企业数字化转型对市场价值的影响和机制研究——基于中国上市企业的经验证据

Research on the Value Effect of Enterprise Digital Transformation:Big Data Identification based on Annual Report Text Information

基于上市企业2007—2020年年报文本信息,以文本关键词形式识别数字化转型强度,并检验其对企业价值的影响。实证研究发现,企业数字化转型能够有效推动企业价值提升,在同群效应的带动下,这种市场价值驱动效应更为明显。机制识别发现,企业数字化转型能够优化信息流转和市场预期,改善企业融资约束与融资成本困境,提升企业创新动能,这些都为企业价值提升提供了充分动力。从企业异质性视角来看,数字化转型在非国有企业和高科技企业中展现出了更为显著的价值驱动力。特别地,在区分了不同数字化转型导向后发现,人工智能、云计算、大数据以及数字技术应用的价值增升效应较为明显,区块链技术的影响相对有限。

With the rapid development of digital technology,enterprises have established a deep relationship between digital transformation and high-quality development.In this paper,an index system is constructed to measure the degree of digital transformation by means of annual report text mining,and whether such innovation transformation can help enterprises improve their market value is tested.Specifically,there is a significant positive relationship between digital transformation and enterprise value,and this relationship is supported by multiple robustness tests.At the same time,digital transformation can also optimize the information flow,improve the financial status of enterprises,enhance the innovation potential of enterprises,all of which contribute to the improvement of enterprise value level.In the heterogeneity test of firm attributes,it is found that digital transformation has a greater positive effect in the samples of non-state-owned enterprises and high-tech enterprises.According to the heterogeneity test of digital technology,artificial intelligence,cloud computing,big data technology and digital technology application can significantly enhance enterprise value,while the value-driven effect of blockchain has not yet been demonstrated.This paper can provide empirical evidence for understanding the innovation and transformation behavior of enterprises in the new era.