022
   Google Scholar
• Hui, L., & Dandan, L. (2020). Mechanisms, paths and countermeasures for digital transformation of enterprises. Guizhou Social Science, 10, 120–125. https://doi.org/10.13713/j.cnki.cssci.2020.10.017
   Google Scholar
• Jia, Z., Niannian, S., & Fei, W. (2022). Financial market reform and enterprises’ “short loans and long investments”-Chinese experience based on the perspective of interest rate marketization. Business Research, (5), 103–113.
   Google Scholar
• J, K. O. O., & SHIN, S. (2004). Financial liberalization and corporate investments: Evidence from Korean firm data. Asian Economic Journal, 18(3), 277–292. https://doi.org/10.1111/j.1467-8381.2004.00193.x
   Google Scholar
• Ke, B., Liu, N. and Tang, S. The effect of anti -corruption campaign on shareholder value in a weak institutional environment evidence from China[R]. SSRN Working Paper,2017.
   Google Scholar
• Levine, R. (2005). Finance and Growth: Theory and Evidence. In Eds. Handbook of economic growth, edition 1 (Vol. 1. pp. 865–934). Elsevier. https://doi.org/10.1016/S1574-0684(05)01012-9
   Google Scholar
• LI, P., LU, Y., & WANG, J. (2016). Does flattening government improve economic performance? evidence from China. Journal of Development Economics, 123, 18–37. https://doi.org/10.1016/j.jdeveco.2016.07.002
   Web of Science ®Google Scholar
• Linqi, H., Guangbin, C., & Yali, W. How national-level big data comprehensive pilot zone empowers digital transformation of enterprises[J/OL]. Science and Technology Progress and Countermeasures, 1–11. https://kns.cnki.net/kcms/detail/detail.aspx?FileName=KJJB20220923000&DbName=CAPJ2022
   Google Scholar
• Mikalef, P., & Pateli, A. (2017). Information technology-enabled dynamic capabilities and their indirect effect on competitive performance: Findings from PLS-SEM and fsQCA. Journal of Business Research, 70(1), 1–16. https://doi.org/10.1016/j.jbusres.2016.09.004
   Google Scholar
• SERFLING, M. (2016). Firing costs and capital structure decisions. The Journal of Finance, 71(5), 2239–2286. https://doi.org/10.1111/jofi.12403
   Web of Science ®Google Scholar
• Shu Song, B., Xiaohong, L., and Baokun, N., (2005). A Study of the Interaction between Local Governance and Banking Reform in China’s Financial System during the Transition Period. Journal of Financial Studies.
   Google Scholar
• Shu, X., & Yu, B. (2022). Financing constraints, uncertainty and firm investment structure: An empirical test based on a panel threshold regression model. Research in Financial Economics, 37(4), 80–95. https://kns.cnki.net/kcms/detail/detail.aspx?FileName=JIRO202204006&DbName=CJFQ2022
   Google Scholar
• Tang, S., Qing, L., & Fei, W. (2022). Financial market-oriented reform and digital transformation of enterprises–Empirical evidence from interest rate marketization in China. Journal of Beijing University of Technology and Business (Social Science Edition), 37(1), 13–27. https://kns.cnki.net/kcms/detail/detail.aspx?FileName=BJSB202201002&DbName=CJFQ2022
   Google Scholar
• Tang, S., Wu, X. C., & Jia, Z. (2020). Digital finance and corporate technology innovation - structural characteristics, mechanism identification and differences in effects under financial regulation. Management World, 5, 52–66+9. https://doi.org/10.19744/j.cnki.11-1235/f.2020.0069
   Google Scholar
• Ting, J. (2022). Mediating and moderating effects in empirical studies of causal inference [in Chinese]. China Industrial Economics, 5, 100–120. https://doi.org/10.19581/j.cnki.ciejournal.2022.05.005
   Google Scholar
• Tu, X. Y., & Yan, X. L. (2022). Digital transformation, knowledge spillover and total factor productivity of firms - Empirical evidence from listed manufacturing companies. Industrial Economics Research, 2, 43–56. https://doi.org/10.13269/j.cnki.ier.2022.02.010
   Google Scholar
• Wang, X., Wang, M., & Zheng, L. (2020a). Have financial reforms promoted high-quality local economic development? Evidence from the establishment of national comprehensive financial reform pilot zones. Comparative Economic and Social Systems. https://kns.cnki.net/kcms/detail/detail.aspx?FileName=JJSH202004003&DbName=DKFX2020
   Google Scholar
• Wang, X., Wang, M., & Zheng, L. (2020b). Have financial reforms promoted high-quality local economic development? –Evidence from the establishment of the National Comprehensive Financial Reform Pilot Zone. Comparative Economic & Social Systems, (4), 11–20. https://kns.cnki.net/kcms/detail/detail.aspx?FileName=JJSH202004003&DbName=DKFX2020
   Google Scholar
• Xiao, N., & Lin, T. A. (2022). A study on the impact of comprehensive financial reform projects on firm innovation - a quasi-natural experiment based on panel data of prefecture-level cities. Technology Economics, 41(7), 34–47. https://kns.cnki.net/kcms/detail/detail.aspx?FileName=JSJI202207004&DbName=CJFQ2022
   Google Scholar
• Xiaolong, L., & Xiaojing, H. (2023). Zheng Qiang Can financial reform policies promote common prosperity? –Empirical evidence from the establishment of national financial reform pilot zones. Xinjiang Social Science, (3), 59–69+150.
   Google Scholar
• Yang, L. G., Gong, S. H., Wang, P., & Chao, Z. S. (2018). Human capital, technological progress and manufacturing upgrading. China Soft Science, (1), 138–148. https://doi.org/10.16235/j.cnki.33-1005/c.2023.02.022
   Google Scholar
• Yeting, C., Rui, Z., & Zhigang, S., et al. (2018). Research on the impact of financial reform on total factor productivity—Based on empirical data from five national financial reform pilot zones. China Management Science, 9. https://doi.org/10.16381/j.cnki.issn1003-207x.2018.09.003
   Google Scholar
• Zeng, H., & Dolado, J. J. (2023-04-3). Revisiting the public-private wage gap in Spain: New evidence and interpretation, Finance and Economics Series. 1–25. https://doi.org/10.1007/s13209-023-00277-z
   Google Scholar
• Zhang, J., Liu, Y. C., Zhai, F. X., & Lu, Z. (2013). Bank discrimination, business credit and firm development. The World Economy, 36(9), 94–126. https://doi.org/10.19985/j.cnki.cassjwe.2013.09.006
   Google Scholar
• Zhao, C.-Y., Wang, W.-C., & Xue-Song, L. (2021). How digital transformation affects total factor productivity of enterprises. Finance & Trade Economics, (7). https://doi.org/10.19795/j.cnki.cn11-1166/f.20210705.001
   Google Scholar
• Zhiyuan, Z., & Yongfan, M. (2023). Government subsidies and firms’ digital transformation–a signaling-based perspective. Economic and Management Studies, 44(1), 111–128. https://doi.org/10.13502/j.cnki.issn1000-7636.2023.01.007
   Google Scholar
• Ziyao, X., & Lisha, Z. (2022). Digital transformation and corporate expense stickiness - an analysis based on management self-interest perspective. Research in Financial Economics, (4). https://kns.cnki.net/kcms/detail/detail.aspx?FileName=JIRO202204009&DbName=CJFQ2022
   Google Scholar