山东理工大学硕士学位论文
摘要
摘要
国务院印发的《“十四五”数字经济发展规划》提出，随着数字经济的蓬勃发展，
数据对提高生产效率的乘数作用不断凸显，已成为最具时代特征的生产要素。要加快
建设数字信息基础设施，不断提升我国数字经济竞争力和影响力。在国家政策的支持
下，以大数据、物联网、人工智能为代表的新兴数字技术与传统产业不断融合渗透，
新技术、新模式、新业态不断涌现，为经济发展注入新动能，也为企业转型升级和创
新发展带来新的机遇和挑战。因此，数字赋能已经成为新一轮科技革命的普遍特征，
各国企业都在抢占数字经济先机，力图通过数字赋能来促进企业的技术创新和转型升
级，为企业的可持续发展提供新动力。由此看来，数字赋能为企业发展带来新的生机
与活力，势必会通过影响企业的各个方面来推动企业价值的提升。
本文以资源编排理论、经济增长理论和生产理论为基础，以 2009-2019年沪深 A
股上市公司数据为研究样本，从数字赋能的视角出发，在微观层面上实证检验了数字
赋能对企业价值的影响。进一步地，以企业技术创新和投资效率两条路径为切入点，
探讨了数字赋能影响企业价值的作用机制。研究发现：第一，数字赋能与企业价值显
著正相关，即数字赋能对企业价值有显著的提升作用。同时，相比于国有企业和西部
地区的企业，数字赋能对企业价值的提升作用在非国有企业和中东部地区企业中更加
显著。第二，数字赋能可以通过促进企业技术创新来提升企业价值，即技术创新在数
字赋能对企业价值的影响中发挥中介作用。第三，数字赋能可以通过提高企业的投资
效率来提升企业价值，即投资效率在数字赋能对企业价值的影响中发挥中介作用。本
文从微观层面实证检验了数字赋能对企业价值的影响及作用路径，丰富了数字赋能的
实证研究文献，揭开了数字赋能影响企业价值的“黑箱”，为企业的数字化转型路径
提供了理论依据。
关键词：数字赋能；企业价值；技术创新；投资效率
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山东理工大学硕士学位论文
Abstract
Abstract
The 14th Five-Year Plan for Digital Economy issued by the State Council pointed out that
with the vigorous development of digital economy, the multiplier effect of data on improving
production efficiency has become increasingly prominent, and it has become the most
characteristic factor of production of the times. To speed up the construction of digital
information infrastructure, and constantly improve the competitiveness and influence of
China's digital economy. With the support of national policies, emerging digital technologies,
such as big data, Internet of Things and artificial intelligence, and traditional industries are
continuously integrated and infiltrated, and new technologies, new models and new formats are
constantly emerging, which inject new kinetic energy into economic development and bring
new opportunities and challenges to enterprise transformation, upgrading and innovation and
development. Therefore, digital empowerment has become a common feature of the new
round of scientific and technological revolution. Enterprises in various countries are seizing the
opportunities of digital economy, trying to promote technological innovation, transformation
and upgrading of enterprises through digital empowerment, and providing new impetus for
sustainable development of enterprises. From this point of view, digital empowerment brings
new vigor and vitality to the development of enterprises, and it is bound to promote the
promotion of enterprise value by influencing all aspects of enterprises.
Based on resource arrangement theory, economic growth theory and production theory,
this paper takes the data of Shanghai and Shenzhen A-share listed companies from 2009 to
2019 as research samples, and empirically tests the influence of digital empowerment on
enterprise value at the micro level from the perspective of digital empowerment. Furthermore,
taking the two paths of enterprise technological innovation and investment efficiency as the
starting point, this paper discusses the mechanism of digital empowerment affecting enterprise
value. The findings are as follows: First, digital empowerment has a significant positive
correlation with enterprise value, that is, digital empowerment can significantly improve
enterprise value. Meanwhile, compared with state-owned enterprises and enterprises in the
western region, the role of digital empowerment in promoting enterprise value is more
significant in non-state-owned enterprises and enterprises in the central and eastern regions.
Secondly, digital empowerment can promote enterprise value by promoting enterprise
technological innovation, that is, technological innovation plays an intermediary role in the
influence of digital empowerment on enterprise value. Thirdly, digital empowerment can
enhance enterprise value by improving enterprise investment efficiency, that is, investment
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山东理工大学硕士学位论文
Abstract
efficiency plays an intermediary role in the influence of digital empowerment on enterprise
value. This paper empirically tests the influence and action path of digital empowerment on
enterprise value from the micro level, enriches the empirical research literature of digital
empowerment, uncovers the "black box" of digital empowerment affecting enterprise value,
and provides a theoretical basis for the digital transformation path of enterprises.
Keywords:Digitalempowerment;Enterprisevalue;Technologicalinnovation;
Efficiency of investment
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