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Finance  2024 

Study on the Impact of Digital Transformation on Financial Performance—Based on the Dual Path of Financing Constraint and Technological Innovation

DOI: 10.12677/FIN.2024.141016, PP. 122-131

Keywords: 财务绩效,数字化转型,融资约束,技术创新,文本识别
Financial Performance
, Digital Transformation, Financing Constraints, Technology Innovation, Text Recognition

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Digital transformation has given enterprises new development power. Can it further improve the financial performance of enterprises? Taking the panel data of 14,359 Shanghai and Shenzhen A-share listed companies as research samples, this paper measures the level of digital transformation by analyzing the frequency of keywords in the annual reports of listed companies, and then empirically studies the impact of digital transformation on financial performance. The results show that, overall, the digital transformation has significantly improved financial performance. Among them, alleviating enterprise financing constraints and improving innovation ability are considered as two important ways for the impact of digital transformation on financial performance. The above conclusion is still true after the robustness test. In addition, we also found that for state-owned enterprises, digital transformation plays a more significant role in improving financial performance. This study provides important guiding significance for the theory and practice of enterprise digital transformation.


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