企业数字化转型与产品市场表现——来自年报文本分析的经验证据

Enterprise Digital Transformation and Product Market Performance——Evidence from Textual Analysis of Annual Reports

数字化转型是企业新的发展动能,并成为推动经济高质量发展的重要内容,数字化转型能否改善企业在产品市场中的表现?以2007-2020年沪深A股数据为样本,实证检验数字化转型对产品市场绩效的影响及作用机制。研究发现:数字化转型显著改善了上市公司产品市场绩效;数字化转型主要基于强化市场预期、缓解融资约束水平以及增加政府补贴力度三个方面来提高产品市场绩效;地区对外开放强度、同群压力能够强化数字化转型对产品市场绩效的正向影响,而地区政府干预程度则弱化了上述两者之间的正向关系。本研究从产品市场角度为上市公司数字化转型的经济后果提供了基础性的评价,并为更好地驱动企业数字化转型给予相关经验和政策支持。

Digital transformation is a new development dynamic for enterprises and becomes an important element to promote high-quality economic development,can digital transformation improve product market performance?Using the panel data of in Shanghai and Shenzhen A-shares from 2007 to 2020,we test the impact and mechanism of digital transformation on product market performance.We find that digital transformation improves the product market performance.Digital transformation improves product market performance mainly through strengthening market expectations,alleviating the level of financing constraints and increasing government subsidies.The intensity of regional openness and cohort pressure strengthen the positive relationship,while the regional government intervention weakens the positive effect of digital transformation on product market performance.The research provides a foundational evaluation of the economic consequences of digital transformation from a product market perspective and offers relevant empirical insights for better driving corporate digital transformation.