数字化时代的企业转型之路:中国上市工业企业的加成率视角

The Pathways of Firm Transformation in the Digital Era:A Perspective on the Markup in Listed Industrial Firms in China

在数字经济发展逐渐深化的背景下,数字化转型是企业顺应时代发展趋势和重塑市场竞争优势的重要举措。基于Melitz和Ottaviano(2008)的研究,文章构建了包含数字化适应成本的模型,分析了数字化转型对企业加成率的影响,并使用2004-2021年中国上市工业企业数据进行实证检验。研究发现:数字化转型与企业加成率之间存在显著的U形关系,即在低数字化水平时,进行转型会降低企业加成率,而一旦跨过拐点达到较高水平时,持续转型将有力地提升企业加成率。机制检验表明,企业经营成本、维持性投资和生产效率是数字化转型对企业加成率非线性影响的重要渠道。异质性分析发现,对位于西部地区、属于国有性质、较大规模或低人力资本的企业而言,数字化转型对企业加成率并未带来显著U形影响。拓展分析显示,数字化转型有着明显的后动劣势,最早转型并非最佳选择,中期进行转型可以更好发挥数字化的积极作用;从分维度上看,智能制造、数据处理、商业模式和内容数字化领域的数字技术应用均会显著影响企业加成率,尤其是对数据处理领域的影响最大。文章为数字经济相关政策的制定和企业数字化转型路径选择提供了依据和启示。

In China,with the advancement of technologies like big data,cloud computing,and Al,firms have gained strong technical and market support for digital transformation,which has become a key driver for China's new industrialization and high-quality economic development.However,opinions differ on how digital transformation affects firm competitiveness.As a result,how to evaluate the effects of digital transformation has become a significant topic in both industry and academia.Taking empirical data from China's listed industrial firms from 2004 to 2021,this paper extends the theoretical model of Melitz and Ottaviano(2008)to investigate the impact of digital transformation on markup.The findings indicate a significant U-shaped relationship between digital transformation and markup.At a low level of digitalization,transformation may reduce markup,but as digitalization past a certain point,continued transformation can notably increase markup.Mechanism testing suggests that key factors contributing to this relationship are operating costs,maintenance investments,and production efficiency.Further,it is found that the impact of digital transformation varies among different types of firms.For those located in western regions,SOEs,larger firms,or firms with lower human capital,digital transformation does not produce a significant Ushaped impact on markup.Extended analysis shows that mid-stage transformation often yields the best results,while late-stage transformation tends to be less effective,suggesting a clear disadvantage for late adopters.A detailed analysis by dimension demonstrates that digital technologies in smart manufacturing,data processing,business modes,and digital content all have a significant impact on markup,with data processing having the greatesteffect.The contributions of this paper are that:(1)It uses a non-linear mediation effect model to study the impact of digital transformation,resulting in conclusions that differ from previous studies.(2)It provides a theoretical explanation for the staged impact of digital transformation.(3)It utilizes a rich dataset for empirical analysis,unveiling the underlying mechanism and heterogeneity of the impact of digital transformation.(4)It analyzes the economic consequences of the timing of digital transformation from a dynamic perspective,considering the dimensional heterogeneity of digital technology,thereby providing evidence for understanding the disadvantages of late adopters in the digital economy and offering guidance for firms on their digital transformation pathways.