数字化转型助力企业可持续增长:作用机制与实证分析

Digital Transformation Facilitates Sustainable Growth of Enterprises:Mechanism and Empirical Analysis

在数字经济的时代浪潮中,数字化转型逐渐成为企业发展的一道“必选题”,对于实现企业可持续增长具有重要作用。本文基于2010-2020年沪深A股上市公司面板数据,采用双向固定效应模型,探究数字化转型与企业可持续增长的关系。研究发现:数字化转型对企业可持续增长起到了显著的促进作用,并且通过了一系列稳健性检验和内生性检验;异质性分析表明,数字化转型对于企业可持续增长的促进作用在第三产业更为明显;机制分析表明,企业通过更好地发挥数字化转型所产生的创新效应和声誉效应促进其可持续增长。因此,政府应充分把握数字化转型机遇,重视数字技术的发展,积极推动产业转型和升级,引导中国企业朝着更可持续的增长路径迈进,以企业可持续增长带动宏观经济可持续增长。

In the era of the digital economy,digital transformation has gradually become a“must-do”for business development,playing a crucial role in achieving sustainable growth for enterprises.This paper is based on panel data of companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2020.It employs a two-way fixed effects model to explore the relationship between digital transformation and sustainable growth of enterprises.The research findings indicate that digital transformation significantly promotes sustainable growth in enterprises,as evidenced by a series of robustness and endogeneity tests.Heterogeneity analysis reveals that digital transformation has a more pronounced effect on sustainable growth in the tertiary sector.Mechanism analysis suggests that enterprises achieve sustainable growth by leveraging the innovation and reputation effects generated by digital transformation.Therefore,governments should seize the opportunities of digital transformation,emphasize the development of digital technologies,guide different types of enterprises in their digital transformation,actively promote industrial transformation and upgrading,and steer Chinese enterprises toward a more sustainable growth path,ultimately contributing to macroeconomic sustainability driven by sustainable enterprise growth.