| The booming application of digital technology represented by big intelligence,mobile cloud and things is gradually changing the mode of enterprise value creation.The ability of enterprises to accept and apply digital technology affects enterprise value through enterprise innovation investment.On the one hand,digital technology has changed the traditional business model,digital technology is no longer simply a technology application and efficiency improvement,but based on digital technology has changed the rules and patterns of business transactions;on the other hand,digital as a new factor of production,participate in economic activities.2023 released the overall layout plan of the construction of digital China pointed out that we should strengthen and expand the digital economy,cultivate and grow the core digital economy industries,study and formulate measures to promote the high-quality development of digital industries,create internationally competitive digital industry clusters,promote the deep integration of digital technology and the real economy,and support the development and growth of digital enterprises.Therefore,this paper focuses its research on the relationship between digital technology and enterprise value creation,and further investigates the mediating role of innovation inputs in this process.In this paper,enterprises with more prevalent digital technology applications such as information transmission,software and information technology service industries from 2012 to 2020 are used as research samples.The text crawling function of Python tool is used to obtain the annual reports of enterprises from 2012-2020 from the official websites of Shanghai and Shenzhen exchanges,and the text is extracted according to the keyword thesaurus of digital technology application to obtain the data related to digital technology application,and the OLS regression of panel data is conducted by STATA tool to study the relationship between digital technology application and enterprise value The relationship between digital technology application and enterprise value was investigated by OLS regression of panel data through STATA tool,and the mediating role of innovation input between digital technology application and enterprise value was explored by introducing innovation input as a mediating variable.The results show that:(1)digital technology application can promote enterprise value;(2)innovation input plays a mediating effect in the impact of digital technology application on enterprise value.Meanwhile,this paper conducts robustness tests on the research results.The paper further investigates whether there is a significant difference in the impact of digital technology application on firm value and the mediating effect of innovation input when the nature of property rights and life cycle are different.It is found that(1)the impact of digital technology adoption on firm value is more pronounced in non-state enterprises,with innovation investment playing a mediating role in both state and non-state enterprises;(2)Digital technology application can promote the value of enterprises in the growth stage and enterprises in the decline stage,and innovation investment plays a mediating role in enterprises in the growth stage.The significance of this paper is that this paper not only further expands the research on the economic consequences of digital technology application and the influencing factors of enterprise value,but also explores the role of digital technology application on enterprise value from the perspective of innovation investment,enriches the research on the influence mechanism of digital technology application on enterprise value,and provides reference and information for enterprises to apply digital technology,improve the level of digital technology application,and increase investment in technological innovation and other It provides reference and reference for strategic decisions. |
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