地方公共债务扩张何以抑制企业数字化转型?OACHSSCD

Comprehensively promoting the digital transformation of micro-individuals has become an important starting point for speeding up the cultivation of new quality productive forces and achieving the sci-tech self-reliance and self-strengthening at higher levels of China.Whether the macroeconomic risks built up by the persistently high scale of local public debt will spill over to the real economy,thereby affecting the digital transformation of intra-domain enterprises,still remain to be tested.This paper takes the annual data of China's non-financial listed companies from 2011 to 2021 as the research sample to explore the effect of local public debt on digital transformation of enterprises.It is found that the expansion of local public debt significantly inhibits the digital transformation of firms in the domain,and the above effect is more significant in non-mature,non-state-owned executives without IT backgrounds and non-manufacturing firms.Mechanism studies show that local public debt works through financing constraints,R&D investment,and government intervention.To foster deeper integration between the digital economy and the real economy and help firms build advantages in digital transformation,it is essential to further advance local government debt governance reform and accelerate the establishment of a debt risk resolution and performance management system aligned with high-quality development.