Research On The Influence Of Digitization Level On Enterprise Value

With the emergence of digital technologies such as big data,blockchain and cloud computing,which have changed the production and operation mode as well as the information formation and transmission mechanism of enterprises,new opportunities have been created for the sustainable enhancement of corporate value.The improvement of enterprise digitalization helps reduce the information asymmetry in the capital market,making the operation and management of enterprises easily understood by external monitoring subjects such as analysts and media,and such nonlegal external monitoring mechanisms are important for the sustainable development and better realization of corporate value of listed enterprises in China.The article examines the impact of digitalization level on corporate value and the mediating role played by analysts’ attention and media attention based on a fixed-effects model with A-share listed companies from 2007 to 2021 as the research object.The results of the empirical analysis show that: the increase of digitalization level can significantly enhance the enterprise value;there are mediating roles of analyst attention and media attention in the influence of digitalization level on enterprise value.Also,the article adopts robustness tests such as replacing the explanatory variables,excluding some samples,lagging the independent variables by one period,and propensity score matching methods,and the test results remain robust.Finally,the article also investigates the heterogeneous effects of digitalization level on enterprise value with or without two jobs,different regions,and different levels of digital economy development,and finds that the improvement of digitalization level can significantly improve enterprise value for companies with managers’ two jobs separated,eastern regions,and regions with higher levels of digital economy development,and analyst attention and media attention play a significant role in the influence of digitalization level on enterprise value In contrast,the impact of digitalization on enterprise value is not significant in central and western regions and regions with low level of digital economy development.The article reveals the mechanism of the impact of digital change on enterprise value from the perspective of external monitoring such as analyst attention and media attention,and based on the findings of the study,proposes policy recommendations for continuously promoting the digitalization of enterprises while making good use of external monitoring mechanisms,and thus better realizing enterprise value.