A Study of the Impact of Digital Technology Innovation on Firms' Market Value
Digital technology is the technical support of the digital economy and has an important impact on the market value of enterprises in the digital era. In view of this, this paper constructs a data sample containing more than 220,000 digital invention patent applications of listed companies in China from 2013 to 2020, examines the impact of digital technological innovation on the market value of enterprises and its transmission mechanism for the first time. The study finds that digital technology innovation can significantly increase the market value of enterprises, but the enhancement effect only holds in small and medium-sized enterprises (SMEs), private enterprises, high-competitive industries, industries with digital application and efficiency enhancement, and traditional industries. Mechanism show that digital technology innovation can affect firms' market value through the three mechanisms of promoting firms' digital transformation, improving production and operation efficiency, and increasing market profitability
Year of publication: |
[2023]
|
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Authors: | Wang, Tai |
Publisher: |
[S.l.] : SSRN |
Subject: | Informationstechnik | Information technology | Social Web | Social web |
Saved in:
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