算力部署对企业韧性的影响及机制研究

The Impact and Mechanisms of Computing Power Deployment on Corporate Resilience

摘要:

算力已成为数智时代企业发展的重要基础设施，然而这种新型要素投入能否赋能企业应对外部风险的韧性，仍是亟待检验的科学问题。本文基于2019—2024年A股上市公司数据，实证检验企业算力部署对企业韧性的影响及其作用机制。结果表明：算力部署能显著提升企业韧性，这一结果在经过内生性检验与一系列稳健性检验后仍成立。机制分析表明，算力部署主要通过优化信息披露与促进供需匹配来缓解融资约束，强化供应链内外部协同提升运营效率，驱动数实技术融合优化资源配置与成本结构三条路径提升了企业韧性。异质性分析进一步揭示，算力部署对企业韧性的提升效果对于非国有企业、位于中西部地区、非高科技行业以及行业竞争程度低的企业更加显著。本研究有助于企业算力部署的作用机制与效果，为通过算力基础设施建设增强企业韧性、差异化算力政策以及引导企业部署提供经验证据。

Abstract:

Computing power has emerged as a fundamental infrastructure for corporate development in the digital and intelligent era. Nevertheless, whether such a new factor input can empower enterprises to enhance their resilience against external risks still constitutes an important scientific issue that requires rigorous empirical examination. Based on data from Chinese A-share listed companies over the 2019–2024 period, this paper empirically investigates the impact of firms’ computing power deployment on corporate resilience and the underlying mechanisms. The findings indicate that computing power deployment significantly strengthens corporate resilience, and this conclusion remains valid after a battery of endogeneity treatments and robustness checks. Mechanism analysis suggests that computing power deployment improves corporate resilience through three primary pathways: mitigating financing constraints, boosting supply chain efficiency, and advancing the integration of digital and real economies. Heterogeneity analysis further demonstrates that the positive effect of computing power deployment on corporate resilience is more salient for non-state-owned enterprises, firms located in central and western regions, enterprises in non-high-tech industries, and those operating in industries with low market competition. This study offers empirical evidence for enhancing corporate resilience via computing power infrastructure construction, designing differentiated supportive policies for computing power, and guiding enterprises in targeted computing power deployment.