迈向高质量发展：数字化转型驱动企业财务绩效提升的路径研究

Towards High-Quality Development: Research on the Path of Digital Transformation Driving Corporate Financial Performance

摘要: 随着数字技术以前所未有的速度迭代升级，企业进行系统性数字化转型已成为应对时代变革的关键路径。立足于这一宏观环境，本文以2004年至2022年间的A股上市企业为观测对象，通过实证方法深入探讨了数字化转型举措对企业财务绩效的具体影响效应及其传导机制。通过构建多元线性回归模型，并以总资产收益率(ROA)作为财务绩效的衡量指标，检验了数字化转型对企业绩效的直接影响。本文的实证结果表明，数字化转型对企业财务绩效具有显著的提升作用。进一步的机制检验发现，运营效率在数字化转型与财务绩效之间发挥了显著的部分中介作用，即数字化转型通过优化资源配置和提升资产周转效率，间接促进了财务绩效的增长。异质性分析显示，数字化转型的赋能效应在非国有企业中表现更为显著。此外，控制变量如现金流水平、企业规模与股权集中度亦与财务绩效显著相关。基于实证发现，本文进一步从技术融合、基础设施与人才建设等方面提出企业推进数字化转型的实践启示，为企业在数字化进程中提升绩效与构建可持续竞争力提供理论依据与决策参考。

Abstract: With digital technology evolving and upgrading at an unprecedented pace, systematic digital transformation for enterprises has become a crucial path to cope with the era’s changes. Based on this macro environment, this paper takes A-share listed enterprises from 2004 to 2022 as the observation subjects, and deeply explores the specific impact effects and transmission mechanisms of digital transformation initiatives on enterprise financial performance through empirical methods. By constructing a multiple linear regression model and using return on assets (ROA) as a measure of financial performance, the direct impact of digital transformation on enterprise performance is tested. The empirical results of this paper indicate that digital transformation significantly enhances enterprise financial performance. Further mechanism tests reveal that operational efficiency plays a significant partial mediating role between digital transformation and financial performance, that is, digital transformation indirectly promotes the growth of financial performance by optimizing resource allocation and improving asset turnover efficiency. Heterogeneity analysis shows that the empowering effect of digital transformation is more pronounced in non-state-owned enterprises and technology-intensive industries. In addition, control variables such as cash flow level, enterprise size, and equity concentration are also significantly correlated with financial performance. Based on the empirical findings, this paper further proposes practical implications for enterprises to advance digital transformation from the perspectives of technology integration, infrastructure, and talent development, providing theoretical basis and decision-making reference for enterprises to enhance performance and build sustainable competitiveness in the digitalization process.