Research On The Mechanism And Path Of The Influence Of Digital Empowerment On Enterprise Value

The 14 th Five-Year Plan for Digital Economy issued by the State Council pointed out that with the vigorous development of digital economy,the multiplier effect of data on improving production efficiency has become increasingly prominent,and it has become the most characteristic factor of production of the times.To speed up the construction of digital information infrastructure,and constantly improve the competitiveness and influence of China’s digital economy.With the support of national policies,emerging digital technologies,such as big data,Internet of Things and artificial intelligence,and traditional industries are continuously integrated and infiltrated,and new technologies,new models and new formats are constantly emerging,which inject new kinetic energy into economic development and bring new opportunities and challenges to enterprise transformation,upgrading and innovation and development.Therefore,digital empowerment has become a common feature of the new round of scientific and technological revolution.Enterprises in various countries are seizing the opportunities of digital economy,trying to promote technological innovation,transformation and upgrading of enterprises through digital empowerment,and providing new impetus for sustainable development of enterprises.From this point of view,digital empowerment brings new vigor and vitality to the development of enterprises,and it is bound to promote the promotion of enterprise value by influencing all aspects of enterprises.Based on resource arrangement theory,economic growth theory and production theory,this paper takes the data of Shanghai and Shenzhen A-share listed companies from 2009 to2019 as research samples,and empirically tests the influence of digital empowerment on enterprise value at the micro level from the perspective of digital empowerment.Furthermore,taking the two paths of enterprise technological innovation and investment efficiency as the starting point,this paper discusses the mechanism of digital empowerment affecting enterprise value.The findings are as follows: First,digital empowerment has a significant positive correlation with enterprise value,that is,digital empowerment can significantly improve enterprise value.Meanwhile,compared with state-owned enterprises and enterprises in the western region,the role of digital empowerment in promoting enterprise value is more significant in non-state-owned enterprises and enterprises in the central and eastern regions.Secondly,digital empowerment can promote enterprise value by promoting enterprise technological innovation,that is,technological innovation plays an intermediary role in the influence of digital empowerment on enterprise value.Thirdly,digital empowerment can enhance enterprise value by improving enterprise investment efficiency,that is,investment efficiency plays an intermediary role in the influence of digital empowerment on enterprise value.This paper empirically tests the influence and action path of digital empowerment on enterprise value from the micro level,enriches the empirical research literature of digital empowerment,uncovers the "black box" of digital empowerment affecting enterprise value,and provides a theoretical basis for the digital transformation path of enterprises.