摘要
企业不仅是创造经济价值的关键市场主体,也是数字技术与实体经济深度融合而形成新质生产力的微观载体。本文从会计宏观价值指数的视角衡量企业价值创造效率,使用专利文本分析方法刻画企业数字技术创新水平,探究数字技术创新对企业价值创造效率的影响。研究结果表明,数字技术创新有助于提高企业价值创造效率,该结果在考虑内生性等稳健性检验后依然成立,并且该作用主要体现于企业对股东和员工的价值创造效率的提升。在作用机制方面,基于“降本”机制,数字技术创新降低了企业内部管控成本和市场营销成本;基于“增效”机制,数字技术创新提高了企业劳动价值创造效率和资产价值创造效率。继而,上述机制促进了企业价值创造效率提升。进一步研究发现,在劳动力成本高、行政管理人员占比高、销售人员占比高、科学技术人员占比高、企业生产率或资产周转效率较低时,以及在非国有产权的企业中,数字技术创新对企业价值创造效率的提升作用更为显著。本研究对于全面理解企业价值创造效率,以及引导企业开展数字技术创新具有一定启示意义。
Firms are not only key market entities that create economic value,but also micro-carriers that deeply integrate digital technology with the real economy to develop new quality productive forces.The paper measures the efficiency of firm value creation from the perspective of the Accounting Macro-Value Index,depicting the level of digital technology innovation in firms using patent text analysis methods,and exploring the impact of digital technology innovation on firm value creation efficiency.The findings show that digital technological innovation contributes to the improvement of firm's value-creation efficiency.This conclusion still holds after adopting a series of endogeneity addressing methods and robustness checks,and effect is primarily reflected in the improvement of firm's value-creation efficiency for shareholders and employees.In terms of its mechanisms,from the perspective of the“cost reduction”mechanism,digital technological innovation reduces internal control costs and marketing expenses for firms.From the perspective of the“efficiency enhancement”mechanism,digital technological innovation improves labor value-creation efficiency and asset value-creation efficiency for firms.Therefore,digital technological innovation improves firm's value-creation efficiency by driving“cost reduction and efficiency enhancement”.Further research reveals that in firms with higher labor costs,a larger proportion of management and sales personnel or scientific and technical personnel,lower productivity or asset turnover efficiency,and non-state-owned property rights,the role of digital technology innovation in improving firm value creation efficiency is more pronounced.This study has enlightening significance for comprehensively understanding firm value creation efficiency and guiding firms to carry out digital technology innovation.
出处
《会计研究》
CSSCI
北大核心
2024年第11期3-19,共17页
Accounting Research
基金
国家社会科学基金重大项目(18ZDA073)
国家自然科学基金面上项目(71972068)的资助
关键词
数字技术创新
价值创造效率
降本增效
数字专利
会计指数
Digital Technology Innovation
Value-creation Efficiency
Cost Reduction and Efficiency Increase
Digital Patent
Accounting Index
