数字化转型、生命周期与企业价值

王田力　王竞达

（首都经济贸易大学财政税务学院）

　　内容提要：本文以2012—2020年中国A股上市企业为研究样本，实证分析不同生命周期阶段的数字化转型对企业价值的影响。研究结果表明：（1）随着生命周期的推移，数字化转型与企业价值之间呈现先上升后下降的倒U型关系，且数字化转型不能显著提高衰退期企业价值；（2）数字化转型通过技术创新和业务创新影响成熟期企业价值，且数字化转型仅通过技术创新影响成长期企业价值；（3）数字化转型对国有企业和高市场化地区企业价值提升的影响更明显。本文的研究为理解数字化转型对企业价值的作用提供了一个新的视角，同时为不同生命周期阶段的企业数字化转型策略制定提供了理论基础与决策参考。

　　

　　关键词：数字化转型；企业价值；生命周期；数字经济

　　

　　作者简介：王田力，首都经济贸易大学财政税务学院讲师，北京，100070；王竞达，首都经济贸易大学财政税务学院教授，通信作者。

　　

　　基金项目：北京市自然科学基金和北京市教育委员会联合资助科技重点项目“科创板公司投资价值评估和IPO定价效率合理性测度研究”（KZ202110038047）

　　

　　引用格式：王田力,王竞达.数字化转型、生命周期与企业价值[J].经济与管理研究,2023,44(7):106-125.DOI:10.13502/j.cnki.issn1000-7636.2023.07.007.

　　

　　

Digital Transformation, Life Cycle, and Firm Value

WANG Tianli, WANG Jingda

(Capital University of Economics and Business, Beijing 100070)

　　

　　Abstract: The digital economy is becoming a new engine of China’s economic growth, with its primary focus on facilitating the digital transformation of firms, aiming to maximize firm value. However, most of the existing research discusses the impact of digital transformation on firm value in a static context, with less consideration of the impact due to changes in the life cycle, and even less discussion of the role of digital transformation on firm value at the different stages of the life cycle. On this basis, this paper explores the impact of digital transformation on firm value at different life cycle stages and its path, as well as the impact under the external environment and property rights. Using A-share listed firms in China from 2012 to 2020 as the sample, this paper empirically examines the impact of digital transformation on firm value at different life cycle stages.

　　The findings are as follows. First, the impact of digital transformation on firm value varies at different life cycle stages. As the life cycle progresses, digital transformation and firm value present an inverted U-shaped relationship, which rises first and then declines. The impact of digital transformation on firm value is significantly positive in the growth and maturity stages. It reaches a peak in the maturity stage, yet it is ineffective in the decline stage. Second, digital transformation increases firm value in the maturity stage through technological innovation and business innovation. However, digital transformation influences firm value in the growth stage only through technological innovation. Third, digital transformation plays a more significant role in enhancing the value of state-owned firms and firms in highly market-oriented regions, especially in the decline stage. Therefore, in order to achieve high-quality digital transformation, this paper puts forward relevant suggestions, such as improving the supporting policies for digital transformation, building the driving mechanism for digital transformation, and promoting the construction of a national collaborative innovation platform.

　　This paper offers a new perspective on the impact of digital transformation on firm value and provides a theoretical basis and decision-making reference for firms to formulate digital transformation strategies at different stages of the life cycle. The contributions of this paper are as follows. On the one hand, this paper introduces the life cycle theory and explores how digital transformation affects firm value at different stages of the life cycle from a dynamic perspective, which is complementary to the existing literature. On the other hand, it also extends the application of the life cycle theory and broadens the research field of influencing factors of firm value.

　　Keywords: digital transformation; firm value; life cycle; digital economy