| Digital economy is reshaping the world economic landscape and becoming a new engine of China’s economic growth.From the perspective of top-level design,the state attaches great importance to the development of digital economy and elevates it into a national strategy.The proposal of the CPC Central Committee on formulating the 14 th five-year plan for national economic and social development and the long-term goal of 2035 clearly puts forward to promote the integration of digital economy and real economy and accelerate the development of digital economy.In the process of development,we should recognize that the main contradiction facing China’s current economic operation is on the supply side.The key to realizing the high-quality development of digital economy is to improve the level and quality of the supply system and better adapt,lead and create new demand.From the perspective of enterprises,digital transformation is a change driven by emerging digital technologies(artificial intelligence,blockchain,cloud computing,big data,Internet of things,etc.)to adapt to intelligent,platform and ecological competition in the era of digital economy.With the continuous iterative innovation of digital technology,digital transformation is likely to continue,and enterprises need to pay enough attention to digital technology.The acquisition mode of digital technology has become a problem worthy of attention.Technology acquisition mode is the basic part of enterprise technology strategy.Different technology acquisition modes will affect the long-term development of enterprises.At present,some enterprises are developing digital technology internally,such as Haier Group,Sany Heavy Industry,XCMG group,SAIC Group,Midea Group,etc;At the same time,many enterprises use the digital technology provided by Baidu,Huawei,Alibaba,jd.com and other enterprises.What is the impact of different digital technology acquisition modes on enterprises? From the existing research,scholars who take digital technology investment as the research object follow the viewpoint of "commercialization",and believe that digital technology as a commodity does not need internal research and development,resulting in failure to pay attention to the problem of digital technology acquisition mode;At the same time,the commercial value measurement of digital technology is mainly based on productivity and accounting indicators,and it is still unable to fully capture the lag effect of digital technology and the value of intangible assets.Scholars studying digital transformation focus on the impact of changes brought by digital technology,and lack attention to the acquisition mode of digital technology.The research on the impact of digital technology acquisition mode on enterprises still lacks a systematic and mechanistic understanding,which reduces the enlightenment value to the current enterprise digital management practice.What is the impact of different digital technology acquisition modes on enterprise value? What is the impact mechanism of digital technology acquisition mode on enterprise value? And other issues need to be further studied.The research on the above problems can not only deepen the research on the commercial value of digital technology in theory,but also promote enterprises to effectively invest in digital technology in practice,and provide enlightenment for digital technology management of digital enterprises.Based on the resource-based theory,this study divides the enterprise digital technology acquisition mode into two basic modes: internal research and development of digital technology and external acquisition of digital technology.Combined with the theories of resource-based theory,contingency theory and related research of digital platform,this paper constructs a theoretical framework with "digital technology acquisition mode-Product Differentiation-enterprise value" as the core.Using Python based crawler technology and natural language processing technology,the relevant data of Chinese listed enterprises from2015 to 2020 were obtained and processed in 2021,including 51850 annual reports and announcements and 172762 patent data(including non listed enterprises).After keyword extraction,data cleaning and matching,2543 valid samples were obtained to empirically test the research hypothesis.The main conclusions of this study are as follows:First,both internal research and development of digital technology and external acquisition of digital technology are conducive to the improvement of enterprise value.After the robustness and endogenous test,the conclusion is still valid,that is,internal research and development of digital technology has a significant positive impact on enterprise value,and external acquisition of digital technology also has a significant positive impact on enterprise value,Moreover,there is no difference and complementarity between different digital technology acquisition modes.Second,product differentiation plays an intermediary role in the relationship between different digital technology acquisition modes and enterprise value,that is,product differentiation plays an intermediary role in the relationship between internal R&D of digital technology and enterprise value;Product differentiation plays an intermediary role between the external acquisition of digital technology and enterprise value.Thirdly,absorptive capacity plays a regulatory role in the relationship between different digital technology acquisition modes and enterprise value,that is,absorptive capacity plays a positive regulatory role in the relationship between internal R&D of digital technology,product differentiation and enterprise value;Absorptive capacity plays a positive role in the relationship between external acquisition of digital technology,product differentiation and enterprise value,that is,with the improvement of absorptive capacity,the transmission mechanism becomes stronger.Fourth,environmental uncertainty has different regulatory effects on the relationship between different digital technology acquisition modes and enterprise value.The uncertainty of technological environment plays a regulatory role in the relationship between internal R&D of digital technology,product differentiation and enterprise value,and the uncertainty of market environment does not play a regulatory role in the relationship between internal R&D of digital technology,product differentiation and enterprise value;Technical environment uncertainty does not play a regulatory role in the relationship between external acquisition of digital technology,product differentiation and enterprise value,while market environment uncertainty plays a regulatory role in the relationship between external acquisition of digital technology,product differentiation and enterprise value.The above conclusions can be summarized as follows: on the premise of measuring the commercial value of digital technology by enterprise value,both internal R&D and external acquisition of digital technology have a positive impact on enterprises;Taking the improvement of product differentiation as the enabling orientation is conducive to the realization of the above effects;It also affects the ability to absorb the uncertainty of digital environment and improve the value of products at the same time.Research around digital technology is a hot topic at present,but there is little targeted discussion on the acquisition mode of digital technology.This study deeply discusses the impact and mechanism of digital technology acquisition mode on enterprise value.The main contributions and innovations are reflected in the following three aspects: in theory,based on resource-based theory,digital technology is divided into internal R&D and external acquisition of digital technology,which widens the theoretical dimension of digital technology business value research;This paper constructs the analysis framework of digital technology acquisition mode-Product Differentiation-enterprise value,and reveals the influence mechanism of digital technology acquisition mode on enterprise value.In terms of methods,crawler technology and natural language processing technology are used to solve the problems of obtaining raw data and measuring variables;The empirical research using Chinese market data provides empirical evidence for the research on the business value of new digital technology.In practice,it will help digital enterprises improve their digital technology management decisions,reduce their blindness in digital technology investment,guide enterprises to give full play to the potential of digital technology,and enhance their understanding and control over the application of digital technology. |
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