数字化转型对企业高质量发展的影响研究——基于结构方程模型的多重中介效应分析
Research on the Impact of Digital Transformation on High-Quality Development of Enterprises—Analysis of Multiple Mediation Effects Based on Structural Equation Modeling
摘要: 本文收集了2012~2022年间1685家中国上市公司的数据，旨在探讨数字化转型对企业高质量发展的影响，并通过结构方程的多重中介效应模型进行路径分析。研究采用面板回归分析、稳定性检验和内生性检验，验证了数字化转型对企业高质量发展的正向影响。此外，文章还进行了影响路径检验，揭示了数字化转型通过营运能力、审计费用、突破式创新和渐进式创新等中介变量对企业高质量发展产生正向的间接效应。异质性分析还显示，数字化转型对企业高质量发展的促进作用在国有企业、非技术密集型企业以及中部地区的企业中尤为明显，这与我国企业数字化转型的典型特征相符。最后，文章提出了相应的对策建议。
Abstract: The article collects data from 1685 Chinese listed companies between 2012 and 2022, aiming to explore the impact of digital transformation on high-quality enterprise development. It employs a multiple mediation effect model using structural equation modeling for path analysis. The study conducts panel regression analysis, stability tests, and endogeneity tests, confirming the positive impact of digital transformation on high-quality enterprise development. Additionally, the article examines the influence pathways, revealing that digital transformation positively affects high-quality development indirectly through mediating variables, such as operational capability, audit fees, disruptive innovation, and incremental innovation. Heterogeneity analysis further indicates that the promoting effect of digital transformation on high-quality development is particularly significant in state-owned enterprises, non-technology-intensive enterprises, and companies located in central regions, aligning with the typical characteristics of digital transformation in Chinese enterprises. Finally, the article proposes corresponding countermeasures and suggestions.
文章引用：朱婷婷, 董梅生. 数字化转型对企业高质量发展的影响研究——基于结构方程模型的多重中介效应分析[J]. 电子商务评论, 2025, 14(2): 370-382. https://doi.org/10.12677/ecl.2025.142533

参考文献

[1] Patel, K. and McCarthy, M.P. (2000) Digital Transformation: The Essentials of E-Business Leadership. McGraw-Hill Professional.
[2] Vial, G. (2019) Understanding Digital Transformation: A Review and a Research Agenda. The Journal of Strategic Information Systems, 28, 118-144. [Google Scholar] [CrossRef] 
[3] 陈劲, 杨文池, 于飞. 数字化转型中的生态协同创新战略——基于华为企业业务集团(EBG)中国区的战略研讨[J]. 清华管理评论, 2019(6): 22-26.
[4] 武常岐, 张昆贤, 周欣雨, 等. 数字化转型, 竞争战略选择与企业高质量发展——基于机器学习与文本分析的证据[J]. 经济管理, 2022, 44(4): 5-22.
[5] 李剑峰. 企业数字化转型的本质内涵和实践路径[J]. 石油科技论坛, 2020, 39(5): 1-8.
[6] 罗华伟, 蔡琳雅, 段华友. 股权激励, 功能定位与企业高质量发展——基于央企控股上市公司的经验数据[J]. 财会通讯, 2022(9): 78-83.
[7] 金碚. 关于“高质量发展”的经济学研究[J]. 中国工业经济, 2018(4): 5-18.
[8] 贺晓宇, 沈坤荣. 现代化经济体系、全要素生产率与高质量发展[J]. 上海经济研究, 2018(6): 25-34.
[9] 黄速建, 肖红军, 王欣. 论国有企业高质量发展[J]. 中国工业经济, 2018(10): 19-41.
[10] Verhoef, P.C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabian, N., et al. (2021) Digital Transformation: A Multidisciplinary Reflection and Research Agenda. Journal of Business Research, 122, 889-901. [Google Scholar] [CrossRef] 
[11] Zhang, Y., Ma, X., Pang, J., Xing, H. and Wang, J. (2023) The Impact of Digital Transformation of Manufacturing on Corporate Performance—The Mediating Effect of Business Model Innovation and the Moderating Effect of Innovation Capability. Research in International Business and Finance, 64, Article 101890. [Google Scholar] [CrossRef] 
[12] Prajogo, D. and Olhager, J. (2012) Supply Chain Integration and Performance: The Effects of Long-Term Relationships, Information Technology and Sharing, and Logistics Integration. International Journal of Production Economics, 135, 514-522. [Google Scholar] [CrossRef] 
[13] Korsen, E.B.H., Holmemo, M.D. and Ingvaldsen, J.A. (2021) Digital Technologies and the Balance between Control and Empowerment in Performance Management. Measuring Business Excellence, 26, 583-596. [Google Scholar] [CrossRef] 
[14] Goldfarb, A. and Tucker, C. (2019) Digital Marketing. Handbook of the Economics of Marketing, 1, 259-290. [Google Scholar] [CrossRef] 
[15] Loebbecke, C. and Picot, A. (2015) Reflections on Societal and Business Model Transformation Arising from Digitization and Big Data Analytics: A Research Agenda. The Journal of Strategic Information Systems, 24, 149-157. [Google Scholar] [CrossRef] 
[16] Cui, L. and Wang, Y. (2023) Can Corporate Digital Transformation Alleviate Financial Distress? Finance Research Letters, 55, Article 103983. [Google Scholar] [CrossRef] 
[17] Wang, H., Cao, W. and Wang, F. (2022) Digital Transformation and Manufacturing Firm Performance: Evidence from China. Sustainability, 14, Article 10212. [Google Scholar] [CrossRef] 
[18] 吴非, 胡慧芷, 林慧妍, 等. 企业数字化转型与资本市场表现——来自股票流动性的经验证据[J]. 管理世界, 2021, 37(7): 130-144.
[19] 李万利, 潘文东, 袁凯彬. 企业数字化转型与中国实体经济发展[J]. 数量经济技术经济研究, 2022, 39(9): 5-25.
[20] 刘昕, 赵文捷. 数字化转型, 融资约束与企业高质量发展[J]. 中小企业管理与科技, 2023(14): 38-40.
[21] 刘靖宇, 余莉娜, 杨轩宇. 数字普惠金融、数字化转型与中小企业高质量发展[J]. 统计与决策, 2023, 39(18): 154-158.
[22] 赵宸宇, 王文春, 李雪松. 数字化转型如何影响企业全要素生产率[J]. 财贸经济, 2021, 42(7): 114-129.
[23] 赵燕. 数字化转型, 战略资源匹配与企业高质量发展[J]. 财会月刊, 2022(20): 62-69.
[24] 金昕, 夏丰华, 邵俊岗. 数字化转型对制造企业发展质量影响效应检验[J]. 统计与决策, 2022(20): 169-173.
[25] 胡海波, 周洁, 卢海涛. 数字化转型推动制造企业高质量发展: 基础、挑战与对策[J]. 企业经济, 2022, 41(1): 17-23.
[26] 花俊国, 刘畅, 朱迪. 数字化转型、融资约束与企业全要素生产率[J]. 南方金融, 2022(7): 54-65.
[27] Lennerts, S., Schulze, A. and Tomczak, T. (2020) The Asymmetric Effects of Exploitation and Exploration on Radical and Incremental Innovation Performance: An Uneven Affair. European Management Journal, 38, 121-134. [Google Scholar] [CrossRef] 
[28] Zhao, T., Xiao, X. and Dai, Q. (2021) Transportation Infrastructure Construction and High-Quality Development of Enterprises: Evidence from the Quasi-Natural Experiment of High-Speed Railway Opening in China. Sustainability, 13, Article 13316. [Google Scholar] [CrossRef] 
[29] Pan, W., Xie, T., Wang, Z. and Ma, L. (2022) Digital Economy: An Innovation Driver for Total Factor Productivity. Journal of Business Research, 139, 303-311. [Google Scholar] [CrossRef] 
[30] Levinsohn, J. and Petrin, A. (2003) Estimating Production Functions Using Inputs to Control for Unobservables. Review of Economic Studies, 70, 317-341. [Google Scholar] [CrossRef] 
[31] Olley, G.S. and Pakes, A. (1996) The Dynamics of Productivity in the Telecommunications Equipment Industry. Econometrica, 64, Article 1263. [Google Scholar] [CrossRef] 
[32] 袁淳, 肖土盛, 耿春晓, 等. 数字化转型与企业分工: 专业化还是纵向一体化[J]. 中国工业经济, 2021(9): 137-155.

为你推荐