政府数字化补贴与“专精特新”中小企业数字化转型

——兼论管理层情绪和政治关联的调节效应

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关键词：政府数字化补贴；“专精特新”中小企业；数字化转型；管理层情绪；政治关联中图分类号：F812.45；F276.3；F49 文献标识码：A 文章编号：1007-5097（2025）07-0061-13

GovernmentDigitalSubsidiesandtheDigital Transformationof SpecializedandInnovativeSMEs： TheModerating EffectsofManagerial Sentiment and Political Connections

LIU Minghui1，HE Xueting1， JI Yunyang² （1.Schoolof PublicFinanceand Taxation，Dongbei UniversityofFinanceand Economics，Dalian16O25，China; 2.SchoolofEconomicsand Trade，HunanUniversity，Changsha41Oo82，China）

Abstract：Basedondata from listed specializedand innovative Smalland Medium-sized Enterprises （SMEs）from2013 to 2023，this essay empirically examines the impactof government digital subsidies on theirdigital transformation.The findingsreveal thatgovernmentdigital subsidiessignificantlypromotethedigital transformationof such SMEs，with strongereffctsobserved intechnology-intensiveindustries，highlycompetitivesectors，andfirms withhigherinstitutional ownership.Theprimary mechanisms include allviating financial constraintsandenhancing the levelof digital human capital.Positivemanagerial sentiment strengthens theefectivenessof governmentdigital subsidies，whereaspolitical connections weaken thepolicy impact.Furthermore，government digital subsidiescansynergizewith government procurement tojointlyfacilitatedigitaltransformationandsignificantlyboostfirms‘digitalinnovation.The findings provide empirical evidence and policyinsights for optimizing the design of government digital subsidy policies and advancing the digital transformation of specialized and innovative SMEs.

KeyWords：governmentdigitalsubsidies;specializedand innovativeSMEs;digital transformation;managerialsentiment; political connections

一、引言及文献综述

党的二十大报告明确提出，要“支持专精特新企业发展”。（剩余18984字）