企业数字化转型对市场价值的影响和机制研究——基于中国上市企业的经验证据  

Research on the Value Effect of Enterprise Digital Transformation:Big Data Identification based on Annual Report Text Information

作　　者：黄大禹 谢获宝[2] Huang Da-yu;Xie Huo-bao

机构地区：[1]清华大学经济管理学院,北京100083 [2]武汉大学经济与管理学院,武汉430072

出　　处：《亚太经济》2022年第6期93-104,共12页Asia-Pacific Economic Review

基　　金：国家自然科学基金“银行债务契约、财务报告质量与企业投资效率”(71072103);教育部人文社科研究规划基金项目“去杠杆影响企业风险承担的经济后果、机制路径及优化策略研究”(19YJA630093)。

摘　　要：基于上市企业2007—2020年年报文本信息,以文本关键词形式识别数字化转型强度,并检验其对企业价值的影响。实证研究发现,企业数字化转型能够有效推动企业价值提升,在同群效应的带动下,这种市场价值驱动效应更为明显。机制识别发现,企业数字化转型能够优化信息流转和市场预期,改善企业融资约束与融资成本困境,提升企业创新动能,这些都为企业价值提升提供了充分动力。从企业异质性视角来看,数字化转型在非国有企业和高科技企业中展现出了更为显著的价值驱动力。特别地,在区分了不同数字化转型导向后发现,人工智能、云计算、大数据以及数字技术应用的价值增升效应较为明显,区块链技术的影响相对有限。With the rapid development of digital technology,enterprises have established a deep relationship between digital transformation and high-quality development.In this paper,an index system is constructed to measure the degree of digital transformation by means of annual report text mining,and whether such innovation transformation can help enterprises improve their market value is tested.Specifically,there is a significant positive relationship between digital transformation and enterprise value,and this relationship is supported by multiple robustness tests.At the same time,digital transformation can also optimize the information flow,improve the financial status of enterprises,enhance the innovation potential of enterprises,all of which contribute to the improvement of enterprise value level.In the heterogeneity test of firm attributes,it is found that digital transformation has a greater positive effect in the samples of non-state-owned enterprises and high-tech enterprises.According to the heterogeneity test of digital technology,artificial intelligence,cloud computing,big data technology and digital technology application can significantly enhance enterprise value,while the value-driven effect of blockchain has not yet been demonstrated.This paper can provide empirical evidence for understanding the innovation and transformation behavior of enterprises in the new era.

关 键 词：数字化转型 企业价值 信息不对称 财务状况 技术创新 

分 类 号：F270[经济管理—企业管理]