数字化转型与企业创新——基于文本分析方法的经验证据

Digital Transformation and Enterprise Innovation:Empirical Evidence Based on Text Analysis Methods

企业数字化已然成为推动中国经济创新驱动发展的强劲引擎。本文以2009-2019年沪深A股上市公司为研究样本,使用文本识别方法在公司年报中提取关键词并手工整理企业数字化转型指标,实证检验了企业数字化转型对其创新能力的影响及其背后的影响机制。研究发现,数字化转型显著提高了企业的创新能力。从影响机制来看,数字化转型主要通过降低企业交易成本和缓解融资约束来提升企业创新能力。进一步区分企业规模、产权性质及要素密集度后发现,企业数字化转型对于规模较大的非国有企业及劳动和技术密集型企业的创新具有显著的促进作用。此外,释放企业数字化转型红利离不开完善的制度环境,数字化转型对企业创新的积极影响在信息化水平、市场化水平及知识产权保护水平较高的地区更为显著。本文的研究为数字经济背景下加快企业数字化转型以提升创新能力提供了新的经验证据。

Enterprise digitalization has become a powerful engine for China’s economic innovation-driven development.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2019,an empirical study was conducted between enterprise digital transformation,innovation ability and the underlying influencing mechanism,while text recognition method was introduced to extract keywords and organize digital transformation indicators.It is found that digital transformation has significantly improved the innovation capability of enterprises.Further empirical research shows that digital transformation mainly promote the innovation ability by reducing transaction costs and easing financing constraints.At the same time,the results turn out that the digital transformation of enterprises has a significant role in promoting the innovation of large-scale non-state-owned enterprises and labor-intensive enterprises,and technology-intensive enterprises.In addition,the dividends of enterprises’digital transformation cannot be separated from a sound institutional environment,it is found that the positive impact of digital transformation on enterprise innovation is more significant in regions with high levels of informatization,marketization,and intellectual property protection.The research provides new empirical evidence for accelerating the digital transformation of enterprises in the context of the digital economy to enhance innovation capabilities.