Digital Transformation And Enterprise Efficiency

In recent years,the world economic situation has been severe and complex,the uncertainties and unstable factors in the international situation have continued to increase.Against this background,the CPC Central Committee has made important strategic plans for building a strong cyber country,a digital China and a smart society,and has launched a series of support policies and plans,and thus formed a strong combined force to promote the development of China’s digital economy.The "14th Five-Year Plan" and the 2035 Vision Outline proposed "creating new advantages in the digital economy",promoting the deep integration of digital technology and the real economy,and accelerating the construction of a new development pattern with the domestic cycle as the main body and the domestic and international dual cycles promoting each other.So far,a picture of digital China has accelerated,and the digital economy has become a key force in promoting economic recovery and reshaping competitive advantages.Under the wave of the global digital economy,the digital transformation of traditional industries has become the only way to achieve high-quality economic development in my country,and the results of the transformation have therefore become the focus of attention from all walks of life.Through the use of digital technology,enterprises can optimize resource allocation,effectively respond to market fluctuations,and achieve the purpose of reducing costs,increasing efficiency and improving quality.Therefore,enterprises have also begun to try to build their core competitiveness through digital technology.At the same time,more and more enterprises have begun to implement long-term and systematic digital strategic transformation practices,in order to achieve the deep integration of technology and business,promote production and Management model innovation,to achieve efficiency improvement.However,digital strategic transformation is a systematic project with high risks and high costs.The process of applying relevant technologies to exert systematic value has great uncertainty.So can the digital transformation of enterprises promote the improvement of efficiency? Existing studies have not given consistent conclusions.Therefore,the relationship between digital transformation and enterprise efficiency is an empirical question to be verified.This paper uses the data of A-share listed companies from 2007 to 2019,innovatively uses text analysis methods to measure the digitalization degree of enterprises,and examines the impact of digital transformation of enterprises on efficiency.The research results show that,first,strategic Digital transformation can effectively improve enterprise efficiency.Second,Digital transformation promotes enterprise efficiency by improving enterprise innovation level,management and operation level.Third,the degree to which Digital transformation improves efficiency will be affected by the transformation motivation and transformation capability of enterprises.Specifically,when the degree of financing constraints is high or the degree of marketization is low,that is,when the motivation for enterprise transformation is stronger,its marginal utility is relatively greater.Secondly,for non-state-owned enterprises and enterprises with higher management ability,Digital transformation plays a strong role in improving efficiency.Finally,the study found that Digital transformation of enterprises also has positive externality at the enterprise level and regional spillover effects,which can effectively promote the overall regional total factor productivity.This study is of great significance for understanding the real output effect of Digital transformation of listed enterprises,thus promoting the improvement of enterprise efficiency and high-quality development of China’s economy.