企业数字化转型对企业绩效的影响研究——基于融资约束视角

Research on the Impact of Enterprise Digital Transformation on Enterprise Performance—Based on Financing Constraint Perspective

摘要: 数实融合是推动经济高质量发展的重要驱动力，探究数字化转型对实体企业提质增效的作用对于增强实体经济活力具有重要的现实意义。基于企业绩效视角，以2010~2021年沪深A股上市公司为样本，深入考察数字化转型的企业提质增效功能。研究发现，数字化转型能够显著提升企业绩效水平，且这一效果主要通过缓解融资约束实现。进一步研究发现，数字化转型促进企业绩效提升的效果在实施主体为国有企业和非制造业行业时更为明显。研究结论既为“数字经济”与“实体经济”的融合交织提供新的经验证据，也为深入推进我国数字经济发展进程，推动构建新发展格局和实现经济持续健康发展提供了政策启示。

Abstract: Digital-real integration is an important driving force to promote the high-quality development of the economy, and it is of great practical significance to explore the role of digital transformation in improving the quality and efficiency of real enterprises in order to enhance the vitality of the real economy. Based on the perspective of enterprise performance, we take the A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as a sample, and examine the function of digital transformation in improving quality and efficiency of enterprises. It is found that digital transformation can significantly improve enterprise performance, and this effect is mainly realized by alleviating financing constraints. It is further found that the effect of digital transformation on enterprise performance is more obvious when the implementation subject is state-owned enterprises and non-manufacturing industries. The findings of the study not only provide new empirical evidence for the integration and intertwining of the “digital economy” and the “real economy”, but also provide policy insights for further advancing the development process of China’s digital economy, promoting the construction of a new development pattern and realizing the sustained and healthy development of the economy.