Research On Digital Economy Enterprise Value Evaluation Based On Technology Innovation Ability Perspective

Digital economy has played an important role in promoting economic and social development and reshaping the global economic structure.It is the most active field of technological innovation and has become a key force driving China’s economic growth.The rapid development of digital economy increases the demand of evaluating the value of digital economy enterprises.Because digital economy enterprises are a new organizational model,the traditional evaluation theory is not applicable to them.Digital economy enterprises take technological innovation ability as the core driving force,which is different from traditional enterprises which take capital factor and production factor as driving force.Therefore,on the basis of considering the technological innovation ability,this paper constructs the value evaluation index system and model suitable for digital economy enterprises,in order to provide guidance for the evaluation practice.On the basis of literature review and basic theory research,this paper analyzes the influence mechanism of technological innovation ability on enterprise value in digital economy from two perspectives of enterprise sustainable development and management effect.The heterogeneity of the influence of technological innovation capability on enterprise value in digital economy is also discussed.After that,this paper selects and classifies all listed enterprises according to the classification standard of digital economy enterprises of National Bureau of Statistics.In order to reasonably measure the technological innovation capability of digital economy enterprises,this paper uses SBM model to measure the technological innovation efficiency of various digital economy enterprises based on input end and output end.On this basis,entropy method is used to measure the technological innovation ability of digital economy enterprises.Based on this,this paper uses panel data model to empirically analyze the impact of technological innovation capability on enterprise value in digital economy.The regression results show that technological innovation capability has a positive impact on the value of all kinds of digital economy enterprises.Moreover,technological innovation ability has the most obvious impact on the enterprise value of digital product manufacturing industry,and the least obvious impact on the improvement of digital efficiency industry.Through theoretical analysis and empirical analysis to verify that the technological innovation ability does have an impact on the value of digital economy enterprises,this study introduces the technological innovation ability as a core index into the index system of digital economy enterprise value evaluation.Considering the characteristics of digital economy enterprises,this study uses the market method to evaluate.In order to overcome the subjectivity of the selection of comparable firms and the irrationality of the value ratio in the market method,this study uses entropy weight matter-element method and Hamming proximity model to screen the comparable firms and modify the value ratio.In addition,considering the problem of illiquidity discount in enterprise valuation,this study uses Asian put option model to calculate the illiquidity discount rate of various digital economy enterprises.Based on this,the market method is improved to construct the digital economy enterprise value evaluation model.Through the analysis of the evaluation results of all listed digital economy enterprises,we know that the model can be used to evaluate the value of listed digital economy enterprises objectively and accurately.At last,a typical example is analyzed and the evaluation process is displayed in each digital economy enterprise.The empirical results show that the evaluation error of each enterprise is small.It can be seen that the model can effectively evaluate digital economy enterprises,and it also indicates that the influence of technological innovation ability should be fully considered when evaluating digital economy enterprises.