数字化转型对企业价值的影响及其机制研究

The Impact of Digital Transformation on Corporate Value and Its Mechanism

数字技术正在全面融入经济社会的各领域和全过程,企业经营管理的数字化转型已是大势所趋。本文以2013—2020年的沪深A股上市公司为样本,构建中介效应模型,实证检验了数字化转型对企业价值的影响作用及其影响机制。研究表明,数字化转型能够显著提升企业价值。中介效应检验发现,数字化转型通过提升企业内部控制水平、降低融资成本两条作用路径提升企业价值。异质性检验发现,数字化转型在国有企业和大型企业中具有更明显的价值提升效应,而对非国有企业和中小企业则效果不明显。本文丰富了企业数字化转型的相关研究,有助于鼓励企业主动推进数字化转型,并为政府部门出台促进数字化建设、努力实现经济社会高质量发展提出相关政策建议。

Digital technologies are being fully integrated into all aspects and processes of economic and social development.The digital transformation of corporate management has become an irresistible trend.Taking A-share listed companies in Shanghai and Shenzhen stock markets during 2013-2020 as samples,this paper constructs a mediating effect model to empirically examine the impact of digital transformation on corporate value and its mechanism.The results show that digital transformation can significantly increase corporate value.The mediating effect test finds that digital transformation elevates corporate value through two paths-improving internal control and reducing financing costs.Heterogeneity tests reveal that digital transformation has a more pronounced effect in boosting value for state-owned and large enterprises,while the effect is not significant for non state-owned and medium small enterprises.This paper enriches the research on corporate digital transformation and helps encourage enterprises to take initiative in digital transition.It also provides policy suggestions for government departments to promote digitalization and achieve high-quality economic and social development.