Research On The Impact Of Information Technology Investment And Corporate Performance

The proposal of "Made in China 2025" has pushed manufacturing to a wave.As a pillar industry of China,the manufacturing industry is the foundation of the country,the instrument of rejuvenating the country,and the foundation of a strong country.At the same time,with the rapid development of information technology such as the Internet,the emergence of enterprise information technology such as enterprise resource planning(ERP),manufacturing execution system(MES),and product data management(PDM),enterprises gradually began to realize the importance of information technology.In the manufacturing industry,information technology changes the manufacturing technology and production level of the manufacturing industry,improves the quality of products;on the other hand,information technology reduces the cost of information communication within the manufacturing enterprises and improves work efficiency.Entrepreneurs have tasted the benefits of information technology and began to invest in information technology,but how information technology investment translates into company performance,how efficient information technology investment is widely concerned by entrepreneurs and scholars,information technology investment and The relationship between company performance is worth exploring.In this context,this paper takes the influence of information technology investment and company performance as the research object,and takes the financial data of listed companies as a sample to explore the impact mechanism of information technology investment and company performance and the efficiency of information technology investment,has the reality and theoretical significance.After reading a lot of literature related to this article,I found that the predecessors have two shortcomings: on the one hand,there is no clear mechanism for the impact of information technology on the performance of the company;on the other hand,when the impact of information technology investment on the performance of the company,only the current period,and The lag period was not considered.This paper has improved these two points.The specific research content is as follows: Based on the listed companies in the manufacturing industry,the financial statements of 266 companies in 2008-2017 were selected as samples.The first is to combine the characteristics of manufacturing industry,first make model assumptions on the way of information technology,and divide company performance into business process performance,financial performance and market performance.Information technology investment directly affects business process performance through automation,informationize,networking,cloud sharing,etc.,and then further affects financial performance and market performance;then select appropriate indicators to quantify each process,accounts receivable turnover,inventory The turnover rate reflects business process performance.Total return on assets(ROA),return on equity(ROE),net profit per capital,and per capital operating income reflect financialperformance.TBQ reflects the market performance of the company and then studies the specific impact period.The regression results show that information technology investment has a current impact on inventory turnover rate and per capital operating income,and has a lag on the total return on assets,per capital net profit,and TBQ.The corresponding receivables turnover rate and return on net assets are not significant.This conclusion also proves that the previous hypothetical model of information technology investment on the company’s performance process indicates that information technology investment first affects business process performance,promotes business process improvement,and then affects financial performance and market performance.After obtaining the specific impact period,the DEA model is used to calculate and analyze the efficiency of manufacturing information technology investment.The top 20 per capital total assets were selected as representatives to conduct specific analysis and corresponding recommendations were made.Through the research of this paper,there are two gains: one is to clarify the process of the impact of a complete information technology investment on the company’s performance,and the other is to systematically analyze the investment efficiency through the DEA model,so that the manufacturing industry can combine its own characteristics and standardize,corporate investment,which in turn improves business performance.