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| Digital Transformation and High-quality Development of Enterprises: The Perspective of Enterprise Innovation and Risk-Taking |
| Wang Xi1,Chen Xuejiao2,Cao Jing3,Hu Like2 |
| (1.School of International Education,Northwest University,Xi'an 710069,China;2.School of Business,Xi'an University of Finance and Economics,Xi'an 710100,China;3.School of Management,Jinan University,Guangzhou 510632,China) |
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Abstract The digital economy has become an important driving force for global economic growth, and it has been promoting the high-quality development of society. As the main body of market micro-economic activities, enterprises are the key factors to achieving high-quality development of the macro-economy. With the digital transformation becoming the consensus of current enterprise development, relying on digital technology to gradually realize the integration of the three dimensions of “automation”, “informatization” and “digitalization” has become the path for high-quality enterprise development.#br#At present, scholars’ discussions on the factors affecting the high-quality development of micro-enterprises mainly focus on the external factors. With respect to the research on the impact of digital transformation on efficiency, some scholars believe that digital transformation of enterprises can optimize enterprise structure, improve enterprise efficiency and improve enterprise performance through technology empowerment, but few studies discuss the impact of digital transformation on the high-quality development of enterprises. Therefore, from the perspectives of value benefit and environmental uncertainty, this paper links digital transformation with the high-quality development of enterprises, and provides new insights for promoting high-quality development of micro-enterprises. Given the above-mentioned research deficiencies and corporate practice background, this paper selects 3 541 A-share listed companies from 2010 to 2020 to conduct econometric model research. With a deep analysis of the impact of corporate digital transformation on the high-quality development of enterprises, it discusses the driving mechanisms of corporate innovation and corporate risk taking, and examines the heterogeneity of enterprise internal and external environment.#br#The findings show that,firstly,the digital transformation of enterprises has significantly promoted the high-quality development of enterprises. In particular, the digital transformation of enterprises has asymmetric effects on the high-quality development of enterprises with different enterprise attribute characteristics. Secondly,the digital transformation of enterprises can improve information asymmetry, optimize enterprise decision-making, and improve enterprise performance by promoting enterprise innovation and enterprise risk-taking capacity, all of which contribute to the high-quality development of enterprises. Thirdly,the effects of enterprise digital transformation vary in different situations. Companies with a lower internal control level, higher employee education level, higher shareholding ratio of institutional investors and a lower degree of marketization are more likely to promote the high-quality development of enterprises through digital transformation.#br#The incremental contributions of this paper are as follows. (1) This study enriches relevant literature on the consequences of the digital transformation of the economy. From the perspective of high-quality enterprise development, it empirically examines the relationship between enterprise digital transformation and high-quality enterprise development, providing a new perspective for an in-depth understanding of the economic consequences of digital transformation. (2) The study makes up for the literature on the factors affecting the high-quality development of micro-enterprises. The existing research on the factors affecting the high-quality development of micro-enterprises mostly focuses on the external factors of enterprises, and this study discusses the role of digital transformation as an internal factor in the high-quality development of enterprises from a micro perspective, and provides new ideas and insights for achieving high-quality economic development. (3) It innovatively synthesizes the comprehensive indicators of high-quality development of enterprises using the principal component analysis method based on the “two benefits and four rates” proposed by the State-owned Assets Supervision and Administration Commission of the State Council, and improves the reliability and accuracy of the enterprise high-quality development scale.#br#The implications arising from this study are threefold. First of all, the focus of high-quality enterprise development should be on their innovation capability, resource allocation efficiency and risk response ability. Enterprises should combine their strategic objectives with digital objectives, and achieve high-quality development by integrating business processes and digital technologies. Second, state-owned enterprises should fully grasp the opportunity of digital transformation, recognize the blue ocean effect of digital transformation on state-owned enterprises, and actively explore the digital transformation of state-owned enterprises in advance to achieve high-quality development of state-owned enterprises. Third, in the process of implementing digital transformation, enterprises should take their environmental advantages to promote the effect of digital transformation, and achieve high-quality development.#br#
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Received: 10 October 2022
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