| The digital economy is one of the most active areas in China’s economic development,which has profoundly influenced various industries and sectors of the economy and society.Enterprises,as the microcosm of macroeconomic development,are an important force in the digital industry.Therefore,how to achieve value creation for themselves in the trend of the digital economy is an urgent and critical issue for listed companies.We need to clarify the relationship and mechanism between the development of the digital economy and the enterprise value of listed companies,in order to maximize the promotion of technological innovation activities and enhance enterprise value.This not only relates to the improvement of enterprise resource allocation efficiency and competitiveness,but also has significant implications for the high-quality development of regional and even national economies.Drawing on theories of information asymmetry,signal transmission,and core competitiveness,this article analyzes the mechanisms through which the digital economy impacts the corporate value of listed companies,and presents research hypotheses.Using the digital economy’s connotation,definition,and real-world context,the study constructs a provincial-level index of digital economic development using the entropy method,and performs visual analysis of the constructed digital economic indicators.Next,using balanced panel data from 981 listed companies on the Shanghai and Shenzhen stock exchanges from 2013 to 2020,the study employs a fixed-effects model and a mediation effects model to empirically examine the impact of the digital economy on the corporate value of listed companies in China.The study uses four methods,including replacing the dependent variable,adding omitted variables,adjusting the sample period,and using combined fixed effects,to retest the findings and confirm their robustness.Additionally,the study uses instrumental variable methods to mitigate potential endogeneity problems in the baseline regression,and finds the results to be robust.Finally,the study examines the heterogeneity and dynamics of the impact of the digital economy on corporate value,and analyzes the underlying reasons for these effects.Based on the research and analysis in this article,the following conclusions can be drawn: firstly,the rapid development of the digital economy has significantly increased the enterprise value of listed companies in China;secondly,the development of the digital economy has further enhanced the enterprise value by improving the technological innovation level of listed companies;thirdly,the heterogeneity analysis shows that the impact of the digital economy on the value of state-owned enterprises is not significant,while its effect on the value of non-state-owned enterprises is more prominent;in terms of the heterogeneity of enterprise scale,the impact of the digital economy on the value of large-scale enterprises is more significant,while its effect on the value of small-scale enterprises is relatively weak;finally,the dynamic analysis reveals that the digital economy has a clear long-term effect on enhancing enterprise value.Based on these research conclusions,relevant suggestions are proposed from both the government and corporate perspectives. |
