| At present,the number and level of digital transformation of Chinese enterprises are increasing year by year,and all walks of life are contributing to the integration of digital technology and the real economy.Studies on enterprise digital transformation mostly involves the economic benefits brought by digital transformation.Enterprises realize information exchange through efficient data circulation,obtain effective resources for optimizing internal governance structure and organizational operation mode,further reform business process,upgrade production chain,and improve the conversion rate of material resources,human resources and technical equipment.Strengthen the differentiation of products and services,improve the market competitiveness of enterprises,stabilize the position of enterprises,and enhance the value of enterprises.In this regard,this paper takes the value-added effect of enterprise digital transformation as the core research content,constructs a multiple regression model for the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2021 for specific analysis,improves the data support of the conclusion,and analyzes the heterogeneity among enterprise samples grouped by different attributes to explore the difference of the effect of digital transformation.Finally,by researching relevant literature,based on the path of informational optimization and innovation research,the paper studies the mechanism of the impact of enterprise digital transformation on enterprise value,so as to open the black box of interaction between the two.In order to answer the question whether enterprise digital transformation affects enterprise value,the digital word frequency disclosed in enterprise annual report is taken as the core explanatory variable,enterprise value is taken as the explained variable,control variables are added in reference to similar studies,and fixed effect panel regression model is selected according to the results of Hausman test.At the significance level of 1%,the value-added effect of enterprise digital transformation is verified.Further,in order to ensure the robustness of the conclusion,robustness test was carried out by replacing the explained variable and the core explanatory variable,adjusting sample time period and enterprise scope,and two-stage regression was carried out by instrumental variable method to alleviate the possible influence of the model’s endogeneity on the research conclusion.In addition,this paper carried out an extended analysis of digital transformation,substituted the five second-level word frequency indicators of caliber subdivision into the model successively,and concluded that different technology layers all have significant positive impacts on enterprise value,among which cloud computing technology,as the basis of underlying technology,has the most significant effect on the improvement of enterprise value.And digital technology application,as the level of practice,have relatively low effect of enhancing enterprise value.Since there are obvious differences in the listing age,property right nature,location and industry attribute of enterprises in digital transformation,this paper empirically analyzes the heterogeneity of enterprises’ value affected by digital transformation from these four perspectives.The results show that: compared with older enterprises,the value enhancement effect of digital transformation for young enterprises is more significant.Compared with non-state-owned enterprises,the value enhancement effect of digital transformation of state-owned enterprises is more significant.Compared with enterprises in non-first-tier cities,enterprises in first-tier cities gain more significant value enhancement effect through digital transformation.Compared with enterprises in non-high-tech industries,enterprises in high-tech industries gain more significant value enhancement effect through digital transformation.In the part of the analysis of the mechanism of the impact of enterprise digital transformation on enterprise value,the paper collated the theoretical logic of related literature,studied the two paths of information optimization and innovation research and development,used the stepwise regression method for specific analysis in reference to other scholars,and guaranteed the reliability of the conclusion by sobel test.The results show that: for the information optimization path,enterprises can broaden the information channel through digital transformation,reduce the degree of information asymmetry,improve the use efficiency of data resources and the conversion rate of data resources to technology,products and services,so as to enhance the enterprise value.For innovative R&D path,enterprises can stimulate the innovative behavior of internal personnel and production activities through digital transformation,increase the investment in innovative R&D,improve the personnel structure and business efficiency of enterprises,and realize the growth of enterprise value.Based on the analysis,this paper puts forward several suggestions to enhance enterprise value from the perspective of enterprise digital transformation:(1)Play the role of government intervention to encourage transformation and strengthen guidance;(2)Strengthen the willingness of enterprise transformation,respond positively and accelerate the process;(3)Match enterprise strategic objectives for focused research and development and effective practice;(4)Refine the transformation and upgrading of enterprises,improve the weak board and give full play to the long board;(5)Attach importance to information transparency to realize multi-dimensional optimization and efficient transformation. |
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