数字化转型对企业韧性的影响及其作用机制研究

Study on the Impact of Digital Transformation on Enterprise Resilience and its Path

当前,国际贸易格局正经历着深刻的变革,错综复杂的国际形势使我国企业面临严峻的挑战。为了抵御外部风险,我国企业必须增强自身的韧性。而在数字经济时代,微观企业进行数字化转型的风险和收益并存。那么数字化转型能否增强企业韧性,帮助其有效抵御外部冲击?为了识别二者的关系,以2011—2020年我国沪深A股上市公司为研究对象,通过实证检验的方法,研究数字化转型对企业韧性的影响及其作用机制,得出以下结论:数字化转型可以增强企业韧性,并通过协同创新效应、技术进步效应、信息披露效应起到正向促进作用。异质性分析发现,国有企业数字化转型对股票收益增长率的影响更显著,但对股票收益波动率并未产生显著影响;大规模企业数字化转型对企业韧性的增强效果更好。最后,基于研究结论,针对如何促进企业数字化转型、增强企业韧性提出相关建议。

In the complex international economic landscape of the post-pandemic era,China,as an important participant in the global economy,is facing unprecedented challenges.On one hand,the domestic economic recovery is progressing slowly;on the other hand,rising anti-globalization sentiment and changes in international trade patterns are placing tremendous pres-sure on Chinese enterprises.Therefore,these enterprises need to continuously improve their re-silience to navigate various uncertainties and risks.In a rapidly changing market environment,the improvement of enterprise resilience enables organizations to quickly adapt to the new nor-mal,recover from disruptions,and seize new opportunities.Generally speaking,highly resilient enterprises can reorganize their resources,processes,and relationships during a crisis,recover quickly,and achieve counter-cyclical growth by leveraging challenges to their advantage.Digi-tal transformation,as an emerging development model,provides new possibilities for enterprises.By implementing digital transformation,enterprises can better adapt to market changes,enhance their competitiveness,and thus remain invincible in fierce market competition.At the same time,this study also provides valuable insights for policymakers,helping them better promote the development of the digital economy and facilitate the transformation and upgrading of enter-prises.Therefore,this article takes A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2020 as research subjects and explores the impact of digital transformation on enterprise resilience,and investigates the underlying mechanisms through empirical testing methods.The aim is to provide empirical evidence regarding the relationship between digital transformation and enterprise resilience for enterprises under great pressure in the context of digital economy development.Through empirical testing and regression analysis,the findings suggest that digital transformation can reduce the volatility of corporate stocks and increase stock returns,ultimately enhancing corporate resilience.This result indicates that digital trans-formation helps enterprises maintain stability in the face of uncertainty and improve their capa-bility to resist risks.This article also explores the specific ways in which digital transformation positively affects enterprise resilience through mechanisms such as collaborative innovation,technological progress,and information disclosure.Furthermore,heterogeneity research shows that state-owned enterprises and large-scale enterprises experience a greater impact from digi-tal transformation,particularly in terms of revenue growth;non-state-owned enterprises can ef-fectively reduce stock return volatility through digital transformation,while small-scale enter-prises are relatively less affected.These results have passed various robustness tests.In sum-mary,in the era of the digital economy,enterprises can achieve more efficient resource alloca-tion,improve production efficiency,reduce operating costs,and thus enhance their competitive-ness and risk resistance capabilities through digital transformation.