数字化转型是否提升了上市公司创新效率?——基于文本分析的经验证据

Has digital transformation improved the innovation efficiency of listed companies?--Empirical evidence based on text analysis

在数字经济快速发展的背景下,数字化转型是企业发展的必然趋势,也是提高企业创新效率的重要手段。基于上市公司数据,通过文本分析反映企业数字化转型程度和SFA模型计算创新效率,进而检验数字化转型影响上市公司创新效率的作用机制。经过内生性和稳健性检验发现,数字化转型通过提高企业营运水平、企业信息透明度、管理层能力三个中介因素间接提升上市公司创新效率;数字化转型对民营企业、大型企业、高新技术企业以及处在较高市场竞争和较好营商环境的企业创新效率有更为显著的正向作用。研究结论对认识数字化转型的价值,推进数字化转型发展,进而提高上市公司创新效率提供了理论参考和政策启示。

Under the background of the rapid development of digital economy,digital transformation is not only the inevitable trend of enterprise development,but also an important means to improve the efficiency of enterprise innovation.This paper,based on data from listed companies,reflects the degree of digital transformation through text analysis and calculates innovation efficiency using the SFA model,thereby examining the mechanism by which digital transformation affects the innovation efficiency of listed companies.The study finds that digital transformation significantly enhances the innovation efficiency of listed companies,and this conclusion remains valid after tests for endogeneity and robustness;digital transformation indirectly improves the innovation efficiency of listed companies through three mediating factors:enhancing operational levels,increasing information transparency and improving management capabilities;digital transformation has a more significant positive effect on the innovation efficiency of private enterprises,large enterprises,high-tech enterprises,and those in highly competitive markets and favorable business environments.The conclusions provide theoretical references and policy implications for understanding the value of digital transformation,promoting its development,and thus enhancing the innovation efficiency of listed companies.