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<p>Digital transformation has become a strategic choice for enterprises to enhance competitiveness, yet market failures lead to challenges such as high transformation thresholds and resource misallocation. Based on data from Chinese listed companies from 2007 to 2023, this study employs a staggered difference-in-differences model to examine the impact of new infrastructure special bonds on corporate digital transformation. The findings reveal that new infrastructure special bonds significantly promote corporate digital transformation. Mechanism tests indicate that these bonds function through two pathways: optimizing digital infrastructure construction and enhancing data factor allocation efficiency. Heterogeneity analysis shows stronger policy effects in regions with lower fiscal pressure and higher marketization levels; technology-intensive enterprises benefit most, followed by capital-intensive enterprises, while labor-intensive enterprises show limited benefits. Extended analysis reveals nonlinear marginal effects of policy intensity on enterprises with different digitalization levels. This research extends the theoretical boundaries of the relationship between fiscal policy and corporate digital transformation, providing new empirical evidence for understanding how public policies can more effectively promote digital economy development.</p>

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Building digital bridges: spillover effects of public infrastructure investment

  • 期刊论文

  • 发表日期：

    2026年2月5日

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  • Maoguang Wang,
  • Jianxiang Zhang,
  • Xinzi Xia

摘要

Digital transformation has become a strategic choice for enterprises to enhance competitiveness, yet market failures lead to challenges such as high transformation thresholds and resource misallocation. Based on data from Chinese listed companies from 2007 to 2023, this study employs a staggered difference-in-differences model to examine the impact of new infrastructure special bonds on corporate digital transformation. The findings reveal that new infrastructure special bonds significantly promote corporate digital transformation. Mechanism tests indicate that these bonds function through two pathways: optimizing digital infrastructure construction and enhancing data factor allocation efficiency. Heterogeneity analysis shows stronger policy effects in regions with lower fiscal pressure and higher marketization levels; technology-intensive enterprises benefit most, followed by capital-intensive enterprises, while labor-intensive enterprises show limited benefits. Extended analysis reveals nonlinear marginal effects of policy intensity on enterprises with different digitalization levels. This research extends the theoretical boundaries of the relationship between fiscal policy and corporate digital transformation, providing new empirical evidence for understanding how public policies can more effectively promote digital economy development.