| The report of the 20 th National Congress of the Communist Party of China emphasized that "high-quality development is the primary task in the comprehensive construction of a socialist modernized country." As the leading force of the national economy and the micro subject of achieving high-quality economic development,state-owned enterprises have a wide and profound impact on the development of the country and society.As tools and means for government participation and intervention in the economy,state-owned enterprises represent national interests and bear important public services and social responsibilities.They play a crucial role in promoting economic growth,stimulating employment,and maintaining social stability.Promoting the high-quality development of state-owned enterprises is not only necessary for promoting economic growth and enhancing corporate competitiveness,but also an important measure for achieving sustainable development and improving people’s living standards.In recent years,with the deep integration of digital technology and traditional industries,the digital era driven by new technologies such as cloud computing,big data,artificial intelligence,blockchain,and the Internet of Things is emerging.Digital transformation has become an inevitable trend for the high-quality development of state-owned enterprises in the context of the information age.Achieving the digitalization,networking,and intelligent development of state-owned enterprises,continuously harnessing the amplifying,overlapping,and multiplying effects of digital technology on their high-quality development,is an important pathway for state-owned enterprises to achieve quality,efficiency,and dynamic transformations.In the context of vigorously developing the digital economy and achieving high-quality economic development,this article first reviews the relevant literature on the impact of digital transformation on the high-quality development of state-owned enterprises.It summarizes and comments on the research results obtained from the existing literature.Based on the existing literature,this article summarizes the concepts and theoretical foundations of digital transformation and the high-quality development of state-owned enterprises,and analyzes and summarizes the reality foundation of digital transformation and the high-quality development of state-owned enterprises in China.Secondly,based on the main characteristics of digital transformation and the main dimensions of the high-quality development of state-owned enterprises in China,this article proposes the mechanism through which digital transformation affects the high-quality development of state-owned enterprises in China.Finally,using various methods,this article constructs relevant indicators for digital transformation and the high-quality development of state-owned enterprises,and applies empirical testing methods such as mixed OLS,random effects model,fixed effects model,two-stage least squares,spatial econometric model,mediation effect model,and moderation effect model to test the impact mechanism of digital transformation on the comprehensive performance,total factor productivity,and innovation capability of state-owned enterprises in China.Ultimately,the main conclusions and countermeasures of this article are obtained.Overall,the development of state-owned enterprises has entered a new stage,and the demand for digital transformation in these enterprises is becoming increasingly urgent.This article,through theoretical mechanisms and empirical analysis,arrives at the following conclusions: Firstly,digital transformation enhances the comprehensive performance of state-owned enterprises.Heterogeneity analysis indicates that the promotion effect of digital transformation on the comprehensive performance of state-owned enterprises in the eastern region is slightly higher than that in the central and western regions.In addition,digital transformation can indirectly improve the comprehensive performance of state-owned enterprises by enhancing corporate governance and reducing production costs.Furthermore,it is pointed out that increasing the diversification of equity will have a positive effect on promoting the impact of digital transformation on the overall performance of state-owned enterprises.Secondly,digital transformation improves the total factor productivity of state-owned enterprises.Heterogeneity analysis reveals that digital transformation has a slightly greater promoting effect on total factor productivity of local state-owned enterprises compared to central state-owned enterprises.Digital transformation has a slightly higher promoting effect on total factor productivity of state-owned enterprises in the eastern region compared to the central and western regions.In addition,digital transformation can indirectly improve the total factor productivity of state-owned enterprises through the optimization of human capital and physical capital.Furthermore,empirical analysis using the spatial Durbin model suggests that digital transformation has spatial spillover effects on the total factor productivity of state-owned enterprises.Thirdly,digital transformation has enhanced the innovation capabilities of SOEs.From the perspective of innovation volume,digital transformation has a significant boost to the overall innovation of these enterprises.From the perspective of innovation structure,the impact of digital transformation on the improvement of innovation quality of state-owned enterprises is greater than that of progressive innovation.Digital transformation has a slightly higher impact on promoting innovation capabilities in state-owned enterprises in the eastern region than in the central and western regions.Moreover,digital transformation can indirectly enhance the innovation capacity of state-owned enterprises through increasing government subsidies and alleviating financing constraints.The absorptive capacity of enterprises positively moderates the promotion effect of digital transformation on the innovation capability of state-owned enterprises.Further empirical analysis demonstrates the presence of spillover effects of digital transformation in the innovation capacity of state-owned enterprises in the same industry.This article makes several contributions.First,In terms of research theory,through reviewing previous research findings,it is found that there are few studies focusing on the impact of digital transformation on the high-quality development of Chinese SOEs.This paper constructs the overall framework of the impact of digital transformation on the high-quality development of Chinese state-owned enterprises,analyzes the main characteristics of digital transformation from the three stages of digital transformation technology support,digital transformation and four aspects of enterprise digital transformation,and proposes the main dimensions of high-quality development of Chinese state-owned enterprises.This paper constructs the mechanism of digital transformation on the high-quality development of Chinese state-owned enterprises,and examines the mediating mechanism,regulating mechanism and spillover effect of digital transformation on the high-quality development of Chinese state-owned enterprises based on multiple dimensions.Second,in terms of research content,most of the previous literature has only studied the high-quality development of enterprises from a single dimension of total factor productivity or by constructing multidimensional indicators of high-quality development.This paper focuses on the quality,efficiency,and driving factors of China’s state-owned enterprises’ high-quality development from the perspective of output,including the comprehensive performance of state-owned enterprises,total factor productivity,and innovation capabilities,as well as explore the internal transformation and external support of state-owned enterprises in the process of high-quality development,including research on corporate governance levels,resource optimization allocation,government subsidies,and financing constraints,in order to more targetedly study the impact of digital transformation on the high-quality development of state-owned enterprises in China.And according to the differences of administrative level,type and region of state-owned enterprises,the influence of heterogeneity factors on the research results is analyzed.Thirdly,in the perspective of research,previous studies on the impact of digital transformation on the performance of state-owned enterprises in China usually only focused on the enhancement of economic value,while ignoring the impact of digital transformation on the social performance of state-owned enterprises.This study constructs comprehensive performance indicators from two aspects of economic performance and social performance of state-owned enterprises to explore the impact of digital transformation on the overall performance of Chinese state-owned enterprises.In studying the impact of digital transformation on the innovation capabilities of Chinese state-owned enterprises,this study proposes to examine it from two perspectives: the total effect and the structural effect of innovation capabilities.The structural effect focuses on both quality innovation and incremental innovation,thereby expanding the research on the relevant topic to a certain extent.Fourth,in terms of research methods,previous literature often used text analysis methods to measure the digital transformation at the firm level.In this study,we combine text analysis methods,input-output analysis,and entropy methods to construct indicators for digital transformation.This provides support for the research on the impact of digital transformation on the high-quality development of Chinese state-owned enterprises at the meso and macro levels.When studying the industry spillover effects of digital transformation,it is common to use industry averages as a benchmark.In this study,we use input-output analysis to construct indicators for digital transformation from an industry perspective,which expands the measurement methods of digital transformation. |
