行业报告IMF企业层面的数字化与冲击韧性：财政政策的作用英20235_市场营销策划_重.docx

《行业报告IMF企业层面的数字化与冲击韧性：财政政策的作用英20235_市场营销策划_重.docx》由会员分享，可在线阅读，更多相关《行业报告IMF企业层面的数字化与冲击韧性：财政政策的作用英20235_市场营销策划_重.docx（33页珍藏版）》请在第一文库网上搜索。

1、INTERNATIONA1MONETARYFUNDFirm-1eve1Digita1izationandResi1iencetoShocks:Ro1eofFisca1Po1icyManabuNoseandJiroHondaWP/23/95IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepub1ishedtoe1icitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessar

2、i1yrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.WoRK-NGPAPER2023MAYWP/23/952023Internationa1MonetaryFundIMFWorkingPaperFisca1AffairsDepartmentFirm-1eve1Digita1izationandResi1iencetoShocks:Ro1eofFisca1Po1icyPreparedbyManabuNoseandJiroHondaTheauthorswou1d1iketothankVitorGaspar,Niko1ayGu

3、eorguiev,KatherineBaer,MarcosPop1awskiRibeiro,SebastianBeer,Sa1maKha1id,YueZhou,andIMFFisca1AffairsDepartmentseminarparticipantsforinsightfu1commentsandsuggestions.MiyokoAsaiprovidedexce11entresearchassistance.AuthorizedfordistributionbyNiko1ayGueorguievMay2023IMFWorkingPapersdescriberesearchinprogr

4、essbytheauthor(s)andarepub1ishedtoe1icitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheathor(s)anddonotnecessari1yrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.ABSTRACT:Wou1ddigita1izationatfirm1eve1strengthenfirmsresi1iencetoshocks?Andifso,cou1dfisca1po1i

5、cyp1ayanyro1etopromotefirm-1eve1digita1ization?Thispaperempirica11yexp1oresanswerstothesequestions.Basedona1oca1projectionmethod(usingtheOrbisdatacovering1.8mi11ionnon-financia1firmsfrom53countries),weestimatetheimpactsofaggregateuncertaintyshocksonfirms*sa1es,profitmargin,andemp1oyment.Thefindingss

6、uggestthatuncertaintyshocksaffectdigita1izedand1ess-digita1izedfirmsverydifferent1y.Digita1izedfirmsweathershocksbetter,withsma11erdropsinsa1esandprofits,whi1e1ess-digita1izedonesareworseoff,with1ong-1astingscars.Thenweexaminetheimpactoffisca1interventionstopromotefirmsdigita1ization,usingcross-coun

7、trypane1data(covering64countries).Theresu1tsuggeststhata1igningthetaxregimeondigita1sen/iceswithgenera1taxationprincip1esandcompetitiveprocurementru1esondigita1productscou1deffective1ysupportthepromotionoffirm-1eve1digita1ization.Overa11,orfindingspointthatfirm1eve1digita1izationwou1dhe1pstrengthenf

8、irmsresi1iencetoashock,andfisca1interventionscanp1ayanimportantro1etopromotefirm-1eve1digita1ization.JE1C1assificationNumbers:H32,011,023Keywords:Digita1ization;Digita1divide;Fisca1po1icy;G1oba1economyAuthorsE-Mai1Address:mnose1MFQr;ihonda1MFQraWORKINGPAPERSFirm-1eve1Digita1izationandResi1iencetoSho

9、cks:Ro1eofFisca1Po1icyPreparedbyManabuNoseandJiroHondaTheauthorswou1d1iketothankVitorGaspar,Niko1ayGueorguiev1KatherineBaer1MarcosPop1awskiRibeiro,SebastianBeer,Sa1maKha1id,YueZhou,andIMFFisca1AffairsDepartmentseminarparticipantsforinsightfu1commentsandsuggestions.MiyokoAsaiprovidedexce11entresearch

10、assistance.ContentsG1ossary4ExecutiveSummary5I. Introduction6II. 1iteratureReview7III. Data8A. OrbisData8B. TheAggregateUncertaintyMeasure9C. Digita1izationMeasure10Country-1eve1Digita1izationIndex10Firm-1eve1Digita1izationIndex11IV. EconometricAna1ysis12A. Base1ineResu1ts13B. State-dependent1oca1Pr

11、ojectionEstimation13Resu1ts14HeterogeneousEffectbySector15C. RobustnessChecks16D. HeterogeneousEffectbyInitia1Financia1Performance18V. ImpactofFisca1InterventionsonDigita1ization20VI. Conc1usions24Annex I. Samp1e26Annex II. RobustnessChecks28Annex III. RegressionTab1e:ImpactofFisca1InterventionsonDi

12、gita1ization29References30BOX1. Post-COVIDFirmDynamics:App1icationoftheResu1tsandCaseStudy19FIGURES2. TimeSeriesoftheWor1dUncertaintyIndex,1990Q1to2023Q3103. DescriptionoftheCross-countryDigita1ization104. DescriptionoftheFirm-1eve1Digita1ization125. 1oca1ProjectionRegression-Base1ineResu1ts136. 1oc

13、a1ProjectionRegression-RegimeSwitchingMode1Resu1ts157. 1oca1ProjectionRegression-HeterogeneousEffectbySector168. State-dependent1oca1ProjectionRegression-RobustnessChecks179. Zombification-DifferencebyDigita1izationandFinancia1Performance1810. Digita1izationandFisca1Restriction2211. Estimatesforthe1

14、stand2ndQuarti1esofDTRIRanking23TAB1E1.SummaryStatistics9G1ossaryAEsAdvancedEconomiesDAITheWor1dBanksDigita1AdoptionIndexDTRDigita1TradeRestrictivenessEIUEconomicInte11igenceUnitEMsEmergingMarketsEMDEEmergingMaketsandDeve1opmentEconomiesFTEFisca1TransparencyEva1uationGDPGrossDomesticProductGFCG1oba1

15、Financia1CrisisICTIOTInformationandCommunicationTechno1ogyInput-OutputTab1e1ICs1ow-IncomeCountriesOECDOrganisationforEconomicCo-operationandDeve1opmentSIRSusceptib1e-Infected-RemovedSMEWUISma11andMedium-sizedEnterprisesWor1dUncertaintyIndexExecutiveSummaryWou1ddigita1izationatfirm-1eve1strengthenfirmsresi1iencetoshocks?Andifso,u1dfisca1po1icyp1ayanyro1etopromotefirm-1eve1digita1ization?Thispaperempirica11yexp1oresanswerstothesequestions.Basedona1oca1projectionmethod(usingtheOrbisdatacovering1.8mi11ionnon-financia1firmsfrom53countries