数字化转型、企业绩效与股价崩盘风险
Digital Transformation, Corporate Performance, and the Risk of Stock Price Crash

在新一轮科技革命和产业变革背景下，数字化转型为推动企业高质量发展创造了条件机遇。本文旨在探讨数字化转型对企业经营绩效、生产绩效的影响，以及对转型期内股价崩盘风险的动态影响。通过构建企业数字化转型的量化指标，并利用中国上市企业年报数据、工业企业数据库以及《中国城市统计年鉴》的微观数据进行实证分析，研究发现数字化转型显著提升了企业的经营绩效，包括营业收入和利润率的增长。数字化转型通过提高生产效率和规模经济，显著提升了企业的生产绩效。数字化转型初期可能会增加股价崩盘风险，但随着转型的深入，风险将逐渐降低。通过工具变量法，验证了数字化转型对企业绩效积极影响的因果关系。本文的政策启示包括加强政策支持、优化人才培养、强化信息基础设施建设、鼓励创新与研发以及建立风险管理体系。
Under the background of a new round of scientific and technological revolution and industrial transformation, digital transformation has created conditions and opportunities for promoting the high-quality development of enterprises. This paper aims to explore the impact of digital transformation on business performance and production performance, as well as the dynamic impact on the risk of stock price crash during the transition period. Through the construction of quantitative indicators of digital transformation of enterprises, and the use of empirical analysis of annual report data of Chinese listed enterprises, industrial enterprises database and micro data of China City Statistical Yearbook, it is found that digital transformation has significantly improved the operating performance of enterprises, including the growth of operating income and profit margin. Digital transformation has significantly improved the production performance of enterprises by improving production efficiency and economies of scale. The initial stage of digital transformation may increase the risk of stock price crash, but with the deepening of the transformation, the risk will gradually decrease. Through the instrumental variable method, the positive effect of digital transformation on enterprise performance is verified. The policy implications of this paper include strengthening policy support, optimizing talent training, strengthening the construction of information infrastructure, encouraging innovation and research and development, and establishing a risk management system.