数字化转型对企业升级的影响及溢出效应

The Impact and Spillover Effect of Digital Transformation on Enterprise Upgrading

随着数字经济的飞速发展,大批实体企业开始加入数字化转型浪潮。数字化转型是否真正能够有效地为企业升级赋能,同行企业数字化转型是否对行业内其他企业具有溢出效应,是关系企业数字化转型成效的重要话题。本文以沪深A股2007-2019年所有非金融上市公司为研究样本,研究发现企业数字化转型能够有效促进企业升级并且该影响存在行业溢出效应。无论是单个企业还是行业数字化转型过程中,“底层技术运用”和“技术实践应用”均对企业升级有促进作用。企业创新增加、产能利用率提升和交易成本下降在数字化转型促进企业升级的过程中发挥了部分中介效应。异质性分析表明,地处市场化程度较高地区的企业、数字产业企业、市场势力较弱以及国有企业中,数字化转型对企业升级的促进作用更为显著;在信息透明度较高的行业中,数字化转型的行业溢出效应更为明显。本文的研究为实现数字化背景下行业协同发展,以及推动企业更好地享有数字化转型红利提供了理论支持与实践建议。

With the rapid development of digital economy, a large number of entity enterprises begin to join the tide of digital transformation. Whether digital transformation can effectively empower enterprise upgrading and whether the digital transformation of peer enterprises has spillover effects on other enterprises in the industry are important topics related to the effect of enterprise digital transformation. This paper takes all non-financial listed companies in Shanghai and Shenzhen A-shares from 2007 to 2019 as research samples, and finds that enterprise digital transformation can effectively promote enterprise upgrading, and this effect has industry spillover effect. In addition, the "application of underlying technology" and "application of practical digital technology" both in the process of digital transformation of a single enterprise and the industry can promote enterprise upgrading. In this process, the increase of enterprise innovation input, the improvement of capacity utilization rate and the decline of transaction cost play a part of the mediating effect. Heterogeneity analysis shows that digital transformation plays a more significant role in promoting enterprise upgrading among enterprises located in regions with high degree of marketization, digital industrial enterprises, enterprises with weak market power and state-owned enterprises. In industries with higher information transparency, the industry spillover effect of digital transformation is more significant. The research of this paper provides theoretical support and practical suggestions for realizing the coordinated development of the industry under the background of digitalization and promoting enterprises to better reap the dividend of digitalization transformation.