数字经济发展与企业价值提升——基于生命周期理论的视角

Digital Economy Development and Enterprise Value Enhancement:From the Perspective of Life Cycle Theory

有效地发挥数字经济的作用,引导和帮助企业进行数字化转型,对促进企业价值提升,进而驱动经济高质量发展有重要意义。以我国2011—2019年A股上市公司为研究样本,采用双重差分模型实证检验数字经济对企业价值的影响以及企业生命周期不同阶段数字经济对企业价值影响关系的差异。研究发现,数字经济发展有利于促进企业价值提升。对不同生命周期阶段的企业而言,数字经济发展对企业价值的影响效应差异明显,处于成熟期的企业,数字经济发展对企业价值提升具有显著的促进作用;而处于初创期和成长期的企业,数字经济发展对企业价值提升没有显著影响。进一步发现,数字经济发展能促进国有企业价值提升,也能促进非国有企业价值提升,但对非国有企业的影响更加显著,这种效应主要体现在成熟期企业之中,而对初创期和成长期企业的影响不显著。

How to effectively play the role of digital economy and guide and help enterprises to carry out digital transformation is of great significance to promote the improvement of enterprise value and then drive high-quality economic development.Taking China’s A-share listed companies from 2011 to 2019 as research samples,this paper uses differential model to empirically test the influence of digital economy on enterprise value,and the difference of the influence relationship between digital economy and enterprise value at different stages of enterprise life cycle.The research finds that the development of digital economy is conducive to the promotion of enterprise value.For enterprises in different life cycle stages,the impact effect of digital economy development on enterprise value is obviously different.For the mature enterprises,the development of digital economy plays a significant role in promoting the enterprise value.However,the development of digital economy has no significant impact on the improvement of enterprise value for the enterprises in the initial and growth period.It is further found that the development of digital economy can promote the improvement of the value of state-owned enterprises and non-stateowned enterprises,but the impact on non-state-owned enterprises is more significant.This effect is mainly reflected in enterprises in the mature stage,while the impact on enterprises in the start-up and growth stages is not significant.