数字化转型差异度对企业绩效的影响研究

Research on the Impact of Digital Transformation Differentiation on Enterprise Performance

基于最优区分理论,构建企业数字化转型差异度对企业绩效影响的研究框架,并探索市场竞争程度、政策不确定性和战略差异度的调节效应。以2007~2021年A股上市公司为样本进行实证检验,研究发现:数字化转型差异度与企业绩效之间呈倒U形关系;市场竞争程度的提升导致倒U形曲线变得更加陡峭,且转折点向左移动;政策不确定性的提升导致倒U形曲线变得更加平缓,且转折点向左移动;战略差异度的提升导致倒U形曲线变得更加平缓,且转折点向右移动。

Based on the optimal discrimination theory,a research framework is constructed to investigate the impact of the degree of variation in enterprise digital transformation on enterprise performance,and to explore the moderating effects of the degree of market competition,policy uncertainty and strategic differentiation.Using A-share listed companies from 2007 to 2021 as a sample for empirical test,the study finds that:the relationship between the degree of variation in digital transformation and firm performance is inverted U-shaped.The increased level of competition in the market leads to a steeper inverted U-shaped curve and the turning point shifts to the left.And the increase in policy uncertainty leads to a flatter inverted U-shaped curve and the turning point shifts to the left.Besides,the increase in strategic differentiation leads to a flatter inverted U-shaped curve as well as a shift of the turning point to the right.