数字化转型推动衰退企业反转了吗

Does Digital Transformation Stimulate Declining Enterprises to Reverse?

为廓清新一代信息技术使用能否助推业绩衰退企业重获市场活力的问题,本文选取中国上市公司年报为研究对象,基于机器学习和文本识别方法构建企业数字化转型衡量指标,并考察了数字化转型对衰退企业绩效的影响。研究发现,数字化转型对衰退企业实现业绩反转有积极作用,在采用替换解释变量、重新选取样本区间、考虑时间趋势项、控制更多影响因素等稳健检验方法后,该结论依然成立。进一步地,经营管理者能力提升及客户过度集中风险降低的内外部因素“协同”对数字化转型驱动衰退企业反转发挥了重要作用。此外,在不同的应用情景之下,数字化转型的“业绩反转”效应存在技术维度及企业的异质性。其中,相较于区块链、云计算、大数据维度,人工智能及数字化应用的业绩扭转作用更为突出。此外,数字化转型对市场势力较弱、高管具备海外背景的衰退企业的反转效应更为明显。本文为厘清数字技术应用对企业脱困和发挥企业韧性的独特作用提供了新的理论阐释,也为打赢扭亏脱困攻坚战、促进产业链供应链安全稳定提供了新的政策含义。

To outline whether the use of the new generation of information technology can help enterprises with declining performance regain market vitality,this paper selects the annual reports of Chinese listed companies as the research object,constructs the measurement index of enterprise digital transformation based on text recognition method and company’s annual report data,and further empirically investigates the impact of digital transformation on the performance of declining enterprises.It is found that digital transformation has a positive effect on the performance reversal of declining enterprises.After adopting a series of robust test methods such as replacing explanatory variables,reselecting sample interval,considering time trend items and controlling more influencing factors,this conclusion is still valid.Furthermore,digital transformation plays a role through improving the ability of managers and reducing the risk of customer overcrowding.This internal and external"synergy"creates favorable conditions for promoting the performance reversal of declining enterprises.Under different application scenarios,the reversal efect of digital transformation is heterogeneous.Among them,compared with blockchain,cloud computing and big data,the reversal effect of artificial intelligence and digital application technology is more prominent.In addition,the reverse effect of digital transformation on enterprises with weaker market power and executives’overseas background is more obvious.This paper provides a new theoretical explanation for clarifying the unique role of digital technology application in enterprises’difficulty relief and enhancing enterprises’resilience,and also provides a new policy meaning for winning the battle to reverse losses and get rid of difficulties and promote the security and stability of China’s industrial chain and supply chain.