Institutional Opening and Corporate Digital Transformation—Empirical Evidence from Cross-Border E-Commerce Pilot Zones

Li Xiangqian, Zhu Xiaoman, Wang Yipan

Studies of International Finance ›› 2025, Vol. 0 ›› Issue (1) : 87-96.

PDF(1232 KB)
PDF(1232 KB)
Studies of International Finance ›› 2025, Vol. 0 ›› Issue (1) : 87-96.

Institutional Opening and Corporate Digital Transformation—Empirical Evidence from Cross-Border E-Commerce Pilot Zones

  • Li Xiangqian1, Zhu Xiaoman1, Wang Yipan2
Author information +
History +

Abstract

Policy supply plays a crucial role for enterprises to quickly achieve digital transformation and win a competitive advantage. As a systematic open policy characterized by both the Internet and the platform economy, it is unclear whether the pilot zones for cross-border e-commerce can make full use of the digital platform to influence the development of the digital economy for micro-entrepreneurs.
This paper uses the cross-border e-commerce pilot zone policy as a quasi-natural experiment to assess the impact of the cross-border e-commerce pilot zone on firms' digital transformation using the multi-period difference-in-differences(DiD)method. The study found that the comprehensive cross-border e-commerce pilot zone effectively facilitated the digital transformation of enterprises, and in particular had a more significant impact on the two types of transformation, namely, the underlying technology and the application of digital technology. The establishment of the comprehensive pilot zone for cross-border e-commerce drove enterprises' digital transformation by expanding market opportunities, optimizing the digital environment, and promoting the open sourcing of capital. Heterogeneity studies show that the impact of the comprehensive pilot zone for cross-border e-commerce on the digital transformation of enterprises is asymmetric, with a particularly pronounced driving effect on enterprises that are non-state-owned, small-scale, labor-intensive, in the eastern region, especially those close to Hangzhou. The article provides micro-level evidence for the government to reshape the new pattern of the digital economy through institutionalized openness, helping to maximize the policy dividends of the comprehensive pilot zone for cross-border e-commerce and promote a higher level of institutionalized openness.
The paper examines the relationship between cross-border e-commerce, institution-based openness policies, and the transformation and upgrading of enterprises in the era of the digital economy, providing empirical references for assessing the transformative effects of cross-border e-commerce, and offer important policy insights on how it can unlock market dynamism.

Key words

Cross-Border E-Commerce / Digital Transformation / Institution Opening Up

Cite this article

Download Citations
Li Xiangqian, Zhu Xiaoman, Wang Yipan. Institutional Opening and Corporate Digital Transformation—Empirical Evidence from Cross-Border E-Commerce Pilot Zones[J]. Studies of International Finance, 2025, 0(1): 87-96

References

[1] 郭小敏,赵婷婷. 公平竞争审查与企业数字化转型:促进还是抑制[J]. 中国流通经济,2024(8):69-86
[2] 胡浩然,宋颜群. 跨境电商改革与工资收入:一个新开放视角[J]. 财经研究,2022(5):49-63
[3] 寇宗来,刘学悦. 中国城市和产业创新力报告(2017)[R]. 上海:复旦大学产业发展研究中心,2017
[4] 李震,赵春明,李宏兵. 贸易新业态与稳就业——来自跨境电商综合试验区的证据[J]. 经济科学,2023(4):28-44
[5] 李政,越婷婷,贾妍妍. 地区大数据发展如何影响企业数字化转型?[J]. 现代财经(天津财经大学学报),2023(11):61-76
[6] 李政,赵轶薇,卜林. 企业数字化转型与金融市场稳定——基于尾部系统风险视角[J]. 证券市场导报,2024(2):68-79
[7] 鲁桐,党印. 公司治理与技术创新:分行业比较[J]. 经济研究,2014(6):115-128
[8] 马述忠,郭继文. 制度创新如何影响我国跨境电商出口?——来自综试区设立的经验证据[J]. 管理世界,2022(8):83-102
[9] 毛宁,孙伟增,杨运杰等. 交通基础设施建设与企业数字化转型——以中国高速铁路为例的实证研究[J]. 数量经济技术经济研究,2022(10):47-67
[10] 史亚茹,于津平. 跨境电商改革与企业创新——基于跨境电商综合试验区设立的准自然实验[J]. 国际贸易问题,2023(4):37-55
[11] 孙伟增,毛宁,兰峰等. 政策赋能、数字生态与企业数字化转型——基于国家大数据综合试验区的准自然实验[J]. 中国工业经济,2023(9):117-135
[12] 王海,闫卓毓,郭冠宇等. 数字基础设施政策与企业数字化转型:“赋能”还是“负能”?[J]. 数量经济技术经济研究,2023(5):5-23
[13] 王雄元,徐晶. 放松市场准入管制提高了企业投资效率吗?——基于“市场准入负面清单”试点的准自然实验[J]. 金融研究,2022(9):169-187
[14] 王彦超,赵婷婷,纪宇. 反垄断、竞争强度与高管激励[J]. 财贸经济,2022(3):67-81
[15] 韦大宇,张建民. 中国跨境电商综合试验区建设成果与展望[J]. 国际贸易,2019(7):18-24
[16] 温湖炜,舒斯哲,周凤秀. 跨境电商政策的出口贸易增长效应评估[J]. 统计与决策,2021(18):149-153
[17] 吴非,常曦,任晓怡. 政府驱动型创新:财政科技支出与企业数字化转型[J]. 财政研究,2021(1):102-115
[18] 许和连,金友森,王海成. 银企距离与出口贸易转型升级[J]. 经济研究,2020(11):174-190
[19] 许为宾,唐青舟,李欢. 知识产权保护与企业数字化转型——基于知识产权示范城市的准自然实验[J]. 科研管理,2023(10):53-61
[20] 杨胜刚,谢晋元,成程. 跨境电商、供应链优化和企业国际化——基于大数据文本分析的经验证据[J]. 国际贸易问题,2023(10):1-18
[21] 杨志浩,郑玮. 产业融合与城市创新——来自“三网融合”的证据[J]. 科研管理,2023(6):126-136
[22] 尹忠明,史兆晨,王嘉琪. 数字经济对我国制造业出口结构的影响[J]. 财经科学,2023(12):132-145
[23] 于博,赵越. 客户集中度与供应商赊销账款的动态收敛特征——倒U型调节效应及调节机制分析[J]. 中国经济问题,2023(4):181-196
[24] 于文超,王丹. 数字政府建设能降低企业非生产性支出吗?——来自中国上市公司的经验证据[J]. 财经研究,2024(1):124-138
[25] 曾艺,韩峰. 生产性服务业集聚与制造业出口产品质量升级[J]. 南开经济研究,2022(7):23-41
[26] 张洪胜,潘钢健. 跨境电子商务与双边贸易成本:基于跨境电商政策的经验研究[J]. 经济研究,2021(9):141-157
[27] 张洪胜,谢月星,杨高举. 制度型开放与消费者福利增进——来自跨境电商综试区的证据[J]. 经济研究,2023(8):155-173
[28] 张欣,董竹. 数字化转型与企业技术创新——机制识别、保障条件分析与异质性检验[J]. 经济评论,2023(1):3-18
[29] 赵蓓文. 新中国75年从贸易大国走向贸易强国的回顾与探索[J]. 世界经济研究,2024(4):3-8+134
[30] 赵岳,谭之博. 电子商务、银行信贷与中小企业融资——一个基于信息经济学的理论模型[J]. 经济研究,2012(7):99-112
[31] 朱晓满,王伊攀. 数字基建、产业链竞争与企业数字化转型[J]. 经济与管理研究,2023(8):55-73
[32] Barrett M,Davidson E,Prabhu J,Vargo S L.Service Innovation in the Digital Age[J]. MIS Quarterly,2015,39(1):135-154
[33] Fan J,Tang L,Zhu W,Zou B.The Alibaba Effect:Spatial Consumption Inequality and the Welfare Gains from E-Commerce[J]. Journal of International Economics,2018,114(7):203-220
[34] Gregory V.Understanding Digital Transformation[J]. The Journal of Strategic Information Systems,2019,28(2):118-144
[35] Hadlock C J,Pierce J R.New Evidence on Measuring Financial Constraints:Moving beyond the KZ Index[J]. The Review of Financial Studies,2010,23(5):1909-1940
[36] Munch J,Schaur G.The Effect of Export Promotion on Firm-Level Performance[J]. American Economic Journal:Economic Policy,2018,10(1):357-387
PDF(1232 KB)

138

Accesses

0

Citation

Detail

Sections
Recommended

/