现代财经--天津财经大学学报

企业数字化转型是数字经济时代下的重要微观体现,这会对企业的经营绩效产生显著影响。本文基于沪深A股上市企业2007-2019年的数据,通过企业年报文本识别的方法,刻画出企业数字化转型强度,并研究数字化转型对主业绩效的影响。研究发现,企业数字化转型强度越高,则主业绩效越好,上述结论在经过多重稳健性、内生性处理后依旧成立。从机制路径来看,企业数字化转型能够强化内部控制能力、吸引QFII机构持股、提高创新动能,这些都有助于主业绩效的提升。此外,对于不同的企业而言,企业数字化转型对主业绩效的驱动效果有着较强的非对称性特征,具体而言,对国有企业以及"初创期—成熟期"企业,其提升效果更为显著;对于具有较强脱实向虚偏好的企业而言,数字化转型的绩效驱动力较差。本文为企业数字化发展提供了相关启示。

The digital transformation of enterprises is an important microscopic manifestation in the era of digital economy, which will have a significant impact on the business performance of enterprises. Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2019, this paper uses the method of corporate annual report text recognition to characterize the intensity of corporate digital transformation and study the impact of digital transformation on the performance of the main business. The study found that the higher the intensity of the digital transformation of an enterprise, the better the performance of the main business. The above conclusions are still valid after multiple robust and endogenous treatments. From the perspective of the mechanism path, the digital transformation of enterprises can strengthen internal control capabilities, attract QFII institutions to hold shares, and improve innovation momentum, all of which contribute to the improvement of main business performance. In addition, for different companies, the driving effect of corporate digital transformation on the performance of the main business has strong asymmetric characteristics. Specifically, for state-owned enterprises and "start-up-mature" companies, the improvement effect is more significant; for companies that have a strong preference for turning away from reality, the performance driving force for digital transformation is poor. This article can provide relevant enlightenment for the digital development of enterprises.