How digital transformation helps enterprises achieve high-quality development? Empirical evidence from Chinese listed companies

作者：Ye Wu, Haohui Li, Ruiyu Luo, Yubing Yu · 发表于：European Journal of Innovation Management · 年份：2023 · DOI：10.1108/ejim-11-2022-0610 · 被引用次数：124 · 研究领域：Energy, Environment, Economic Growth、Innovation Policy and R&D、Efficiency Analysis Using DEA

Purpose The purpose of this study is to explore how digital transformation helps enterprises achieve high-quality development, including the mediating mechanism of information transparency, innovation capacity and financial stability, the moderating role of financing constraints and government subsidies, and the heterogeneous effects of property rights, size and growth. Design/methodology/approach This study conducts two-way fixed-effect model using 780 samples of China's Shanghai-Shenzhen A-share listed companies from 2012 to 2019. Findings The results show that digital transformation can effectively improve the total factor productivity (TFP) of enterprises through the triple channels of information transparency, innovation capability and financial stability. Meanwhile, financing constraints significantly inhibited the contribution of digital transformation to TFP, while government subsidies significantly increased the contribution of digital transformation to TFP. In addition, state-owned enterprises (SOEs), large enterprises and high-growth enterprises are more able to achieve high-quality development by increasing their digital transformation. Practical implications In the process of implementing digital transformation, companies should actively improve information transparency, financial stability and innovation capabilities, and choose differentiated paths based on intrinsic characteristics such as property rights, scale and growth. At the same time, the government sho...