数字化转型与企业资本市场增值:兼论市场竞争与政府输血

Digital Transformation and Enterprise Capital Market Value-added:A Discussion on Market Competition and Government Transfusion

本文以2009—2021年非金融类沪深A股上市公司为研究样本,从行业竞争力和政府输血展开,探究了企业数字化转型与资本市场增值的形成原因。研究发现:(1)从企业内部来看,数字技术运用有效提升了企业在行业内的竞争力,这种竞争力体现在企业销售规模和营业收入增加,具有典型的“流量获客”特点,为企业获得资本青睐创造了基础;从制度因素来看,财政补贴推动了企业数字化转型,对企业形成了获取高资本市场估值的输血效果,但税收优惠则未达到这一效果。(2)企业数字化转型带来资本市场增值有效推动了我国劳动收入的全面提升。本研究有助于理解我国数字经济时代资本运行逻辑、财税政策优化着力点以及就业市场职业培训重要性。

Taking the non-financial Shanghai and Shenzhen A-share listed enterprises from 2009 to 2021 as a research sample,this paper explores the reasons for the formation of enterprise digital transfor-mation and capital market value added,starting from industry competitiveness and government blood trans-fusion.It is found that from the perspective of enterprises,the use of digital technology effectively en-hances their competitiveness in the industry,which is reflected in the increase of enterprise sales scale and operating income,and has the typical characteristics of"traffic acquisition",which creates a foundation for enterprises to obtain capital favour.From the perspective of institutional factors,the Chinese govern-ment's financial subsidies have achieved the transfusion effect of digital transformation of enterprises and obtained higher-value capital market valuation,while tax incentives have not achieved the effect of policy support.In addition,the digital transformation of enterprises has brought about capital market valuation,which has effectively promoted the comprehensive increase of labour income in China.The above study is useful for understanding the logic of capital operation,the focus of fiscal and tax policy optimization,and the importance of vocational training in the job market in China's digital economy era.