在全球数字经济的大浪潮下,金融体系的作用愈发凸显,不同的金融结构可能会导致不同的经济后果。在此背景下,本文以我国中小民营企业为研究对象,利用社会融资结构统计数据,通过面板数据回归、工具变量法、中介效应检验、异质性检验等方法...在全球数字经济的大浪潮下,金融体系的作用愈发凸显,不同的金融结构可能会导致不同的经济后果。在此背景下,本文以我国中小民营企业为研究对象,利用社会融资结构统计数据,通过面板数据回归、工具变量法、中介效应检验、异质性检验等方法,探讨金融结构市场化对企业数字化转型的影响。研究发现:(1) 控制其他条件不变,金融结构的市场化程度与中小民营企业数字化转型水平存在显著且稳健的正向关系;(2) 提高金融结构市场化程度,会提升中小民营企业动态能力、降低融资成本,从而促进其数字化转型;(3) 当企业属于高新技术行业且所处地区银行业竞争较强时,金融结构对其数字化转型的影响更为明显。本文的研究证实了金融结构市场化对中小民营企业数字化转型的促进作用,为政府制定相关金融结构优化政策提供经验证据。Under the wave of global digital economy, the role of financial system is becoming more and more prominent, and different financial structures may lead to different economic consequences. In this context, this paper takes China’s small and medium-sized private enterprises as the research object, and uses the statistics of social financing structure to explore the impact of the marketization of financial structure on the digital transformation of enterprises through panel data regression, instrumental variable method, mediation effect test, heterogeneity test and other methods. It is found that (1) controlling other conditions constant, there is a significant and robust positive relationship between the degree of marketization of financial structure and the level of digital transformation of small and medium-sized private enterprises;(2) increasing the degree of marketization of financial structure will enhance the dynamic capacity and reduce the financing cost of small and medium-sized private enterprises, thus promoting their digital transformation;(3) when the enterprise belongs to a high-tech industry and is located in a region with strong competition in the banking industry, the financial structure has a more obvious impact on its digital transformation. The research in this paper confirms the role of marketization of financial structure on the digital transformation of small and medium-sized private enterprises, and provides empirical evidence for the government to formulate relevant financial structure optimization policies.展开更多
In spectral diagnostic physics experiments of inertial confinement fusion, the spectral signal is weak due to the low diffraction efficiency when using bent crystals. A spectral diagnostic instrument with high efficie...In spectral diagnostic physics experiments of inertial confinement fusion, the spectral signal is weak due to the low diffraction efficiency when using bent crystals. A spectral diagnostic instrument with high efficiency and wide spectral range is urgently needed. A multi-curvature bent crystal with multi-energy focusing ability is proposed based on the traditional conical crystal geometry. It has advantages of wide spectral range, strong focusing ability, and high spectral resolution. It also can eliminate the imaging aberration in principle due to rotational symmetry for the incoming X rays. A spectral diagnostic experiment based on a fabricated multi-curvatureα-quartz crystal was accomplished using a titanium X-ray tube of the bent crystal, and the corresponding experimental data using a plane α-quartz crystal was also acquired to demonstrate the strong focusing ability.The result shows that the Kα intensity of the multi-curvature α-quartz crystal is 157 times greater than that of the plane crystal, and the corresponding energy range is about 4.51–5.14 keV. This diagnostic instrument could be combined with a streak camera at a vertical direction so as to intensify the diffracted X-ray signal with a wide spectral range.展开更多
文摘在全球数字经济的大浪潮下,金融体系的作用愈发凸显,不同的金融结构可能会导致不同的经济后果。在此背景下,本文以我国中小民营企业为研究对象,利用社会融资结构统计数据,通过面板数据回归、工具变量法、中介效应检验、异质性检验等方法,探讨金融结构市场化对企业数字化转型的影响。研究发现:(1) 控制其他条件不变,金融结构的市场化程度与中小民营企业数字化转型水平存在显著且稳健的正向关系;(2) 提高金融结构市场化程度,会提升中小民营企业动态能力、降低融资成本,从而促进其数字化转型;(3) 当企业属于高新技术行业且所处地区银行业竞争较强时,金融结构对其数字化转型的影响更为明显。本文的研究证实了金融结构市场化对中小民营企业数字化转型的促进作用,为政府制定相关金融结构优化政策提供经验证据。Under the wave of global digital economy, the role of financial system is becoming more and more prominent, and different financial structures may lead to different economic consequences. In this context, this paper takes China’s small and medium-sized private enterprises as the research object, and uses the statistics of social financing structure to explore the impact of the marketization of financial structure on the digital transformation of enterprises through panel data regression, instrumental variable method, mediation effect test, heterogeneity test and other methods. It is found that (1) controlling other conditions constant, there is a significant and robust positive relationship between the degree of marketization of financial structure and the level of digital transformation of small and medium-sized private enterprises;(2) increasing the degree of marketization of financial structure will enhance the dynamic capacity and reduce the financing cost of small and medium-sized private enterprises, thus promoting their digital transformation;(3) when the enterprise belongs to a high-tech industry and is located in a region with strong competition in the banking industry, the financial structure has a more obvious impact on its digital transformation. The research in this paper confirms the role of marketization of financial structure on the digital transformation of small and medium-sized private enterprises, and provides empirical evidence for the government to formulate relevant financial structure optimization policies.
基金supported in part by the National Natural Science Foundation of China (Nos. 61604028 and61804019)the Venture&Innovation Support Program for Chongqing Overseas Returnees (No. cx2018023)the Science and Technology on Plasmas Physics Laboratory (No. 6142A04180207)。
文摘In spectral diagnostic physics experiments of inertial confinement fusion, the spectral signal is weak due to the low diffraction efficiency when using bent crystals. A spectral diagnostic instrument with high efficiency and wide spectral range is urgently needed. A multi-curvature bent crystal with multi-energy focusing ability is proposed based on the traditional conical crystal geometry. It has advantages of wide spectral range, strong focusing ability, and high spectral resolution. It also can eliminate the imaging aberration in principle due to rotational symmetry for the incoming X rays. A spectral diagnostic experiment based on a fabricated multi-curvatureα-quartz crystal was accomplished using a titanium X-ray tube of the bent crystal, and the corresponding experimental data using a plane α-quartz crystal was also acquired to demonstrate the strong focusing ability.The result shows that the Kα intensity of the multi-curvature α-quartz crystal is 157 times greater than that of the plane crystal, and the corresponding energy range is about 4.51–5.14 keV. This diagnostic instrument could be combined with a streak camera at a vertical direction so as to intensify the diffracted X-ray signal with a wide spectral range.
