【作者】 王楠；

【导师】 李少星；

【作者基本信息】 山东大学 ， 金融（专业学位）， 2024， 硕士

【摘要】 党的十八大以来,我国高度重视数字中国建设工作。党的二十大擘画了全面建设社会主义现代化强国,对加快建设网络强国、数字中国作出一系列新部署。近年来,中国在攻克“卡脖子”技术方面面临着严峻的挑战和压力,全球科技竞争愈发激烈,国际技术壁垒不断升高,企业加快数字化转型升级,以科技赋能解决“卡脖子”难题,以技术攻关助力高质量发展,是破解当前经济社会发展深层次矛盾和问题的必然选择。因此,探讨企业数字化转型对创新绩效的影响,具有重要的现实意义和理论意义,企业的资金获取(即融资)对推动数字化转型和提升创新成果至关重要。本文探讨了融资方式与融资限制如何作为中介影响这一动态关系的潜在机制。本文在梳理既有文献的基础上,对推动企业数字化转型升级的政策进行了整理汇总,并通过构建企业数字化转型指标体系,多维度对2007年-2021年A股上市企业数字化转型发展趋势和现状进行了分析,发现2007年-2021年间企业数字化转型持续发展,但不同地区发展不均衡,不同行业间数字化程度也存在差异,数字化企业的经营特征在逐步显现,并在进行企业数字化转型对创新绩效影响的初步分析后,提出假设1。之后,本文利用了双向固定效应模型,分析了 2007年至2021年A股上市公司的数据。通过文本识别技术,对上市公司年报中与数字化转型相关的关键词进行抓取,并根据词频度量转型深度。实证研究了企业数字化转型对其创新表现的实际影响。研究发现:企业通过数字化转型实现了显著的创新绩效提升。在采用了替换变量法、时滞效应分析等一系列稳健性检验后,这一结论仍然成立。在进一步研究中,本文分析了不同产权和行业情况下数字化转型对企业创新绩效的影响,结果显示:(1)数字化转型对国有企业和非国有企业的创新激励作用区别不大,国有企业略有优势;(2)数字化转型对高新技术企业的创新激励作用大于非高新技术企业。这可能是因为推动企业创新方面,国有企业在资源和信息方面存在先天优势,更容易通过统一的决策贯彻国家战略目标,更有意愿实现社会利益最大化,且高科技企业的创新水平高于一般行业,拥有更好的数字化转型基础条件,进行数字化转型的时间更早,程度更深。此外,本文从融资视角进一步研究企业数字化转型验影响企业创新绩效的机制路径,验证了内源融资、股权融资、债权融资与融资约束在企业数字化转型影响创新绩效中发挥了重要的机制作用。机制检验显示,企业数字化转型通过促进内源融资和股权融资、抑制债权融资、缓解融资约束进而提升企业创新绩效。最后,建议国家紧跟数字科技的步伐,利用企业数字化转型的契机,强化相关政策支持,设计具有针对性的税收优惠和补贴策略,并推进大数据共享平台的建设,以优化环境,助力企业数字化实施。企业必须积极推进数字化转型,强化数字化技术与生产运营的深度整合。企业需珍视内部资金利用,合理控制负债,兼顾不同期限债权融资,并审慎评估股权融资。决策应基于公司实际与发展策略,权衡各种融资方式的利弊,从而确定最优融资策略。更多还原

【Abstract】 Since the 18th National Congress of the CPC,China has attached great importance to the construction of digital China.The 20th National Congress of the CPC outlined the comprehensive construction of a modern socialist country,and made a series of new deployments to accelerate the construction of a strong network and digital China.In recent years,China has faced severe challenges and pressures in overcoming "bottleneck"technology.On the basis of reviewing the existing literature,this paper summarized the policies to promote the digital transformation and upgrading of enterprises,and analyzed the development trend and current situation of the digital transformation of A-share listed enterprises from 2007 to 2021 from A multi-dimensional perspective through the construction of the enterprise digital transformation index system,and found that the digital transformation of enterprises continued to develop from 2007 to 2021.However,the development of different regions is not balanced,and the digitalization degree of different industries is also different.The operating characteristics of digital enterprises are gradually emerging.After a preliminary analysis of the impact of digital transformation on innovation performance,hypothesis 1 is proposed.Then,this paper uses the two-way fixed effect model to analyze the data of A-share listed companies from 2007 to 2021.Through text recognition technology,the keywords related to digital transformation in the annual reports of listed companies are captured,and the depth of transformation is measured according to word frequency.This paper empirically studies the actual impact of digital transformation on innovation performance of enterprises.The research finds that enterprises have achieved significant improvement in innovation performance through digital transformation.After a series of robustness tests,such as substitution variable method and delay effect analysis,this conclusion is still valid.In the further research,this paper analyzes the impact of digital transformation on the innovation performance of enterprises under different property rights and industries.The results show that:(1)there is little difference in the innovation incentive effect of digital transformation on state-owned enterprises and non-state-owned enterprises,and state-owned enterprises have a slight advantage;(2)The innovation incentive effect of digital transformation on high-tech enterprises is greater than that of non-high-tech enterprises.This may be because in terms of promoting enterprise innovation,state-owned enterprises have inherent advantages in resources and information,which are easier to implement national strategic objectives through unified decision-making,and more willing to maximize social benefits.Moreover,high-tech enterprises have higher innovation level than general industries,have better basic conditions for digital transformation,and carry out digital transformation earlier and deeper.In addition,from the perspective of financing,this paper further studies the mechanism of the impact of enterprise digital transformation on enterprise innovation performance,and verifies that internal financing,equity financing,debt financing and financing constraints play an important mechanism role in the impact of enterprise digital transformation on innovation performance.Mechanism test shows that enterprise digital transformation can improve enterprise innovation performance by promoting internal financing and equity financing,restraining debt financing,and easing financing constraints.Finally,it is suggested that the country keep up with the pace of digital technology,take advantage of the opportunity of digital transformation of enterprises,strengthen relevant policy support,design targeted tax incentives and subsidy strategies,and promote the construction of big data sharing platforms,in order to optimize the environment and help enterprises implement digital.Enterprises must actively promote digital transformation and strengthen the deep integration of digital technology and production operations.Enterprises should value the use of internal funds,reasonably control liabilities,take into account debt financing of different maturities,and prudently evaluate equity financing.The decision should be based on the actual situation and development strategy of the company,and weigh the advantages and disadvantages of various financing methods,so as to determine the optimal financing strategy.更多还原