数字化转型、分析师关注与企业创新绩效

Digital Transformation,Analyst Focus,and Firm Innovation Performance

企业与数字技术深度融合是实体经济发展的重要趋势。根据2008—2020年A股制造业微观企业数据,基于分析师关注视角研究企业数字化转型对创新绩效的作用及内在机理。结果显示:企业数字化进程明显促进了创新绩效的改善,且在一系列稳健性检验后该结论仍然成立;机制检验表明,数字化转型可以通过提高分析师关注度和降低分析师信息搜寻成本,进而改善企业创新绩效表现;异质性分析发现,微观层面,董事、监事等高管拥有海外背景的企业,数字化转型更有助于提高企业创新绩效水平;中观层面,供应链集中度较高和劳动密集型行业中的企业,数字化转型对企业创新绩效的激励效果会更弱;宏观层面,数字化转型对于处在环境不确定性较低和东部地区的企业,更有利于改善创新绩效。基于分析师关注视角研究有效拓展了数字化转型与企业创新的相关研究,为政府通过完善金融市场中介来推动创新驱动发展战略和现代化产业体系建设提供了经验证据。

Digital transformation is an important trend in enterprise development.Based on the data of A-share manufacturing listed enterprises from 2008 to 2020,this paper studies the impact of digital transformation on enterprise innovation performance and its mechanism from the perspective of analysts'attention.The results show that digital transformation significantly promotes enterprise innovation performance;digital transformation can improve enterprise innovation performance by increasing analysts'attention and reducing their information search costs.At the micro level,digital transformation has a more positive effect on improving the innovation performance of enterprises with overseas backgrounds.At the medium level,the incentive effect of digital transformation on enterprise innovation performance is weaker for enterprises with high supply chain concentration and labor-intensive industries.At the macro level,digital transformation contributes more to improving innovation performance for enterprises in the eastern region with lower environmental uncertainty.This paper expands the existing research on the relationship between digital transformation and enterprise innovation.It provides empirical evidence for the government to promote the innovation-driven development strategy and the construction of modern industrial system by improving the intermediary market of financial market.