| 陶锋,朱盼,邱楚芝,王欣然.数字技术创新对企业市场价值的影响研究[J].数量经济技术经济研究,2023,(5):68-91 | | 数字技术创新对企业市场价值的影响研究 | | The Impact of Digital Technology Innovation on Enterprise Market Value | | | | DOI： | | 中文关键词: 数字技术创新 市场价值 数字化转型 生产经营效率 市场获利能力 | | 英文关键词: Digital Technology Innovation Market Value Digital Transformation Production and Management Efficiency Market Profitability | | 基金项目:本文获得国家社会科学基金重点项目（19AZD008）的资助。 | | | 中文摘要: | | 党的二十大报告提出“加快发展数字经济，促进数字经济和实体经济深度融合”。数字技术是数字经济的技术支撑，对数字时代的企业市场价值具有重要影响。有鉴于此，本文基于国际经典文献对数字技术创新的界定，在IPC小组层面识别出与数字创新活动技术信息相契合的数字发明专利，进而构造出2013~2020年中国上市公司包含22万余件数字发明专利申请的数据样本，首次考察了数字技术创新对企业市场价值的影响及其传导机制。研究发现，数字技术创新可以显著提升企业市场价值，但上述提升作用只在中小型企业、民营企业、高竞争性行业、数字应用与效率提升行业以及低技术的传统行业中成立。机制检验表明，数字技术创新可以通过推动企业数字化转型、改善生产经营效率以及提高市场获利能力这三重机制影响企业市场价值。本文的研究拓展了微观层面数字经济效应的研究范畴，为我国政府优化数字经济政策和企业制定数字创新战略提供了有益参考。 | | 英文摘要: | | Digital technology is the technical basis of the digital economy, and has an important impact on the performance and competitiveness of enterprises in the digital era. Digital technology has changed the product type, production process, organizational structure, and business model of micro-enterprises, and has a profound impact on various fields of economic, social, and industrial development at the macro level. However, the existence of clear misunderstandings about the promotion of digital technology innovation in the industrial sector makes it difficult to identify the real impact of digital technology innovation investment on the market value of enterprises. In order to comprehensively assess the real impact of digital technology innovation on corporate market value and effectively promote digital technology innovation in companies, it is necessary to perform in-depth research to answer the following questions: What is the real impact of digital technology innovation on corporate market value? How can this mechanism of action be thoroughly understood?To answer these questions, based on the definition of digital technology innovation provided in international classic literature, this paper identifies digital invention patents that match the technical information of digital innovation activities at the international patent classification sub-group level, and then constructs a data sample of Chinese listed companies in the period 2013~2020 that contains more than 220000 digital invention patents. Using the fixed effect model, this paper investigates the impact of digital technology innovation on enterprise market value and its mechanism. The results show that digital technology innovation can significantly enhance the market value of enterprises. This conclusion still holds after performing a series of robustness tests such as changing the construction method of the core indicators, adjusting the sample interval, deleting extreme samples, adjusting estimation methods, and conducting instrumental variable regression. However, this enhancement is heterogeneous among enterprises. Digital technology innovation can significantly increase the market value of small and medium-sized enterprises, private enterprises, highly competitive industries, digital application and efficiency industries, and low-tech traditional industries. Further research demonstrates the existence of three mechanisms through which digital technology innovation improves the market value of enterprises. The first mechanism is through the promotion of the transformation of the digital underlying technology and digital scene application; the second consists of the improvement of the efficiency of enterprise inventory operation, capital operation efficiency, and financial efficiency; the third consists in improving enterprises' market profitability, internal capital profitability, and sustainable profitability.This paper contributes to existing literature in the following three respects. First, it discusses for the first time the impact of digital technology innovation on the market value of enterprises and its internal mechanism, thereby expanding the research scope of digital economic operation at the micro level. Second, it innovatively identifies invention patents with technical characteristics of digital innovation activities from the perspective of the technical field, constructing relevant indicators to describe digital technology innovation activities, and enriching the existing literature on the measurement of digital technology innovation at the micro level. Third, this study provides a useful reference for the Chinese government to optimize digital economy policies, and for enterprises to formulate digital transformation strategies. As for the government, digital economy policies should focus on encouraging and guiding enterprises to attach importance to the innovation and application of digital technology. As for enterprises, the internal digital transformation process must fully rely on digital technology innovation and application, whose direction should focus on improving production and operation efficiency and building product market competitiveness. | | 查看全文 相关附件： 下载数据代码附录 |
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