Entrepreneurship、Analyst Focus And Digital Transformation

As the economy enters the new normal,the global economic environment has become increasingly complex,and traditional industrial development models have been unable to meet the future development needs of Chinese enterprises.Therefore,digital transformation is particularly urgent,as it can better adapt to the technological development direction of the new era,with a huge development driving force.Entrepreneurship is a key element for the survival and development of enterprises,and plays a pivotal role in digital transformation.Nowadays,most enterprises attach great importance to the choice of enterprise managers,and believe that entrepreneurs suitable for the enterprise environment can promote the rapid development of organizations.Entrepreneurship can promote digital transformation by adjusting the thinking and actions of individual entrepreneurs.In recent years,due to the continuous transformation and improvement of the market,the importance of the analyst industry has become increasingly prominent,playing an important role in allocating resources,participating in external governance,helping entrepreneurs make effective decisions,and promoting enterprise transformation.To better explore these issues,this study integrates entrepreneurship,analyst focus,and digital transformation into a holistic framework,and explores their impact on digital transformation from both internal and external perspectives.The main question studied in this article is,based on the current institutional background,how does entrepreneurship affect digital transformation?As an important external governance mechanism,analysts are concerned about what mechanisms exist between the two?What contextual factors will affect the relationship between the three?This article selects non-financial companies listed in Shanghai and Shenzhen A-shares from 2010 to 2020 to conduct in-depth research.Based on high-level echelon theory,TOE framework theory,embedding theory,and innovation diffusion theory,it uses OLS,Ⅳ-2SLS,and PSM methods to explore the impact of entrepreneurship on digital transformation and its impact path mechanism.The research finds that entrepreneurship can effectively promote digital transformation,and the promotion effect is more obvious in enterprises with high degree of digital transformation.From the perspective of signaling theory,it is found that analysts’ attention plays an information intermediary role between entrepreneurship and digital transformation.Further research found that,from the micro environmental level,based on the nature of property rights,entrepreneurial innovation has a more significant effect on promoting digital transformation in state-owned enterprises.Based on technological attributes,compared to non high-tech enterprises,entrepreneurial innovation has a more significant impact on promoting digital transformation in high-tech enterprises.From the macro environment level,the higher the level of marketization,the more entrepreneurial innovation can promote the digital transformation of enterprises.At the same time,based on the different property rights,technological attributes,and marketization level characteristics of enterprises,there is no significant difference in the promotion effect of entrepreneurial responsibility on digital transformation.Based on economic policy uncertainty,economic policy uncertainty weakens the role of entrepreneurial responsibility in promoting digital transformation.Therefore,government departments should maintain the stability of the economic policy environment.Due to different economic policy uncertainties,there is no significant difference in the promotion of entrepreneurial innovation to digital transformation.Therefore,enterprises should promote the importance of entrepreneurial innovation to reduce the risk of macroeconomic fluctuations and ensure that they can still adhere to their innovation capabilities to complete digital transformation when the economic policy environment is unstable.The innovation of this article lies in:firstly,creatively based on the micro perspective of the enterprise,through empirical analysis,clarify the role of entrepreneurship in promoting the digital transformation of the enterprise.Second,explore the connotation of entrepreneurship.Using grounded theory to carry out exploratory research,after analyzing 271 Chinese and foreign literature,the connotation of entrepreneurship was clarified.Based on spindle coded word frequency statistics,two aspects of innovation and responsibility were focused,and subsequent empirical research was conducted.Thirdly,using analyst attention as an intermediary variable for studying entrepreneurship and digital transformation has opened up a new persective for studying the relationship between entrepreneurship and digital transformation-analyst attention.Finally,this article puts forward corresponding policy recommendations from three dimensions:strengthening the cultivation of entrepreneurship,standardizing the analyst industry,and strengthening the support of the policy system.With a view to providing empirical evidence in the field of entrepreneurship for the digital transformation of Chinese enterprises,we can achieve the vision of strengthening entrepreneurship cultivation and promoting high-quality development of enterprises.