Research On The Influence Mechanism Of Digital Transformation Of High-tech Enterprises On Corporate Financial Performance

The national economic development strategy points out that the advantages of massive data and rich application scenarios should be leveraged to promote the deep integration of digital technology and the real economy and strengthen the new engine of economic development.As an important pillar of national economy development,whether high-tech enterprises’ digital transformation can improve their financial performance is of great importance for the development of high quality of economic in our country.However,the influence mechanism of high-tech enterprises’ digital transformation on financial performance is not clear.Therefore,based on the theory of digital transformation strategy and enterprise competitive strategy,this study explores the influence of digital transformation of high-tech enterprises on corporate financial performance.In addition,from the perspective of financing constraint theory and supply chain transaction cost,financing constraint is introduced as an intermediary variable,and supplier concentration and customer concentration variables are introduced as moderating variables to explore the mechanism of corporate digital transformation on corporate financial performance.Furthermore,the study analyzes the heterogeneity of executive background.Through the empirical analysis of 253 high-tech enterprises,the following conclusions are drawn:(1)The digital transformation of high-tech enterprises has a significant positive impact on their financial performance at the level of 1%.It indicates that digital transformation of high-tech enterprises can effectively promote the improvement of corporate financial performance and promote high-quality development of high-tech enterprises.(2)Corporate financing constraints play a partial intermediary role in the digital transformation of high-tech enterprises and corporate financial performance,that is,corporate digital transformation can not only directly affect corporate financial performance,but also have an impact on corporate financial performance by affecting corporate financing constraints.(3)Supplier concentration and customer concentration play an important moderating role in the influence of digital transformation on financial performance of high-tech enterprises.When the concentration of suppliers and customers is too high,high-tech enterprises will increase their dependence on the upstream and downstream partners of the supply chain,reduce their willingness to seek more partners and optimize supply chain management,and further make high-tech enterprises more dependent on the existing supply chain partners.It can increase the transaction costs of enterprises and thus affect the corporate financial performance.(4)Heterogeneity test results show that the digital transformation of the enterprises of executives with overseas background and those without financial background has a more significant impact on corporate financial performance.Finally,based on the empirical results,this study provides policy suggestions on how to promote the strategic transformation and high-quality development of high-tech enterprises from the perspectives of financing constraints and supply chain of high-tech enterprises,and provides reference for the government to promote the high-quality development of high-tech enterprises.