How does digital technology innovation enhance firm value? A dual route model

IF 0.5 4区农林科学 Q4 FORESTRY

Sylwan Pub Date : 2023-01-01 DOI:10.59879/kpbal

Cheng Zhou, Qian Chang

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引用次数: 0

Abstract

Differs to digital innovation, which is application-oriented of digital technologies, digital technology innovation focuses on developing and creating new digital technologies (creation-oriented). Thus, digital technology innovation forms the foundation of digital innovation. Increasingly, firms, especially those in manufacturing, are recognizing the crucial role of digital technology innovation in shaping their intangible value. In order to determine whether digital technology innovation can enhance firm value and the specific mechanism involved, this study draws on patent data (the fields of digital technology are defined based on IPC) and annual report data of listed manufacturing firms in China to reveal the specific relationship between digital technology innovation and the enhancement of firm value. We find that that digital technology innovation can make a significant contribution to firm value; more important, the relationships between digital technology innovation and lowering costs, upgrading efficiency can be characterized as an inverted U-shaped pattern and a Ushaped pattern, respectively. These results hold after the several robustness checks. Additional analyses show that these relationships differ significantly across types of state ownership, firm size, and location feature. Finally, our mechanism analysis suggests that lowering costs and upgrading efficiency driven by digital technology innovation is a key component of the value-enhancing effect.

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数字技术创新如何提升企业价值?双路径模型

数字技术创新不同于以数字技术应用为导向的数字创新，数字技术创新侧重于开发和创造新的数字技术(创造导向)。因此，数字技术创新构成了数字创新的基础。越来越多的企业，尤其是制造业企业，认识到数字技术创新在塑造其无形价值方面的关键作用。为了确定数字技术创新是否能够提升企业价值及其具体机制，本研究利用中国制造业上市公司的专利数据(数字技术领域是基于IPC定义的)和年报数据来揭示数字技术创新与企业价值提升的具体关系。研究发现，数字技术创新对企业价值的贡献显著;更重要的是，数字技术创新与降低成本、提升效率的关系可以分别表现为倒u型和Ushaped型。这些结果在几次稳健性检查后成立。进一步的分析表明，这些关系在不同类型的国有所有制、企业规模和区位特征之间存在显著差异。最后，我们的机制分析表明，数字技术创新驱动的成本降低和效率提升是价值提升效应的关键组成部分。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Sylwan 农林科学-林学

CiteScore

0.70

自引率

16.70%

发文量

审稿时长

1 months

期刊介绍： SYLWAN jest najstarszym w Polsce leśnym czasopismem naukowym, jednym z pierwszych na świecie. Został założony w 1820 roku w Warszawie. Przyczynił się w znakomity sposób do rozwoju polskiego leśnictwa, służąc postępowi, upowszechnieniu wiedzy leśnej oraz rozwojowi nauki.