企业数字化转型与资本配置效率

Enterprise Digital Transformation and Capital Allocation Efficiency

在数字经济时代,数字化转型已成为企业高质量发展的重要路径。在此背景下,研究数字化转型与企业资本配置效率之间的内在逻辑关系,对于推动企业进行数字化转型和促进企业实现效率变革具有重要的理论和实践意义。为此,以2008—2020年中国A股上市公司为样本,借助Python爬虫技术和文本分析法构建企业数字化转型强度衡量指标,并对企业数字化转型与资本配置效率之间的关系进行实证检验。研究发现,企业数字化转型能够显著提高其资本配置效率。上述关系在通过更换核心变量、工具变量法等稳健性检验后均成立。异质性检验发现,数字化转型对企业资本配置效率的影响存在异质性特征,其中在行业竞争度较高的企业、代理冲突较严重的企业、高科技企业以及规模较小的企业中,数字化转型对企业资本配置效率的提升作用更显著。拓展性研究发现,企业数字化转型对资本配置效率的正向影响会进一步促进企业价值的增长。因此,企业应当充分把握数字化变革的发展机遇,积极实施数字化转型战略,营造良好的信息环境,使得数字化转型能够与企业发展导向深度融合,推动企业运营管理水平的提升,进而促进企业实现效率变革和价值增长的双重目标。政府应着力构建和完善企业数字化转型的激励政策与帮扶机制,助力企业数字化转型战略顺利实施。

In the era of digital economy,digital transformation has become an important path for the innovation-driven development of enterprises.The study on the internal logical relationship between digital transformation and enterprise capital allocation efficiency has important theoretical and practical significance for promoting firms to carry out digital transformation and achieve efficiency reform.Therefore,taking Chinese A-share listed firms from 2008 to 2020 as samples,using Python crawler technology and text analysis method to construct indicators to measure the degree of enterprise digital transformation,and empirically testing the relationship between enterprise digital transformation and capital allocation efficiency.It is found that digital transformation of enterprises can significantly improve their capital allocation efficiency.The above relationship is established after several robustness tests.The heterogeneity test shows that there is heterogeneity in the impact of digital transformation on capital allocation efficiency of enterprises.Among enterprises with higher industry competition,enterprises with serious agency conflicts,high-tech enterprises and smaller scale enterprises,digital transformation plays a more significant role in improving the efficiency of enterprise capital allocation.The extended research shows that the positive impact of enterprise digital transformation on capital allocation efficiency will further promote the growth of firm value.Therefore,enterprises should fully grasp the development opportunities of digital transformation,actively implement the digital transformation strategy,and create a good information environment,so that the digital transformation can deeply integrate with the enterprise development orientation,promote the improvement of the enterprise operation management level,and then promote the enterprise to achieve the dual goals of efficiency transformation and value growth.The government should focus on building and improving the incentive policies and support mechanisms for enterprises’digital transformation to help enterprises implement the digital transformation strategy.