中国制造业上市企业数字化水平影响因素研究——基于年报文本挖掘的方法
Research on Influencing Factors of Digitization Level of Listed Manufacturing Enterprises in China—A Method Based on Annual Report Text Mining

制造业是国民经济的支柱产业，在数字经济大环境下，推进制造业数字化转型是实现制造业由大到强的必由之路。本文基于文本挖掘法，对2013年至2022年423家制造业上市企业年报中数字化相关关键词进行词频统计以量化其数字化水平，进而采用TOE框架确定企业数字化水平的影响因素，并基于固定效应模型探究各个影响因素对企业数字化水平的影响，最后从企业规模、企业所属地区展开异质性分析。研究表明：企业研发投入越高、研发人员占比越大、企业规模越大、高管拥有的决策自主权越高、固定资产比率越低、财务冗余度越低、管理层的平均年龄越小、行业竞争强度越小，越有利于提高企业的数字化水平。内源融资能力、财务冗余度、行业竞争强度对大小规模企业的数字化水平影响不一致，固定资产比率对东中西三个区域的企业数字化水平都有显著的负向影响。
The manufacturing industry is the pillar industry of the national economy. In the context of the digital economy, promoting the digital transformation of the manufacturing industry is the only way to achieve the manufacturing industry from large to prosperous. Based on the text mining method, this paper conducted word frequency statistics on digital-related keywords in the annual reports of 423 listed manufacturing enterprises from 2013 to 2022 to quantify their digitalization level, then adopted TOE framework to determine the influencing factors of enterprise digitalization level, and explored the influence of each influencing factor on enterprise digitalization level based on fixed effect model. Finally, the heterogeneity analysis is carried out from the scale and region of the enterprise. The research shows that the higher the enterprise R&D investment, the larger the proportion of R&D personnel, the larger the enterprise scale, the higher the decision-making autonomy of executives, the lower the ratio of fixed assets, the lower the financial redundancy, the younger the average age of management, and the smaller the intensity of industry competition, the more conducive to improving the digitalization level of enterprises. Internal financing ability, financial redundancy and industry competition intensity have inconsistent influences on the digitalization level of enterprises of all sizes. The ratio of fixed assets has a significant negative impact on the digitalization level of enterprises in the three regions.