| With the development of Internet and big data technology,the tide of digital transformation of manufacturing industry is irresistible.Under the background of made in China 2025,manufacturing enterprises that are good at deep application of digital technology will win significant competitive advantage.Based on the above background,this paper studies the impact of digital reform on enterprise value of Listed Companies in China,and from the perspective of enterprise innovation,explores the role of enterprise innovation in the impact of digital reform on enterprise value.Based on the content of the research,this article discusses the impact of digital transformation on corporate value,the impact of digital transformation on corporate innovation,and the impact of corporate innovation on corporate value,and elaborates on the impact of the three.The article then discusses the importance of enterprises adapting to and grasping new development opportunities in the era of digital economy through dynamic capability theory,open innovation theory,innovation diffusion theory,and technological innovation theory;based on relevant theories and literature,this paper proposes research Three hypotheses: Hypothesis 1.The positive impact of digital transformation on corporate value;Hypothesis 2.The positive impact of digital transformation on corporate innovation;Hypothesis 3.Corporate innovation plays an intermediary in the impact of digital transformation on corporate value Effect;before the empirical analysis,according to the content of the article research and related assumptions,the selection of variables is fully explained.In the measurement of the dependent variable,the enterprise Tobin Q value A and Tobin Q value C are selected as the proxy variables of enterprise value The core independent variable is based on the content of the company's annual report.When the company's annual report appears digital,big data,Internet of Things,big data,etc.,it is determined that the company has digital transformation,otherwise there is no digital transformation.The intermediary variable selects the number of patents and research and development of the company based on relevant documents.Input is used as a proxy variable for enterprise innovation,and a series of control variables are selected according to relevant literature.In the process of empirical analysis,the overall sample is first subjected to regression analysis.After the overall sample analysis is completed,considering the particularity of China's state-owned enterprises,the sample is Divide the nature,conduct regression analysis on the samples of state-owned enterprises and non-state-owned enterprises,explore the impact of enterprise digital transformation on enterprise value under different types of enterprises,and the role of enterprise innovation between the two.The results are obtained through empirical analysis.The results are as follows: 1.In the overall sample,digital transformation has shown a significant positive effect on corporate value;2.In the overall sample,digital transformation has shown a significant positive effect on corporate innovation agency variables;3.Overall sample In,through the relevant regression results,it is shown that corporate innovation plays a mediating role in the impact of corporate digital transformation on corporate value,and it appears as a partial mediating effect.Therefore,all the research hypotheses in this article have been verified,indicating that corporate digital transformation can directly improve on the one hand Corporate value,on the other hand,can promote corporate value enhancement by influencing corporate innovation;in the regression of the sub-enterprise nature,the regression results of the non-state-owned enterprise sample are consistent with the overall sample,indicating that the digital transformation of non-state-owned enterprises has direct and indirect effects To increase corporate value,the digital transformation of a sample of state-owned enterprises has a direct effect on the enterprise,but the indirect effect does not exist,and the mediating effect of corporate innovation does not exist.At the same time,the robustness test results show that the empirical results of this article are reliable.Finally,the empirical analysis results provide relevant countermeasures and suggestions. |
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