摘要
本文基于数字经济时代背景,以2000—2024年A股上市老字号企业为样本,通过构建普通最小二乘法(OLS)模型,结合描述性统计、基准回归及异质性分析,探讨数字化转型与研发投入对老字号企业经营绩效的影响。研究发现:数字化程度(以无形资产中数字化技术占比衡量)对净资产收益率具有显著正向作用(β=0.003**),行业异质性显著:食品行业通过冷链物流升级与直播电商渠道实现盈利提升(β=0.008***),医药行业因政策限制导致短期利润抑制(β=-0.012***)。研发投入强度对营收增长有边际促进作用(β=0.002***),但医药行业存在利润转化滞后性(β=-0.004***)。资产负债率对绩效具有显著负向影响(β=-0.012***),验证了高负债对转型资金的挤出效应。研究提出“政策扶持+行业适配”策略,建议政府加强数字化供应链补贴、差异化研发激励及金融支持,企业需优化资本结构并结合行业特性制定转型路径。本文为老字号企业数字化转型提供了理论支持,为政府与企业决策提供参考。
Based on the context of the digital economy era,this paper takes A-share listed time-honored enterprises from 2000 to 2024 as the research sample.By constructing an Ordinary Least Squares(OLS)model and employing descriptive statistics,baseline regression,and heterogeneity analysis,the study investigates the impact of digital transformation and R&D investment on the operational performance of time-honored enterprises.The research finds that the degree of digitalization(measured by the proportion of digital technology in intangible assets)has a significant positive effect on the return on net assets(β=0.003**),and industry heterogeneity is significant:the food industry achieves profit growth through the upgrading of cold chain logistics and live-streaming e-commerce channels(β=0.008***),while the pharmaceutical industry experiences short-term profit suppression due to policy restrictions(β=-0.012***).R&D investment intensity has a marginal promoting effect on revenue growth(β=0.002***),but there is a lag in profit conversion in the pharmaceutical industry(β=-0.004***).The debt-to-asset ratio has a significant negative impact on performance(β=-0.012***),verifying the crowding-out effect of high debt on transformation funds.The study proposes a“policy support+industry adaptation”strategy,suggesting that the government should strengthen subsidies for digital supply chains and differentiate R&D incentives and financial support,and enterprises should optimize their capital structure and formulate transformation paths in alignment with industry characteristics.This study provides theoretical support for the digital transformation of time-honored enterprises and offers valuable references for decision-making by both government and businesses.
作者
杨心语
Yang Xinyu(Henan University School of Economics,Kaifeng,Henan 475000)
出处
《中国商论》
2025年第14期164-168,共5页
China Journal of Commerce
关键词
数字化转型
老字号品牌
经营绩效
研发投入
行业异质性
digital transformation
time-honored brands
business performance
R&D investment
industry heterogeneity
