Research On The Impact Of Digital Transformation On Enterprise Value

In recent years,China’s digital economy has shown strong development vitality and huge development potential,and digital technologies represented by artificial intelligence,big data,blockchain and Internet of Things are gradually penetrating into various business aspects of enterprises.However,when economic growth slows down and "black swan"events emerge,some enterprises are facing a severe test of survival.Digital transformation can bring favorable opportunities for enterprise value growth,provide "software" guarantee for enterprise value growth,use digital technology to break the service boundary of traditional industries,and accelerate the reconstruction of new industry models.This paper takes the impact of digital transformation on enterprise value as the starting point,and uses the analysis method of empirical research to reveal the relationship and impact mechanism between the two.At the same time,the results of the empirical research are applied to the case study simultaneously,and finally recommendations are made based on the research results.The two-way fixed-effects model is used to verify the relationship and influence mechanism between digital transformation and enterprise value of enterprises with the data of A-share listed digital transformation enterprises from 2007 to 2021.The results show that(1)the implementation of digital transformation significantly contributes to the enhancement of enterprise value,and the value enhancement effect is long-term.(2)In the mechanism path study,digital transformation will effectively alleviate financing constraints,reduce financing costs,improve production and operational efficiency,and thus enhance enterprise value.The above results remain significant through robustness testing and endogeneity treatment.In the case study section,the current situation and development history of Haier Zhijia’s digital transformation are mapped,and its digital transformation path is revealed.In the case study section,the current status and development history of Haier Zhijia’s digital transformation are mapped out,and its digital transformation path is revealed.A multi-dimensional comparison of the enterprise value before and after Haier Zhijia’s digital transformation shows that its profitability and market share have increased significantly,financing costs have been reduced,and EVA enterprise value has increased significantly.Therefore,financial support should be given to enterprises to accelerate the realization of digital transformation.Comprehensive typical demonstration sites for digital transformation should be established,and the construction of digital transformation level assessment system should be accelerated and improved.Haier Smart Home should continue to promote digital ecology,plow deep into niche areas,and strive to break through the inherent development pattern of the industry.Other enterprises should actively seek digital opportunities,promote the improvement of production and operation efficiency,reduce financing costs,and make the enhancement of enterprise value a long-term development goal.Combine their own characteristics with the digital transformation experience of model enterprises to build core competitive advantages.