Digital Transformation,Innovation Investment And Value Of State-owned Listed Companies

The digital economy has become a driving force for national strategy and economic development.The development of new technologies has made the innovation process more breakthrough,reducing the allocation cost of innovative elements,forming a loose coupling structure with unbounded elements,thereby promoting the promotion of enterprise value.As an important functional carrier of the national digital strategy,stateowned enterprises are precisely the bearers and executors of the innovation mission.Its innovation investment largely determines the value of the enterprise.This requires state-owned enterprises to be more flexible in the allocation of innovation investment in the context of digital transformation.In response to this issue,the thesis takes "Digital Transformation of State-owned Listed Companies-Innovation Input-Enterprise Value" as the main line of research.Through analyzing the data of A-share stateowned companies listed on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2020,and based on technology innovation and endogenous growth theory,the paper explores the impact mechanism of digital transformation on enterprise value from the perspective of heterogeneity of innovation input factors.The results show that the digital transformation of state-owned listed companies has significantly improved enterprise value,in which innovation investment factors play a conductive and influential role.Specifically,innovation capital investment has a significant intermediary effect;In terms of innovative human investment,digital transformation can enhance enterprise value by optimizing the human capital structure,while increasing the number of research and development personnel is not an effective path;In terms of innovation technology investment,digital transformation can enhance enterprise value by improving high-quality technology investment,while strategic technology investment that only pursues output quantity is not an effective path;Moreover,entrepreneurial risk-taking can significantly enhance the driving effect of digital transformation on enterprise value.Further mechanism testing found that digital transformation also affects corporate value through optimizing corporate financial structure and information disclosure efficiency.The academic contributions of the paper are reflected in proposing and confirming the obvious characteristics of knowledge accumulation and selective empowerment of digital transformation,deepening the research on the driving effects of digital transformation from a mechanism identification perspective to a factor allocation perspective,focusing on the synergistic effect of digital transformation on factors with structural optimization potential to reverse marginal returns,and enriching the research on digital transformation,innovation investment,and enterprise value,It is significant for state-owned listed companies to allocate innovative investment factors and formulate differentiated investment strategies to focus on high-quality development in the process of digital transformation.