Digital Transformation And Enterprise Value

Based on the panel data of all A-share listed companies in Shanghai and Shenzhen from 2007 to 2018,this paper tests the impact of digital transformation on the market value of enterprises by using the word frequency related to digital transformation in the public annual report of listed companies as the core explanatory variable,and further analyzes whether the digital transformation can correct the "congenital deficiency" of enterprises,as well as the path of the transmission effect of the digital transformation on the development value of enterprises.The research shows that the digital transformation of enterprises has the function of coordinating the allocation of resources.By solving the problems of information asymmetry,financing constraints and lack of innovation motivation,it can Help underdeveloped enterprises broaden channels to obtain resources and thus improve the development potential of enterprises.In addition,this paper also makes a structural decomposition of the digital transformation of enterprises,which is divided into two parts:the underlying technology and the practical application,and further analyzes the structural differences in the performance of the current digital transformation of enterprises.To sum up,this paper concludes that enterprises should choose digital transformation strategies according to "local conditions and times",and the government should also strengthen toplevel design and entity support,so as to improve the digital economy system and promote social efficiency reform.