企业数字化转型能否提升智力资本价值创造效率?  

Do the Digital Transformation of Enterprises Improve the Value Creation Efficiency of Intellectual Capital?

作　　者：张任之 ZHANG Ren-zhi(Institute of Industrial Economics,Chinese Academy of Social Sciences,Beijing100006,China)

机构地区：[1]中国社会科学院工业经济研究所,北京100006

出　　处：《财经问题研究》2023年第5期89-100,共12页Research On Financial and Economic Issues

基　　金：国家社会科学基金青年项目“国有企业工业互联网平台生态系统构建与协同机制研究”(22CGL016);中国社会科学院登峰战略优势学科(企业管理)成果。

摘　　要：随着企业数字化转型的深入推进,智力资本的重要性不断提升,成为企业获取竞争优势和提升价值创造能力的关键驱动因素。本文利用2010—2020年A股上市企业数据,采用文本分析法构建反映企业数字化转型程度的指标,在理论分析的基础上实证考察企业数字化转型对智力资本价值创造效率的影响及其作用机制。基准回归分析表明,企业数字化转型显著提升了智力资本价值创造效率;机制分析表明,企业数字化转型主要通过提高人力资本水平、增强企业创新能力和强化企业与供应商和客户关系推动智力资本价值创造效率提升;异质性分析表明,企业数字化转型对智力资本价值创造效率的影响具有明显的异质性,在非国有企业、大型企业和高科技企业中更加显著。本文的研究结论对于加快推进企业数字化转型、更好发挥智力资本的价值驱动作用具有重要的政策启示。With the deepening of digital transformation of enterprises,intellectual capital has gradually replaced financial capital,becoming the key driver for enterprises to gain competitive advantage and improve value creation ability.From the perspective of management practice,the dual⁃class structure adopted by companies such as Google,Facebook,Baidu,and JD,and Alibaba􀆳s partnership system,are essentially institutional innovations that motivate the founder team to continuously and steadily invest in intellectual capital.However,few studieshave linked the digital transformation of enterprises with the value creation of intellectual capital.In particular,there is a lack of further analysis on how the digital transformation of enterprises affects the value creation of intellectual capital,which requires further research.Based on the data of A⁃share listed companies from 2010 to 2020,this paper uses text analysis to construct indicators reflecting the degree of digital transformation of enterprises,and empirically examines the impact of digital transformation on the value creation efficiency of intellectual capital and its mechanism.The empirical research finds that the digital transformation of enterprises has significantly improved the value creation efficiency of intellectual capital,which is mainly achieved by improving the level of human capital,enhancing the innovation ability of enterprises and strengthening the relationship between suppliers and customers.This mechanism is more significant in non⁃state⁃owned enterprises,large enterprises and high⁃tech enterprises.This paper has expanded the previous literature from the following two aspects.On the one hand,it has enriched and expanded the research on the economic consequences of enterprises􀆳digital transformation,which is different from the existing research that mainly discusses the impact of enterprises􀆳digital transformation on production efficiency,operating costs,enterprise performance,and enterprise innovations.This paper comprehensively an

关 键 词：企业数字化转型 智力资本价值创造效率 人力资本水平 

分 类 号：F27[经济管理—企业管理] F062.9[经济管理—国民经济]