数字化转型、市场势力与企业经济绩效

Digital transformation,market power,and enterprise economic performance

伴随数字技术的快速发展和广泛应用,数字化转型已成为企业实现高质量发展的关键路径。然而少有文献以市场势力为切入点,探究数字化转型对企业经济绩效的影响及作用机制。因此,通过理论模型分析以及基于2011—2021年A股上市公司数据的实证检验,尝试探究数字化转型、市场势力与企业经济绩效三者之间的关系。研究发现:数字化转型显著提升了企业的经济绩效,但该正向促进效应并未在经济绩效越高的企业中表现得越明显;机制分析表明,数字化转型对企业经济绩效的提升作用可以通过增强企业市场势力来实现,同时,因子探测结果证明了市场势力是企业经济绩效的关键驱动力;在缓解了内生性问题及进行了一系列稳健性检验之后,主要结论仍显著成立;在异质性检验中,人力资本、资金支持及创新能力的高低会影响数字化转型对企业经济绩效的提升效果。研究结论揭示了数字化转型通过提升企业市场势力进而增强企业经济绩效这一影响机理,为良好市场秩序的维护、企业数字化转型升级以及政策制定提供了经验证据。

Along with the rapid development and wide application of digital technology,digital transformation has become a key path for enterprises to realize high-quality development.However,few studies have taken market power as an entry point to explore the impact and mechanism of digital transformation on enterprises economic performance.This paper explores the relationship between digital transformation,market power,and economic performance through theoretical models and empirical tests using the data of A-share listed companies from 2011 to 2021.The study finds that digital transformation significantly enhances an enterprise s economic performance.However,this effect is not more obvious in enterprises with higher economic performance.The mechanism analysis shows that digital transformation enhances an enterprise s economic performance by enhancing its market power.The results of the factor detection prove that market power is the key driving force of the economic performance of enterprises.The conclusions hold and remain significant after addressing the problem of endogeneity and conducting a series of robustness tests.The heterogeneity test shows that the level of human capital,financial support,and innovation ability affects the positive effect of digital transformation on enterprise economic performance.The findings reveal that digital transformation enhances the economic performance of enterprises by increasing their market power,and the study provides empirical evidence for the need to maintain good market order,promote digital transformation,and formulate appropriate policy.