IMF-企业层面的数字化与冲击韧性：财政政策的作用（英）-2023.5-35页_1mb

Summary

Purpose: To examine the impact of firm-level digitalization on resilience to economic shocks and the role of fiscal policy in promoting digitalization.

Key Findings

• Digitalization and Shock Resilience: Digitalized firms experience smaller negative impacts on sales and profits during uncertainty shocks compared to less-digitalized firms, with the latter facing long-lasting scars. The effect is more pronounced in the service sector.
• Fiscal Policy Role: Fiscal interventions, such as aligning tax regimes with international standards and implementing competitive procurement rules for digital products, can effectively promote firm-level digitalization.
• Heterogeneity: Digitalization benefits vary by sector, firm size, and financial performance, with loss-making firms lacking digitalization being more vulnerable to shocks.

Policy Implications

• Policymakers should anticipate long-lasting scarring effects from shocks and target fiscal support to digital firms, avoiding unnecessary aid to less-digitalized firms.
• Governments should foster firm-level digitalization through fair fiscal institutions, improving both micro and macroeconomic resilience.
• Future research should focus on granular data to strengthen causal links between fiscal policies and digitalization outcomes.

Note: This summary is based on empirical analysis using global firm data.