数字化转型对财务绩效的影响研究——基于融资约束与技术创新的双重路径

Study on the Impact of Digital Transformation on Financial Performance—Based on the Dual Path of Financing Constraint and Technological Innovation

摘要: 数字化转型赋予了企业新的发展动力，这能否进一步改善企业的财务表现？本文以14,359家沪深A股上市公司的面板数据为研究样本，通过分析上市公司年报中关键词词频来衡量数字化转型水平，进而实证研究了数字化转型对财务绩效的影响。研究结果显示，总体而言，数字化转型显著提升了财务绩效。其中，缓解企业融资约束和提高创新能力被认为是数字化转型对财务绩效影响的两个重要途径。上述结论在经过稳健性检验后依旧成立。此外，我们还发现，对于国有企业来说，数字化转型提高财务绩效的作用更显著。本研究为企业数字化转型的理论和实践提供了重要的指导意义。

Abstract: Digital transformation has given enterprises new development power. Can it further improve the financial performance of enterprises? Taking the panel data of 14,359 Shanghai and Shenzhen A-share listed companies as research samples, this paper measures the level of digital transformation by analyzing the frequency of keywords in the annual reports of listed companies, and then empirically studies the impact of digital transformation on financial performance. The results show that, overall, the digital transformation has significantly improved financial performance. Among them, alleviating enterprise financing constraints and improving innovation ability are considered as two important ways for the impact of digital transformation on financial performance. The above conclusion is still true after the robustness test. In addition, we also found that for state-owned enterprises, digital transformation plays a more significant role in improving financial performance. This study provides important guiding significance for the theory and practice of enterprise digital transformation.