企业数字化转型与创新行为——来自上市企业年报文本识别的经验研究

Digital Transformation and Innovation Behavior of Enterprises:An Empirical Study of Text Recognition from Annual Reports of Listed Firms

以数字化转型为驱动,是提升企业创新能力赋能我国经济高质量发展的重要微观机制。以2007—2019年沪深两市A股上市公司为研究样本,采用文本分析法构建的数字化转型强度指标,实证分析了其对企业创新行为的影响。实证结果发现,企业数字化转型显著提升了创新水平,并且不仅体现在创新投入上还体现在创新的结果产出上。机制检验支持了企业数字化转型促进创新的信息质量渠道,但是经营杠杆渠道没有得到有效的数据分析支撑。异质性分析发现,数字化转型对于创新的促进作用在高科技型公司中更为显著,并且其效果随着公司环境不确定性程度的增加而有所降低。以上结论带来的重要启示是,政府不仅应竭力加大对企业数字化转型的财税支持力度,努力降低企业面临的转型成本,激发数字化转型对于科技创新的推动力,同时还应秉持分类管理原则对企业数字化转型给与不同分类指导和跟踪服务。

Driven by digital transformation,it is an important micro mechanism to enhance enterprise innovation capabilities and empower high-quality economic development in China.Using A-share listed companies in the Shanghai and Shenzhen stock markets from 2007 to 2019 as research samples,this study empirically analyzed the impact of digital transformation intensity indicators on corporate innovation behavior using text analysis method.The empirical results show that digital transformation of enterprises significantly improves the level of innovation,not only reflected in innovation investment but also in the output of innovation results.The mechanism test supports the information quality channel for promoting innovation through digital transformation of enterprises,but the operational leverage channel has not been effectively supported by data analysis.Heterogeneity analysis found that digital transformation has a more significant promoting effect on innovation in high-tech companies,and its effectiveness decreases with the increase of environmental uncertainty in the company.The important inspiration brought by the above conclusions is that the government should not only strive to increase financial and tax support for enterprise digital transformation,strive to reduce the transformation costs faced by enterprises,stimulate the driving force of digital transformation for technological innovation,but also adhere to the principle of classification management to provide different classification guidance and tracking services for enterprise digital transformation.