财经问题研究

在全球技术封锁叠加产业链供应链重构的双重冲击背景下，以“两化融合”贯标试点政策强化数智时代工业竞争力和提升企业韧性具有重要的现实意义。本文基于2010—2023年中国沪深A股上市公司数据，运用多时点双重差分模型考察“两化融合”贯标试点政策对企业韧性的影响及作用机制。研究结果表明，“两化融合”贯标试点政策能够提升企业韧性，该结论在经过一系列内生性检验和稳健性检验后依然成立。机制检验结果表明，“两化融合”贯标试点政策通过提高企业敏捷响应度、提高企业风险承担水平和提高企业资源配置效率提升企业韧性。异质性分析结果表明，“两化融合”贯标试点政策对中西部地区企业、高融资成本企业韧性的提升效应更明显，对国有企业、非国有企业、数字产业化企业、非数字产业化企业、产业数字化程度高企业、产业数字化程度低企业的韧性具有普适性的提升效应。本文的研究结论为加快推动中国新型工业化和提升企业韧性提供了理论支撑和政策参考。

In the current context of intensified global technological competition and increased uncertainty in supply chains, enhancing enterprise resilience has become a key issue for promoting new industrialization and high-quality development. The deep integration of informatization and industrialization, as a national strategy, still requires systematic examination of its impact mechanism and effects on enterprises, especially the lack of policy effect assessment based on microdata. Strengthening industrial competitiveness in the digital and intelligent era through the “integration of informatization and industrialization” standardization pilot policy has significant practical significance.This paper uses the pilot policy of “integration of informatization and industrialization” as a quasi-natural experiment. Based on the data of Chinese A-share listed companies from 2010 to 2023, it conducts an empirical test using a multi-period difference-in-differences(DID) model. This paper finds that the pilot policy of “integration of informatization and industrialization” can significantly enhance enterprise resilience. After passing parallel trend tests, placebo tests, heterogeneity treatment effects, double machine learning, and other robustness tests and endogeneity tests, the research conclusion remains valid. The mechanism analysis shows that the policy enhances enterprise resilience mainly through strengthening enterprises' agile response capability, increasing risk-taking levels, and optimizing resource allocation efficiency. Considering that macro-environmental characteristics, micro-enterprise characteristics, and meso-characteristics can all produce different heterogeneity results, this paper conducts sample regression. The heterogeneity analysis results indicate that the pilot policy of “integration of informatization and industrialization” enhances the resilience of enterprises in central and western regions and those with high financing costs. The distinction should be more pronounced between state-owned enterprises, non-state-owned enterprises, digital industrialization enterprises, non-digital industrialization enterprises, enterprises with high industrial digitalization levels, and industrial digitalization.This paper expands the micro-effect assessment of the pilot policy of “integration of informatization and industrialization” from the perspective of enterprise resilience, providing empirical evidence for understanding how new industrialization enhances enterprise resilience. Additionally, the research conclusion provides references for promoting digital transformation in a classified manner and optimizing industrial policies, and provides policy implications for enhancing the resilience of the real economy in complex external environments.