系统管理学报

系统管理学报 ›› 2026, Vol. 35 ›› Issue (4): 1114-1130.DOI: 10.3969/j.issn.2097-4558.2026.04.018

• 企业管理与公司金融 • 上一篇    下一篇

智慧城市建设的稳投资效应研究

王贞洁1,2，杨亿1,2
  

  1. 1．中国海洋大学 管理学院，山东 青岛 266100；2．中国企业营运资金管理中心，山东 青岛 266100
  • 收稿日期:2024-09-12 修回日期:2025-04-11 出版日期:2026-07-28 发布日期:2026-08-04
  • 基金资助:
    国家自然科学基金面上项目（72072166）；山东省社科项目（24CGLJ47）；山东省自然科学项目（ZR2025MS1130）

Stable Investment Effect of Smart City Construction

Wang Zhenjie1,2，Yang Yi1,2   

  1. 1. School of Management，Ocean University of China，Qingdao 266100，Shandong，China；2. China Business Working Capital Management Research Center，Qingdao 266100，Shandong，China
  • Received:2024-09-12 Revised:2025-04-11 Online:2026-07-28 Published:2026-08-04

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摘要： 基于2009~2022年A股上市公司数据，本文采用交叠双重差分（DID）模型，检验智慧城市试点这一新型基础设施建设政策对企业实体投资的影响。研究发现，智慧城市试点政策显著提升了企业实体投资份额，且经过大量稳健性检验后,这一结论依然成立。机制检验表明，政府财政补贴与税收激励是该政策推动企业扩大实体投资的主要传导渠道。进一步研究显示，政策对实体投资的促进效应主要集中于民营企业、成长期企业、资本错配程度较低的企业，以及处于市场预期较弱地区的企业；同时，政策效果随着智慧城市建设深度的提升而增强。上述结果表明，智慧城市这一基建政策对实体经济发展具有精准的引导作用。

关键词: 智慧城市, 政府扶持, 企业投资, 交叠DID

Abstract: This paper, based on data from A-share listed companies from 2009 to 2022 and using an overlapping difference-in-differences (DID) model, examines the impact of smart city pilot policies as a new infrastructure initiative on corporate real investment. The results indicate that smart city pilot policies significantly increase the share of corporate real investment, and this conclusion remains robust after extensive robustness tests. Mechanism analysis shows that government fiscal subsidies and tax incentives are the main transmission channels through which policies promote real investment expansion. Further analysis shows that the positive effects are concentrated among private enterprises, growth-stage enterprises, enterprises with lower capital misallocation, and enterprises located in regions with lower market expectations. Moreover, the policy effect increases with deeper smart city development. These findings demonstrate that smart city infrastructure policies have a precise guiding effect on promoting the development of the real economy.

Key words: smart city, government support, enterprise investment, staggered difference-in-differences (DID)

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