数字化转型与企业存货调整行为——基于文本分析方法的经验证据

Digital Transformation and Firm Inventory Adjustment Behavior:Empirical Evidence Based on Text Analysis

基于2007—2020年沪深A股上市公司的存货明细数据,利用文本分析方法,检验数字化转型对企业存货水平的影响。研究表明,数字化转型程度越高,企业的存货水平越低。异质性分析表明,在非国有、业务复杂度高、与供应商/客户地理距离远以及所处地区数字基础设施建设水平高的企业中,数字化转型对企业存货水平的降低作用更大。进一步研究发现,提高企业存货管理能力和缩短采购提前期是数字化转型降低企业存货水平的两条作用路径。研究结论对于如何通过促进微观企业数字化转型赋能我国传统产业升级、推动经济高质量发展具有一定的理论意义和实践价值。

Based on the detailed inventory data of A-share listed firms in the Shanghai and Shenzhen Stock Exchanges from 2007 to 2020,this paper employs text analysis to determine the impact of digital transformation on the inventory level of firms.The results show that the higher the degree of digital transformation,the lower the inventory level of a firm.Heterogeneity analysis indicates that digital transformation plays a greater role in reducing inventory levels in non-state-owned firms,firms with high business complexity,firms far from suppliers/customers,and firms with a high regional digital infrastructure construction level.Further research reveals that improving a firm's inventory management capability and shortening the procurement lead time are the two action paths of digital transformation that reduce a firm's inventory level.This study provides theoretical and practical guidance on methods for upgrading China's traditional industries and promoting high-quality economic development by promoting the digital transformation of micro firms.