企业数字化转型与财务绩效 ——来自上市公司数字专利数据的证据

Digital Transformation of Enterprises and Financial Performance：Evidence from Digital Patent Data of Listed Companies

摘要:

作为“ 数字中国” 战略的重要建设内容,企业数字化转型能否带来正向的财务回报,已成为业界重点关注问题。 本文以 2010—2022 年中国 A 股上市公司为研究样本,创新性地使用上市公司数字技术专利拥有量来衡量数字化转型,并详细分析数字化转型对财务绩效的影响机制。 研究发现:数字化转型可以有效地改善财务绩效,且该结论在经过稳健性检验后依旧成立;数字化转型通过提升运营效率、优化内部治理、降低经营风险和信息不对称、缓解融资约束来提升企业的财务绩效;大型企业转型程度越高,对财务绩效的促进作用越强。 其无论是选择自主研发还是引进方式实现数字化转型,对财务绩效均具有显著的促进作用。 而中小型企业数字化转型与财务绩效之间存在“ 倒 U 型” 关系,其通过引进方式实现数字化转型更能促进财务绩效的提升;对于处于财务困境和竞争激烈环境中的企业,数字化转型对其财务绩效的促进作用将更加显著。 此外,企业所处的外部环境越优越,这种促进作用也会越强。

Abstract:

As an important component of the “Digital China” strategy, whether enterprise digital transformation can bring positive financial returns has become a key concern in the industry. Using Chinese A-share listed companies from 2010 to 2022 as the research sample, the quantity of digital technology patents held by listed companies was innovatively employed to measure digital transformation. The impact mechanisms of digital transformation on financial performance were meticulously analyzed. It is found that digital transformation can effectively enhance financial performance, and this conclusion still holds after rigorous testing. Financial performance is improved through digital transformation by increasing operational efficiency, optimizing internal governance, reducing operational risks and information asymmetry, and alleviating financing constraints. The higher the degree of transformation for large enterprises, the stronger the promotion of financial performance. Whether achieved through independent research and development or introduction methods, digital transformation significantly promotes financial performance. However, for small and medium-sized enterprises, there exists an inverted U-shaped relationship between digital transformation and financial performance, with the introduction method proving more effective in enhancing financial performance. For companies in financial distress and highly competitive environments, the promotional effect of digital transformation on their financial performance becomes more pronounced. Furthermore, the more favorable the external environment in which a company operates, the stronger this promotional effect becomes.