Digital Transformation、Financing Constraints And Enterprise Performance

With the constant emergence and iteration of digital technologies with artificial intelligence,big data,cloud computing and blockchain as the core over the years,the opportunities and challenges in the new era have been brought.A solid foundation has been laid by the digital transformation for reshaping the business process of enterprises,giving new impetus to enterprises,and achieving innovative development.Although there are a large number of enterprises having shifted their strategic core to digital transformation,as well as spending a large amount of money on digital transformation of enterprise production equipment and management systems,only about 11% of enterprises have achieved effective transformation by adopting digital transformation to significantly enhance their operating income and obtain higher sales profits,and the dilemma of ineffective transformation is faced by most enterprises.The direct effect of digital transformation on enterprise performance is mainly focused on by the existing research,and the differences for the conclusions exist.The impact path of digital transformation on enterprise performance is not clear enough.To enhance the confidence of enterprises in implementing digital transformation,the clarification of the internal mechanism of the impact of digital transformation on enterprise performance is very crucial.The key reason for restricting the optimal production and scale development of physical enterprises has been reflected in financing constraints.A question worth exploring lies in whether financing constraints play a role between digital transformation and enterprise performance.To answer the above questions,the methods such as literature research,text analysis,multiple linear regression and heterogeneity analysis are adopted to carry out empirical analysis.In terms of the specific steps,the listed companies in Shanghai and Shenzhen from 2011 to 2011 are taken as samples,the management discussion and analysis part are extracted,the text analysis method is adopted to build the digital transformation index,the ROA is used to measure the performance level of enterprises,and the multiple regression model is constructed to explore the performance-driven effect of digital transformation.After that,the financing constraint SA index is used to measure the financing constraint dilemma of enterprises.In the meantime,whether the financing constraint plays a mediating role between digital transformation and enterprise performance is verified.In accordance with the further analysis,the impact of digital transformation on enterprise performance under different circumstances is explored in terms of enterprise scale and enterprise nature.From the research results,digital transformation is found to be able to significantly improve enterprise performance.In the robustness test,the retest is conducted by adopting replacement variable and instrumental variable methods.The regional development differences and whether the enterprise is located in the first-tier cities and municipalities directly under the Central Government are further excluded.In the analysis of mediating role,digital transformation can adopt the way of reducing financing constraints to improve enterprise performance.In the heterogeneity analysis,the role of digital transformation in improving enterprise performance is more significant for state-owned enterprises in contrast with that of non-state-owned enterprises,which is also the same for large enterprises in contrast with that of small and medium-sized enterprises.However,no significant mediating role of digital transformation in improving performance by reducing financing constraints is found in non-state-owned enterprises and small and medium-sized enterprises.In this thesis,the annual report of listed companies is taken as the entry point,the digital transformation index is constructed,the relationship between digital transformation and enterprise performance is studied,the research on the economic consequences of digital transformation is enriched,and a new way for digital transformation to enhance enterprise performance is revealed,that is,to enhance enterprise performance through the reduction of financing constraints.Unlike the previous measurement of digital transformation,the intelligent statistical algorithm adopted in this thesis carried out the text analysis on the management discussion and analysis part of the annual report containing more management thoughts,in which the innovation of basic data and research methods is embodied.Based on the research conclusions of this thesis,the disclosure of the "black box" between digital transformation and enterprise performance can be facilitated,the micro evidence can be provided for listed companies to effectively use digital transformation to alleviate financing constraints,and the reference can be provided for the government to issue policies related to digital transformation.