数字化转型对企业成长的影响:机制与检验

The Effect of Digital Transformation on Enterprise Growth: Theoretical Mechanism and Empirical Test

在分析数字化转型对企业成长影响及作用机制基础上,利用2007~2020年A股上市公司数据实证检验了数字化转型对企业成长的影响。研究显示:(1)数字化转型对企业成长具有显著促进作用;(2)数字化转型对民营企业和数字经济发展水平高的地区企业的成长促进效应更强;(3)数字化转型通过提升企业创新水平和降低企业营业成本促进企业成长。本文认为:企业应高度重视数字化转型,制定适合自身发展的数字化转型策略;数字化转型的政策制定应考虑民营企业的异质性特征;加强数字基础设施建设,为企业营造良好的数字化转型环境。

Based on the analysis of the impact and mechanism of digital transformation on enterprise growth, this paper empirically tests the promotion effect of digital transformation on enterprise growth by using the data of China’s A-share listed companies from 2007 to 2020.The research shows that:(1)Digital transformation can significantly promote the growth of enterprises;(2) Digital transformation has a stronger promoting effect on the growth of private enterprises and enterprises in regions with higher development level of digital economy;(3) Digital transformation can promote the growth of enterprises by improving their innovation level and reducing their operating costs. We argue thatenterprises should attach great importance to digital transformation and formulate digital transformation strategies suitable for their own development;Considering the heterogeneity of private enterprises, formulate policies conducive to promoting the digital transformation of private enterprises;Government should further strengthen the construction of digital infrastructure, create a good digital transformation environment for enterprises.