Digital transformation, financing constraints and enterprise performance

IF 5 3区管理学 Q1 BUSINESS European Journal of Innovation Management Pub Date : 2023-12-22 DOI:10.1108/ejim-05-2023-0349

Meiyu Liu, Haiyan Li, Chengyou Li, Zhaojun Yan

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引用次数: 1

Abstract

PurposeThe main purpose of this paper is to explore the impact of digital transformation on enterprises' performance considering financing constraints in the capital market to explore whether digital transformation improves enterprises' performance through the financing constraints channel.Design/methodology/approachThis study, using a panel data set of 14,669 observations of 2,858 non-financial enterprises that issued A shares on the Shanghai and Shenzhen stock exchanges from 2013 to 2019, theoretically and empirically tests the impact and mechanism of digital transformation on enterprise performance.FindingsDigital transformation has a significant positive effect on enterprise performance; this conclusion remains the same after the robustness test and endogeneity problems are dealt with. Financing constraints play a mediation role between digital transformation and enterprise innovation. The effect of digital transformation on enterprise performance varies significantly by size, ownership and industry.Originality/valueThe theoretical contributions of this study not only enrich the literature on the economic benefits and mechanism of digital transformation but also expand the literature on the factors that influence enterprise performance. The practical contribution of this study is the reference that it provides for implementing decisions about enterprise digital transformation and formulating differentiated policies for government digital transformation.

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数字化转型、融资限制和企业绩效

目的本文主要探讨在考虑资本市场融资约束的情况下，数字化转型对企业绩效的影响，以探讨数字化转型是否通过融资约束渠道提高企业绩效。设计/方法/途径本研究利用2013-2019年在沪深证券交易所发行A股的2858家非金融企业的14669个观测值的面板数据集，从理论和实证上检验了数字化转型对企业绩效的影响和作用机制。融资约束在数字化转型和企业创新之间起到了中介作用。本研究的理论贡献不仅丰富了有关数字化转型的经济效益和机制的文献，而且拓展了有关企业绩效影响因素的文献。本研究的实践贡献在于为企业数字化转型决策的实施和政府数字化转型差异化政策的制定提供了参考。

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来源期刊

European Journal of Innovation Management Multiple-

CiteScore

10.40

自引率

17.60%

发文量

107

期刊介绍： The subject of innovation is receiving increased interest both from companies because of their increased awareness of the impact of innovation in determining market success and also from the research community. Academics are increasingly beginning to place innovation as a priority area in their research agenda. This impetus has been partly fuelled by the Economic & Social Research Council (ESRC) who have designated innovation as one of nine research areas in their research initiative schemes.