The Impact of the National Information Consumption Pilot Policy on Corporate Digital Transformation

Abstract

Against the backdrop of the deepening development of the digital economy, whether demand-side policies can effectively promote corporate digital transformation is an important issue for understanding the micro-level effects of digital economy policies. Taking the National Information Consumption Pilot Policy as a quasi-natural experiment, this paper uses data from Chinese A-share listed companies from 2009-2020 and adopts a multi-period difference-in-differences model to examine the impact of the information consumption pilot policy on corporate digital transformation. The results show that the National Information Consumption Pilot Policy significantly promotes the digital transformation of enterprises in pilot regions. This conclusion remains robust after replacing the dependent variable, adjusting the policy variable, conducting PSM-DID estimation, and performing parallel-trend and placebo tests. Mechanism tests indicate that the policy mainly works through efficiency-related channels, including improving total factor productivity, enhancing investment efficiency, and reducing the operating expense ratio. Heterogeneity analysis further shows that the policy effect is stronger among firms with a higher proportion of employees holding at least a bachelor's degree, firms located in regions with a higher level of marketization, and firms with a higher management shareholding ratio. This paper extends research on the determinants of corporate digital transformation from the perspective of demand-side policies and provides empirical evidence for improving information consumption policies and promoting corporate digital upgrading.