Research On The Impact Of Digital Transformation On Enterprise Value And Its Mechanism

In the context of the development of the digital economy,as an important component of the market economy,in order to keep up with the pace of the times and not be eliminated by the market,the impact of digitization on various aspects cannot be ignored.In fact,both domestic and foreign enterprises are indeed keenly aware of the trend of the times and have joined the ranks of Digital transformation.At the same time,whether the gap between China’s high-end manufacturing industry and the international advanced level or the rising comprehensive costs faced by the traditional manufacturing industry,the Digital transformation of manufacturing enterprises has become a top priority.Based on this situation,this paper uses the panel data of listed companies in China’s manufacturing industry from 2011-2021 to construct Digital transformation indicators using text analysis,and uses the least square method,fixed effect model and random effect model to conduct empirical tests,proving the impact of Digital transformation of manufacturing enterprises on enterprise value,and discussing the endogenous and robustness,Finally,it discusses the two mechanism paths of manufacturing enterprises’ Digital transformation to enterprise value.The main conclusions of this paper are:(1)Digital transformation of manufacturing enterprises can significantly improve enterprise value.Every 1% increase in the Digital transformation index of manufacturing enterprises corresponds to a 0.129%increase in enterprise value.The above conclusions are still valid after robustness tests and endogeneity issues are addressed.(2)The absorptive capacity of enterprises has a masking effect.At this stage,manufacturing enterprises can effectively improve their absorptive capacity through Digital transformation,but the improvement of their absorptive capacity reduces their value.(3)The quality of information disclosure has some mesomeric effect.Manufacturing enterprises can significantly improve the quality of information disclosure and further enhance enterprise value through Digital transformation.