企业数字化转型会影响市场势力吗?

Does the digital transformation of enterprise affect market power?

数字化转型是许多企业重塑市场势力的重要选择,那么数字化转型对企业市场势力多方面带来的影响。本文以2012—2021年中国沪深A股上市公司为研究样本,实证检验企业数字化转型对市场势力的影响和作用机制。研究发现,企业数字化转型与市场势力存在U型关系,在数字化转型初期,主要由于企业成本增加和数字化对创新暂时性的抑制作用,使得市场势力下降;随着数字化转型的深入和成熟,企业的边际成本下降、创新能力的提高,最终使得市场势力提升。此外,企业自身的成本控制能力正向调节了数字化转型对市场势力的影响,这种作用主要体现在拐点之后,拐点之后企业成本控制能力越强,数字化转型对市场势力的影响越大。市场竞争程度也正向调节了数字化转型对市场势力的影响,但这种作用主要体现在拐点之前,拐点之前市场竞争程度越激烈,数字化转型对市场势力的影响越大。本文结论为如何利用数字化转型提升企业市场势力提供了理论支持和经验证据。

Digital transformation is an important choice for many companies to reshape their market power,so what kind of impact will digital transformation have on their market power?This paper takes China’s Shanghai and Shenzhen A-share listed companies from 2012 to 2021 as a research sample to empirically test the impact and mechanism of corporate digital transformation on market power.The study found that there is a“U”-shaped relationship between the digital transformation of enterprises and market power.In the early stage of digital transformation,the market power declined mainly due to the increase in enterprise costs and the temporary inhibition of digitalization on innovation.With the deepening and maturity of digital transformation,the reduction of marginal cost and the improvement of innovation ability will eventually lead to the improvement of market power.What’s more,the enterprise’s own cost control ability positively adjusts the impact of digital transformation on market power and this effect is mainly reflected after the inflection point.After the inflection point,the stronger the cost control ability of the enterprise,the greater the impact of digital transformation on market power.The degree of market competition also positively adjusts the impact of digital transformation on market power,but this effect is mainly reflected before the inflection point.The more intense the market competition before the inflection point,the greater the impact of digital transformation on market power.The conclusion of this paper provides theoretical support and empirical evidence for how to use digital transformation to enhance the development path of enterprise market power.