The Impact Of Digital Technology On The Performance Of Non-hightech Enterprises

Under the calling of mass entrepreneurship and innovation,all industries have begun a wave of innovation.Digital technology represented by artificial intelligence,big data and cloud com puting has produced significant changes in data volume,data processing efficiency,data type diversity and so on,providing new strong support for the improvement of enterprise performance in all industries.Although it is mainly high-tech companies that are the first to offer new digital technologies,these companies have a natural adaptability to new technologies.But recent developments show that non-hightech companies are also beginning to be able to invest in these technologies on a large scale.However,the cost of digital application is often high,and it is difficult to combine with business.The impact of digital technology on non-high-tech enterprises is still unknown in the short term.Based on this research background,combined with the resource-based view theory and signal transmission theory,this paper uses the relevant data of China's A-share listed enterprises from 2010 to 2019 to explore the traits of non-high-tech enterprises using digital technology and impact of digital technology on enterprises performance.The research include the following aspects: the characteristics of non-high-tech enterprises using digital technology,the short-term stock price reaction of non-high-tech enterprises after using digital technology,the performance of non-high-tech enterprises after using digital technology,and the moderating effect of enterprise size,age,equity nature and R&D investment on the use of digital technology and financial performance of non-hightech enterprises.The empirical results show that companies with non-state-owned equity,high executive compensation,large proportion of independent directors and short established time are more likely to use digital technology;and the use of digital technology can significantly increase abnormal return of profitable enterprises in the short term;in terms of enterprise performance,the use of digital technology will reduce the market performance and improve the financial performance of enterprises,while the use of digital technology will not For business process performance,digital technology significantly improves the sales revenue and management expense rate,but reduces the operating cost rate.As far as the moderating effect is concerned,the scale and R&D investment of a company can positively regulate the impact of digital technology on corporate financial performance,while the state-owned equity will negatively regulate the impact of digital technology on enterprise financial performance.Different from previous articles,this paper uses Python to obtain the text information of the annual report of enterprises in the website designated by China Securities Regulatory Commission(CSRC),and describes the digitization degree of Non-hightech enterprises by using text analysis technology.The conclusion of this paper theoretically deepens the impact of digital technology on the performance of Non-hightech enterprises.At the same time,it also provides empirical evidence on the impact of digital technology on enterprise performance in many aspects,which provides reference for non-hightech enterprises to carry out digital transformation,and provides certain theoretical support for China's industrial upgrading.