Research On The Impact Of Digital Transformation On Enterprise Value In The Context Of New Retail

The development of the retail industry affects the economic environment and the daily life of the residents of this whole society at all times.At present,the development of the retail industry has lagged behind the needs of consumers in social development due to the change of consumer consumption concept,consumer demand,etc.At a time when the future of traditional retail is not optimistic,the rise of new retail opens a new path for its future development.In the new retail wave,retail companies are taking advantage of the technological advantages of digital transformation,the integration of offline physical and online platforms,to expand new sales channels and sales methods,business-customer contact is not bound by time and space.Against this background,In this article,we examine the impact of digital transformation on business value using a sample of the retail industry.Therefore,using the panel data of the 2017-2021 retail enterprises listed in Shanghai-Shenzhen A-Shares,this paper constructs digital transformation indicators and dictionaries through this analytical method to study the above issues.Firstly,the research results and related theories are read and summarized.On the basis of this,the paper clarifies the definitions of new retail,digital transformation and enterprise value and combs the theoretical basis of this paper.Digital transformation can contribute significantly to the improvement of retail enterprise value;Hypothesis 2.Enterprise innovation plays an intermediary role in the impact of digital transformation on enterprise value.In the preparation of the empirical analysis,the author first selects the research variable and explains the reason for the selection,which is explained as the value of the enterprise measured by Tobin Q value,and explains the degree of digital transformation of China’s listed retail enterprises measured by the text analysis method.The mediation variable selects the enterprise innovation ability expressed by the enterprise R&D investment,and selects a series of control variables according to the relevant scholars’ research.In the empirical part,the author first through the benchmark regression analysis and robustness test and endogenous treatment,conclusion I:.Digital transformation of retail enterprises can significantly promote the improvement of enterprise value;Secondly,the second conclusion of this paper is obtained through the influence mechanism test: enterprise innovation plays an intermediary role in the influence of digital transformation on enterprise value,and it shows that it is partly intermediary effect.Therefore,the hypotheses put forward in this paper have been confirmed that retail enterprises can directly enhance the value of the enterprise through digital transformation on the one hand,and also can indirectly enhance the enterprise value by increasing the innovation activity to enhance the ability of the enterprise to innovate.Finally,by using heterogeneity analysis,we conclude that digital transformation is more obvious in state-owned enterprises.In addition,the larger the retail enterprise,the more barriers to digital transformation in the process of enhancing the value of the enterprise,the more likely the negative impact.Finally,we put forward the corresponding policy suggestions from both government and enterprise,and help retail enterprises to advance the practice of digital transformation.