数字化转型是否提升了企业经济价值和社会价值？——理论推演及实证检验

doi:10.16381/j.cnki.issn1003-207x.2022.2726

Abstract

Abstract:

With the rapid development， accelerated innovation， and widespread application of new-generation information technologies such as big data， blockchain， cloud computing， and artificial intelligence， the development of digital economics is becoming a key force in the reorganization of global factor resources， the reshaping of economic structure and the change of competitive pattern. As the micro-level constituent of the macroeconomy， enterprises play an important role in digital economic development and transformation. Digital transformation has become the kernel strategic choice for enterprises to enhance quality and improve competitiveness. Especially in the new development pattern， digital transformation is very important for enterprises to adapt to the development of the digital economy， cultivate new quality productivity， and achieve high-quality development. Against this background， does the implementation of digital transformation by enterprises have an impact on their value？ What is the mechanism of the impact？ These questions have become hot issues for academic research. Therefore， based on the production and consumption characteristics of the two-sector economy， an economic model of enterprise digital transformation is constructed and theoretically the value performance of enterprises is deriued that have carried out digital transformation compared with those that have not. Consequently， the impact of digital transformation on the enterprise’s value and the underlying mechanisms is empirically examined. Listed companies in the Shanghai Stock Exchange and Shenzhen Stock Exchange during the period 2007-2019 are used as the research sample. Moreover， a large-sample textual analysis method is used to aggregate the characteristic words of digital transformation in corporate annual reports， thereby measuring the degree of digital transformation of enterprises. The model predicts that the value of digital transformation enterprises is higher than that of non-digital transformation enterprises. The empirical analysis finds that digital transformation significantly contributes to firm economic and social value. The results are robust to confronting several sources of endogeneity and robustness tests. Furthermore， it is found that the internal governance environment and analysts’ attention are potential influence mechanisms. It is also found that the positive effect between digital transformation and firm value is more pronounced for enterprises with the property of state-owned and high-tech. The findings reveal the economic implication and impact mechanism black box of digital technology embedding and provide some policy suggestions from the micro-level for the construction of digital power and high-quality economic development.

Key words: enterprise digital transformation, economic value, social value, information effect, attention effect

CLC Number:

F832.5

Weiqi Liu, Jianying Li, Jie Zhou, Dongliang Yuan. Digital Transformation and Firm Value: Theory and Empirical Evidence[J]. Chinese Journal of Management Science, 2025, 33(5): 138-149.

Figures/Tables 8

变量	平均值	标准差	最小值	最大值
$E V$	2.0468	1.3272	0.8721	8.8193
$S V$	4.1256	1.1168	1.0000	8.0000
$D T C D$	1.9685	1.1200	0.0000	6.1759
$S i z e$	21.9842	1.5503	10.8422	31.0359
$L e v$	0.4514	0.2069	0.0071	4.0260
$T o v e r$	6.7318	5.3710	0.4766	27.4538
$C a p e x$	0.0506	0.0516	0.0000	0.6419
$A g e$	10.8959	6.5995	2.0000	26.0000
$T o p 1$	0.3505	0.1537	0.0000	1.0000
$R o e$	0.0977	0.1412	-0.6233	0.4938
$D u a l$	0.2657	0.4417	0.0000	1.0000
$H o l d$	0.4559	0.2482	0.0000	1.1371

模型	M(1)	M(2)	M(3)	M(4)
变量	$E V$	$S V$	$E V$	$S V$
$D T C D$	0.1741^***	0.0501^***	0.0468^**	0.0291^***
$D T C D$	(11.55)	(5.26)	(2.40)	(2.86)
$S i z e$			-0.5519^***	0.2985^***
$S i z e$			(-27.93)	(29.20)
$L e v$			-0.4630^***	-1.2161^***
$L e v$			(-4.10)	(-20.66)
$T o v e r$			-0.0071	-0.0133^***
$T o v e r$			(-1.37)	(-5.12)
$C a p e x$			-0.1558	2.2701^***
$C a p e x$			(-0.38)	(10.37)
$A g e$			0.0062^*	-0.0103^***
$A g e$			(1.94)	(-6.36)
$T o p 1$			-0.3372^**	0.2254^***
$T o p 1$			(-2.37)	(3.04)
$R o e$			-0.0081	0.0956^***
$R o e$			(-0.36)	(7.40)
$D u a l$			0.1558^***	-0.1000^***
$D u a l$			(3.76)	(-4.69)
$H o l d$			1.3159^***	0.1182^**
$H o l d$			(13.06)	(2.26)
$Y e a r$	Yes	Yes	Yes	Yes
$I n d$	Yes	Yes	Yes	Yes
$C o n s$	2.3474^***	3.5433^***	13.2550^***	-2.4321^***
$C o n s$	(14.28)	(25.98)	(27.23)	(-9.54)
$O b s$	17412	15889	11424	13648
$R 2$	0.06	0.07	0.23	0.19

模型	M(1)	M(2)	M(3)	M(4)
变量	$P b$	$P s$	$S V s h a n g$	$S V r l$
$D T C D$	0.1801^**	0.3147^***	0.0357^*	0.3475^***
$D T C D$	(2.17)	(3.54)	(1.88)	(2.58)
$C o n t r o l$	Yes	Yes	Yes	Yes
$R 2$	0.11	0.08	0.24	0.24

模型	M(1)	M(2)	M(3)	M(4)	M(5)	M(6)
变量	$E V$	$S V$	$E V$	SV	$E V$	SV
$A b c d$	0.0042^***	0.0029^***
$A b c d$	(4.20)	(5.44)
$A d t$			0.0049^***	0.0018^***
$A d t$			(4.02)	(2.91)
$S F D T$					0.2134^**	0.0694^***
$S F D T$					(2.09)	(4.45)
$C o n t r o l$	Yes	Yes	Yes	Yes	Yes	Yes
$R 2$	0.18	0.21	0.23	0.20	0.05	0.19

样本	剔除2009和2010样本		截取2011至2014样本
模型	M(1)	M(2)	M(3)	M(4)
变量	$E V$	$S V$	$E V$	$S V$
$D T C D$	0.0431^**	0.0239^**	0.1349^***	0.0578^**
$D T C D$	(2.08)	(2.35)	(4.93)	(2.25)
$C o n t r o l$	Yes	Yes	Yes	Yes
$R 2$	0.22	0.24	0.42	0.24

样本	工具变量回归		双重差分检验		PSM检验		Heckman回归
模型	M(1)	M(2)	M(3)	M(4)	M(5)	M(6)	M(7)	M(8)
变量	$E V$	$S V$	$E V$	$S V$	$E V$	$S V$	$E V$	$S V$
$D T C D$	0.1975^***	0.0538^***			0.0760^***	0.1126^**	0.0729^**	0.0851^***
$D T C D$	(10.75)	(4.27)			(3.58)	(2.17)	(2.03)	(5.45)
$d u × d t$			0.0460^***	0.0745^***
$d u × d t$			(2.60)	(4.05)
$I m r$							-0.0949^**	-0.2133^***
$I m r$							(-2.19)	(-3.28)
$C o n t r o l$	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
$R 2$	0.15	0.09	0.37	0.19	0.17	0.10	0.12	0.17

机制	信息效应						关注效应
模型	M(1)	M(2)	M(3)	M(4)	M(5)	M(6)	M(7)	M(8)	M(9)
变量	$I c$	$E V$	$S V$	$E a$	$E V$	$S V$	$A t t$	$E V$	$S V$
$D T C D$	0.0326^**	0.0465^**	0.0107^***	-0.0018^*	0.0741^***	0.0309^***	0.0589^***	0.0527^***	0.0049^***
$D T C D$	(2.21)	(2.37)	2.99	(-1.74)	(4.91)	(3.40)	(5.16)	(3.09)	3.43
$I c$		0.0260^*	0.2329^***
$I c$		(1.73)	(27.87)
$E a$					-0.3406^***	-0.9642^***
$E a$					(-3.30)	(-5.18)
$A t t$								0.2461^***	0.1309^***
$A t t$								(15.53)	(12.57)
$C o n t r o l$	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
$S o b e l$	-	0.0018^* (1.86)	0.0044^*** (2.90)	-	-0.0009^** (-2.37)	-0.0029^*** (-4.08)	-	0.028^*** (6.81)	0.0069^*** (5.95)
$R 2$	0.13	0.23	0.24	0.01	0.26	0.10	0.26	0.33	0.20

机理	产权性质		科技属性
模型	M(1)	M(2)	M(3)	M(4)
变量	$E V$	$S V$	$E V$	$S V$
$D T C D$	0.0724^***	0.0281^***	0.0642^**	0.0366^**
$D T C D$	(5.97)	(2.75)	(2.41)	(2.15)
$D T C D × S o e$	0.0886^***	0.0812^***
$D T C D × S o e$	(4.01)	(4.36)
$S o e$	-0.2317^***	0.1916^***
$S o e$	(-4.68)	(4.49)
$D T C D × T e c h$			0.1103^***	0.0801^***
$D T C D × T e c h$			(4.85)	(3.89)
$T e c h$			0.0657	0.8654^***
$T e c h$			(1.31)	(6.04)
$C o n t r o l$	Yes	Yes	Yes	Yes

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Digital Transformation and Firm Value: Theory and Empirical Evidence

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