数据驱动技术、企业估值与业绩——来自A股的实证研究

Data driven technology,corporate valuation and performance——Empirical Evidence from A-Share

随着数据驱动技术的引入,探究其对非科技企业估值水平、经营效率和成长速度的影响,以及影响企业采用数据驱动技术的因素意义重大。我们根据公司年报中出现相关关键词的次数设置了反映企业是否采用数据驱动技术的指标,用倾向评分匹配法解决样本选择性偏差问题,并用多元线性回归和概率回归做实证分析。研究表明,数据驱动技术对企业的估值水平和经营效率无显著影响,对非国有企业的成长速度有显著促进作用,对国有企业的成长速度无显著影响。研究表明,行业数据驱动技术采用水平和企业规模都是影响数据驱动技术效果的重要因素。

Exploring the impact of data-driven technology on valuation,operating efficiency and growth rate of non-technology companies listed on the A-share market,as well as factors that affect the adoption of data-driven technology,is of great importance.We set an indicator that reflects whether a company has adopted data-driven technology based on the word counts of relevant keywords in companies'annual reports,using propensity score matching to address endogenous problems,and establishing empirical models that use multiple linear regression and probit regression.We find that data-driven technology has no significant impact on valuation and operating efficiency,has a significant positive impact on the growth rate of non-state-owned enterprises,and has no significant impact on the growth rate of state-owned enterprises.Industry's data-driven technology adoption level and enterprise scale are important factors that affect data-driven technology's impact.Moreover,factors that affect the adoption of data-driven technology varies between state-owned enterprises and non-state-owned enterprises.