上下游数字化转型实现了价值共创吗?——基于数字溢出的微观证据

Does Upstream and Downstream Digital Transformation Realize Value Co-creation?Micro Evidence Based on Digital Spillover

作为数字经济发展的微观着力点,上下游数字化转型催生的数字溢出是否以及如何实现价值共创,成为解释宏观层面日渐凸显的数字溢出现象的关键。文章利用2007—2022年中国深沪A股上市企业的前五大客户和前五大供应商的数据,实证检验发现:上下游数字化转型对企业价值存在正向溢出效应,证实上下游数字化转型实现了价值共创;上下游数字化转型通过数字溢出的差异战略效应(产品差异化、服务差异化和形象差异化)和规模经济效应(降低成本耗费、增强获利水平以及提高定价能力)两大渠道实现价值共创;当企业的供需配置集中、供需关系稳定、供需地位羸弱时,上述正向溢出效应更明显;上下游数字化转型实现价值共创的链条结构特征为下游拉动,程度结构特征为非对称,时效结构特征为长期性。文章通过挖掘企业间的价值共创逻辑增强了各界对数字化转型外部性特征的理解,初步验证了价值共创的实践成效,为解释宏观数字溢出现象提供了微观经验证据。

The real rate of return of the digital economy as a whole includes not only the direct increase in productivity brought about by digital investment,but also the additional economic benefits generated by the chain reaction of digital investment in the economy,that is,digital spillover.Digital spillover is an unintended or involuntary impact that is independent of the market mechanism and in fact affects other individuals or society as a whole.This paper,based on the unique research context provided by the supply chain and the data of top five customers and top five suppliers disclosed by Shenzhen-Shanghai A-share listed enterprises in China's capital market from 2007 to 2022,examines the spillover effect and action channels of upstream and downstream digital transformation on corporate value,with a view to confirming whether and how to realize value co-creation through upstream and downstream digital transformation.Empirical testing finds that:Upstream and downstream digital transformation has a positive spillover effect on corporate value,confirming that digital transformation can realize value cocreation;upstream and downstream digital transformation realizes value co-creation through two channels:the differential strategy effect(product differentiation,service differentiation,and image differentiation)and the economies of scale effect(reducing costs,enhancing profits,and improving pricing power).Further,there are situational differences and structural characteristics in the realization of value co-creation through upstream and downstream digital transformation.That is,when the supply-demand allocation is more concentrated,the supply-demand relationship is more stable,and the supply-demand position is weaker,the above positive spillover effect is more obvious.Moreover,the chain structure is characterized by a downstream pulling,the degree structure is characterized by asymmetry,and the time structure is characterized by a long term.This paper provides micro empirical evidence for understanding the macro digital spillover phenomenon,preliminarily verifies the practical effect of value co-creation,deeply explores the value co-creation logic among enterprises,and enhances the understanding on the externalities of digital transformation.