Evaluation strategy for influence of digital transformation on enterprise finance

Abstract

The invention relates to the technical field of data processing, in particular to a strategy for evaluating the influence of digital transformation on enterprise finance. The influence of digital transformation on enterprise finance is analyzed based on a preventive storage motivation and an investment substitution motivation; the method specifically comprises the following steps: digital transformation can promote / suppress enterprise finance; the digital transformation promotes the enterprise to remove virtual from real by promoting the intensity of internal research and development activities; the digital transformation promotes the enterprise to remove virtuality from reality by relieving financing constraints; the digital transformation promotes the enterprise to remove virtuality from reality by enhancing the over-confidence of the management layer. Advanced technologies such as Internet, big data and artificial intelligence are fused with entity economy, deep digital transformation is promoted, innovation potential is stimulated, digital economic potential is activated through an innovation strategy, and digital treatment is further strengthened.

Description

Technical Field

[0001] The present invention relates to the field of data processing technology, and in particular to an evaluation strategy for the impact of digital transformation on enterprise financialization. Background Art

[0002] At present, the impact of digitalization on enterprises and the factors affecting enterprise financialization have been comprehensively and deeply studied. Through a large number of theoretical analyses and empirical studies, how digitalization affects the operational efficiency, management model, innovation ability and market competitiveness of enterprises at all levels has been explored; at the same time, there has also been extensive discussion and research on the factors affecting enterprise financialization, such as market environment, regulatory policies, corporate governance structure and the development of capital markets. However, the specific path and mechanism of the impact of enterprise digitalization on enterprise financialization is still in the exploratory stage, and a unified theoretical framework and consensus have not yet been formed. Although existing studies have preliminarily revealed some possible impacts of digitalization on enterprise financialization, its internal mechanism and implementation path are still unclear. Further empirical research and theoretical innovation are urgently needed to reveal the specific role and impact path of digitalization in the process of enterprise financialization. Summary of the invention

[0003] In order to make up for the shortcomings of the existing technology, the present invention proposes an evaluation strategy for the impact of digital transformation on the financialization of enterprises. It adopts a "reservoir" motive to invest funds in financial markets in order to prevent insufficient cash flow, utilize the liquidity advantage of financial assets, and sell financial assets to obtain financial support when the enterprise needs funds; and an investment substitution motive to abandon investment in traditional main businesses and invest in financial assets in pursuit of high profits.

[0004] The technical solution adopted by the present invention to solve the technical problem is: an evaluation strategy for the impact of digital transformation on corporate financialization described in the present invention analyzes the impact of digital transformation on corporate financialization based on precautionary savings motivation and investment substitution motivation; the details are as follows:

[0005] Digital transformation will promote / inhibit corporate financialization;

[0006] Digital transformation promotes enterprises to move from virtual to real by promoting the intensity of internal R&D activities;

[0007] Digital transformation promotes enterprises to move from virtual to real by alleviating financing constraints;

[0008] Digital transformation promotes enterprises' transformation from virtual to real by enhancing management's overconfidence.

[0009] Preferably, enterprises implement digital transformation, which not only increases the enterprise's short-term capital demand and prompts the enterprise to invest in financial assets; it also attracts more external financial support by enhancing information transparency, reducing financing costs and winning broad trust from the outside world, thereby improving the enterprise's financial asset allocation.

[0010] Preferably, with the help of big data analysis, artificial intelligence and IoT digital technologies, enterprises can optimize the R&D process, improve R&D efficiency and the quality of results; technology-driven R&D not only enhances the innovation ability of enterprises, but also reduces the motivation of enterprises to rely on financial investment for short-term returns; digital transformation greatly reduces enterprise production costs and operating expenses through automated and intelligent production systems, and invests the saved funds in R&D activities; at the same time, the application of cloud computing and collaborative tools enables enterprises to conduct cross-departmental and cross-regional R&D cooperation more flexibly, prompting manufacturing enterprises to pay more attention to core business and technological innovation in the long-term development, rather than relying on short-term gains in the financial market.

[0011] Preferably, digital transformation can reduce financing costs caused by information asymmetry; with the help of digital information technology, manufacturing companies can obtain credit supply information from banks and other financial institutions in a timely manner, and disclose their own financial and operating information to financial institutions more efficiently; it enhances the ability of manufacturing companies to handle massive data and complex information, and improves capital allocation efficiency and sustainable operation capabilities.

[0012] Preferably, when a company has ample cash flow, management believes that these resources are sufficient to support them in implementing various internal projects and thus ignores or underestimates the necessity of participating in financial market investments; they tend to believe that through direct operating activities, especially in the process of digital transformation, they can better exert their capabilities and enhance control over the company's future development.

[0013] The beneficial effects of the present invention are as follows:

[0014] At the enterprise level, enterprises should actively respond to the government's policy orientation, actively integrate advanced technologies such as the Internet, big data, and artificial intelligence with the real economy, promote in-depth digital transformation, strive to stimulate innovation potential, activate the potential of the digital economy through innovative strategies, and further strengthen digital governance. On the one hand, enterprises need to increase their efforts in digital construction, invest more resources in digital technology, reduce their investment in financial assets, and increase investment in research and development of digital technology to improve their innovation capabilities and competitiveness; on the other hand, enterprises need to break through time and space restrictions and reduce information transmission delays through the implementation of digital technology, ease corporate financing constraints, reduce financial activities carried out by enterprises for the purpose of financing, and help enterprises use more funds to invest in real assets; on the other hand, enterprises should strengthen the cultivation of internal management and organizational capabilities. Through training and education, management and employees can improve their awareness and understanding of digital transformation, enhance their confidence in the company's own strength and potential, and thus reduce their dependence on external financial capital.

[0015] At the government policy level, a series of policy measures should be introduced to promote the digital transformation of enterprises, optimize enterprise resource allocation, reduce excessive financialization of enterprises, and promote the high-quality development of the real economy. On the one hand, the government should strengthen the construction of digital infrastructure, improve network coverage, especially in remote and economically underdeveloped areas, and narrow the digital divide. By providing good digital infrastructure, enterprises can more effectively carry out digital transformation, optimize resource allocation, and reduce financing constraints caused by information asymmetry. On the other hand, the government should promote industry-university-research cooperation, promote technical exchanges and cooperation between universities, scientific research institutions and enterprises, and accelerate the transformation and application of technological achievements. Establish innovation incubators and science and technology parks to provide technical support and innovation platforms for small and medium-sized enterprises, enhance their digital capabilities, and reduce their excessive dependence on financial capital. BRIEF DESCRIPTION OF THE DRAWINGS

[0016] The present invention is further described below in conjunction with the accompanying drawings and implementation modes.

[0017] Figure 1 It is a model diagram of the present invention. DETAILED DESCRIPTION

[0018] In order to make the technical means, creative features, objectives and effects achieved by the present invention easy to understand, the present invention is further described below in conjunction with the accompanying drawings and preferred embodiments.

[0019] like Figure 1 As shown in the figure, an evaluation strategy for the impact of digital transformation on corporate financialization is proposed, which analyzes the impact of digital transformation on corporate financialization based on precautionary savings motivation and investment substitution motivation; the details are as follows:

[0020] Digital transformation will promote / inhibit corporate financialization;

[0021] Digital transformation promotes enterprises to move from virtual to real by promoting the intensity of internal R&D activities;

[0022] Digital transformation promotes enterprises to move from virtual to real by alleviating financing constraints;

[0023] Digital transformation promotes enterprises' transformation from virtual to real by enhancing management's overconfidence.

[0024] In the process of digital transformation, enterprises need to invest a lot of money and resources, which undoubtedly exacerbates the financialization of enterprises. The essence of digital transformation is the innovation of traditional production and service models. It requires enterprises to introduce and apply cutting-edge technologies such as the Internet of Things, cloud computing, big data analysis, and artificial intelligence on a large scale to achieve automation and intelligence of production processes and personalized and efficient services. This series of transformations and upgrades are inevitably accompanied by huge initial investment, covering many links such as hardware purchase and deployment, software development, technology research and development, and human resource training, which requires a lot of internal resources and funds of enterprises. In addition, more stakeholders will appear in the process of digital transformation of enterprises, which will also increase the coordination costs of enterprises. It can be seen that enterprises need a lot of financial support to continue to promote digital transformation. Allocating high-yield financial assets in a short period of time may become an effective way for enterprises to raise funds and maintain cash flow. Second, the digital transformation of enterprises has won external support, which facilitates enterprises to make better financial investments. According to the stakeholder theory, digital transformation can reduce the information asymmetry between enterprises and other stakeholders such as governments, banks, and investment institutions, resulting in lower risk premiums required by investors, lower financing costs for enterprises, and enterprises can obtain higher financing quotas under the same conditions. At the same time, the digital transformation of enterprises in line with current policy orientation and the development trend of the times not only meets the inherent requirements of economic and social development, but also enhances the public image and reputation of enterprises at the practical level, thereby winning the trust of the majority of stakeholders and obtaining financial support for the allocation of financial assets. In this context, the investment arbitrage motivation of management is further stimulated. Under the guidance of management, part of the funds of enterprises flow to financial assets, realizing the "crowding out" effect of financial assets on real business investment. Third, digitalization has now become a trend in the implementation of corporate strategies, and more and more companies are using the guise of digitalization. Due to their own short-sighted behavior, management can obtain more external financial support through the guise of digital technology to allocate more financial assets, which can be used to seek excess economic benefits for enterprises in the short term. Due to the complexity, comprehensiveness and systematicness of enterprise digitalization at this stage, management may exaggerate the performance of enterprises, improve their reputation, cover up the defects in internal management of enterprises, deceive regulatory authorities, and provide opportunities for management's speculative behavior, which helps management to direct capital to speculative activities. In summary, the implementation of digital transformation by enterprises can not only increase the short-term capital demand of enterprises and encourage them to invest in financial assets, but also attract more external financial support by enhancing information transparency, reducing financing costs and winning widespread trust from the outside world. It may also be used by management to whitewash corporate performance, exaggerate performance, cover up internal management problems, deceive regulatory authorities, create space for speculative behavior, and cause more capital to flow to speculative activities rather than physical operations, thereby increasing the degree of corporate financial asset allocation. Combined with the above analysis, the following competitive hypothesis H1 is proposed:

[0025] H1a: Digital transformation will promote corporate financialization.

[0026] H1b: Digital transformation will inhibit corporate financialization.

[0027] Digital transformation has become an indispensable part of major enterprises in the current market environment. It not only covers comprehensive changes in technology, processes and business models, but also enhances the innovation ability and market competitiveness of enterprises by introducing advanced digital technologies. Through this transformation, enterprises can allocate resources more effectively, especially in R&D activities, thus forming a "crowding out" effect on corporate financialization.

[0028] Digital transformation enables companies to manage and analyze large amounts of data more accurately, thereby identifying key areas and potential opportunities in R&D activities. With the help of digital technologies such as big data analysis, artificial intelligence, and the Internet of Things, companies can optimize R&D processes and improve R&D efficiency and the quality of results. This technology-driven R&D not only enhances the innovation capabilities of companies, but also reduces the motivation for companies to rely on financial investments for short-term returns. Furthermore, digital transformation can significantly reduce production costs and operating expenses through automated and intelligent production systems, and invest the saved funds in R&D activities; at the same time, the application of cloud computing and collaborative tools enables companies to conduct cross-departmental and cross-regional R&D cooperation more flexibly, further improving R&D efficiency and innovation capabilities. This emphasis on and investment in R&D has prompted manufacturing companies to pay more attention to core business and technological innovation in their long-term development, rather than relying on short-term gains in the financial market. Based on the above analysis, the following hypothesis H2 is proposed:

[0029] H2: Digital transformation promotes enterprises’ “transformation from virtual to real” by promoting the intensity of internal R&D activities.

[0030] Manufacturing companies with high financing constraints often find it difficult to obtain sufficient funds to invest in the real economy, so they tend to invest in short-term, high-yield financial assets, which reduces their focus on real investment. Digital transformation has effectively alleviated this problem by reducing information asymmetry, improving capital utilization efficiency, and taking advantage of the "dividends" of digital economy policies, enhancing the financing capabilities of companies and promoting the development of the real economy.

[0031] Digital transformation can reduce financing costs caused by information asymmetry. With the help of digital information technology, manufacturing enterprises can obtain credit supply information from banks and other financial institutions in a timely manner, and disclose their own financial and operating information to financial institutions more efficiently. This two-way efficient communication method and diversified financing channels not only reduce the credit risk of banks, but also reduce the financing search cost, time cost and transaction cost of enterprises, thereby significantly alleviating financing constraints. Secondly, digital transformation has improved the ability of manufacturing enterprises to handle massive data and complex information, and improved the efficiency of capital allocation and sustainable operation. Through digital operations, enterprises can obtain financing more efficiently and conveniently, saving a lot of unnecessary time and energy, and accurately matching credit funds with industrial capital gaps, thereby improving operating efficiency and capital utilization efficiency, and investing more funds in the real economy. Under the policy signal effect and capital support effect, the digital transformation support policy has enhanced the willingness of banks and other financial institutions to provide loan support to manufacturing enterprises in the digital transformation period. Because these enterprises have good development prospects in the digital economy era, financial institutions are more willing to provide them with loans and give them more preferential treatment in terms of lending interest rates and conditions. This policy and financial support has reduced the capital and liquidity pressure of enterprises, so that enterprises no longer need to invest the funds originally used for the development of main business into the financial field, thereby inhibiting the financial investment behavior of enterprises to ease financing constraints and enhancing the willingness to invest in real projects. Combined with the above analysis, hypothesis H3 is proposed:

[0032] H3: Digital transformation promotes enterprises’ “transformation from virtual to real” by easing financing constraints.

[0033] The process of corporate financialization is also affected by the decision-making preferences of management. Studies have shown that most people are generally overconfident, and managers are more likely to show this tendency than the general public. Overconfident management tends to make overly optimistic assessments of the rate of return on internal projects, believing that they can create more value for the company through business activities. This confidence is not only reflected in their overestimation of their own abilities, but also in their confidence in their ability to control the company's future, believing that participating in real business operations can better demonstrate their abilities than engaging in financial activities.

[0034] Digital transformation is a complex and resource-intensive process that usually requires a large amount of cash flow to cope with various challenges and uncertainties. Although sufficient cash flow has alleviated the short-term pressure of enterprises to some extent, it may also encourage overconfidence of management. When enterprises have ample cash flow, management may believe that these resources are sufficient to support them in implementing various internal projects and thus ignore or underestimate the necessity of participating in financial market investment. They tend to believe that through direct business activities, especially in the process of digital transformation, they can better exert their capabilities and enhance their control over the future development of the company. In addition, management's overconfidence may also lead to their overly optimistic expectations for digital transformation. They may believe that the company can use digital technology to quickly achieve technological innovation and market expansion, thereby bringing high returns. However, this optimistic expectation may ignore the potential risks and challenges in digital transformation. For example, digital transformation requires a large amount of capital investment, which includes not only the update of technology and equipment, but also employee training and organizational structure adjustment. If these investments cannot recover the expected benefits in time, they may bring financial pressure to the company. Combined with the above analysis, hypothesis H4 is proposed:

[0035] H4: Digital transformation promotes enterprises’ “transformation from virtual to real” by enhancing management’s overconfidence.

[0036] The present invention uses the SA index proposed by Hadlock and Pierce in 2010 to measure financing constraints. The calculation formula of the SA index is:

[0037] sa=-0.073×size+0.043×size 2 -0.040×age (1)

[0038] Where size is the natural logarithm of the company's total assets, and age refers to the company's age. The larger the sa index, the greater the financing constraints faced by the company.

[0039] Management is overconfident, and the regression residual of the total asset growth rate and the company's actual operating income growth rate is used as a measure. OVC is used to represent this indicator. If the residual is greater than 0, the value of the indicator is 1; otherwise, it is set to 0.

[0040] As an investment behavior, the financialization of manufacturing enterprises is affected by factors such as the enterprise's own conditions, debt repayment ability, growth ability, and profitability. Based on actual research, a series of important factors affecting enterprise financialization were controlled, including enterprise size (size), enterprise age (age), asset-liability ratio (lev), equity balance (ebd), enterprise value (tbq), enterprise development ability (growth), etc. The definition and specific description of the variables are shown in Table 1.

[0041] Main variable definition table

[0042]

[0043]

[0044] In order to verify the impact of digital transformation on corporate financialization, the following basic regression model is constructed:

[0045] fin i，t =β 0 +β 1 digit i，t +∑β i Controls i，t +∑ind+∑year+ε i，t (2)

[0046] In model (2), i represents the individual enterprise, t represents the year; fin represents the level of enterprise financialization; digit represents the degree of enterprise digitization; Control represents a series of control variables; in addition, the model also controls the impact of industry fixed effects and year fixed effects, ind and year represent industry and year fixed effects respectively; ε is the random error term of the model.

[0047] This paper explores the potential mechanism of digitalization inhibiting corporate financial investment from three dimensions: corporate R&D activities, financing constraints, and management confidence. The following models (3) and (4) are constructed, and the stepwise regression method is used to verify this mediating mechanism. In addition, in order to ensure the robustness of the results, the bootstrap method is used to randomly repeat the sampling 500 times for re-testing.

[0048]

[0049]

[0050] The digital transformation of enterprises has significantly improved the efficiency of information flow by breaking the time and space constraints and reducing the delay of information transmission, eliminating the information barriers between different market participants to achieve dynamic synchronization of information, which helps to solve the "credit rationing" problem caused by information asymmetry, increase its borrowing limit, and enhance the borrowing capacity of enterprises. On the other hand, the implementation of digitalization helps to enhance information transparency and reduce risks, reduce the loan costs of financial institutions and the "moral hazard" they face. At the same time, enterprises can use digital technology to deeply optimize the decision-making process of financial products, effectively lower the financing threshold and cost expenditure, thereby alleviating the financing constraints faced by enterprises. The financing constraints of enterprises have been effectively alleviated, reducing the excessive financialization activities carried out by enterprises for the purpose of financing, and enterprises can also use more of their own funds and external financing to invest in physical assets.

[0051] In order to explore the mediating effect of the variable of overconfidence in management, an overconfidence index of management is constructed, and the regression residual of the total asset growth rate and the actual sales revenue growth rate of the company is used as a measurement standard. OVC is used to represent this index. If the residual is greater than 0, the value of the index is 1; otherwise, it is set to 0.

[0052] Considering that enterprises do not exist as isolated individuals, but exist in a dynamic environment of cooperation and competition with other enterprises, other enterprises are selected as references to standardize the explanatory variables. The specific calculation formula is:

[0053]

[0054] Where dt_s i,t Relative indicator of the degree of digitalization of an individual enterprise in that year. i,t Represents the digital proxy variable of individual enterprises, max(digit i,t ) and min(digit i,t ) represent the maximum and minimum values ​​of the digitalization index in the enterprise in that year. The conclusion that digital transformation has a suppressive effect on financialization still holds true.

[0055] The above shows and describes the basic principles, main features and advantages of the present invention. It should be understood by those skilled in the art that the present invention is not limited to the above embodiments. The above embodiments and descriptions are only for explaining the principles of the present invention. Without departing from the spirit and scope of the present invention, the present invention may have various changes and improvements, which fall within the scope of the present invention. The scope of protection of the present invention is defined by the attached claims and their equivalents.

Claims

1. A strategy for evaluating the impact of digital transformation on corporate financialization, characterized by: The impact of digital transformation on corporate financialization is analyzed based on precautionary savings motivation and investment substitution motivation; the details are as follows: Digital transformation will promote / inhibit corporate financialization; Digital transformation promotes enterprises to move from virtual to real by promoting the intensity of internal R&D activities; Digital transformation promotes enterprises to move from virtual to real by alleviating financing constraints; Digital transformation promotes enterprises' transformation from virtual to real by enhancing management's overconfidence.

2. According to claim 1, a strategy for evaluating the impact of digital transformation on enterprise financialization is characterized by: When enterprises implement digital transformation, it not only increases their capital demand in the short term, but also prompts them to invest in financial assets; It also attracts more external financial support by enhancing information transparency, reducing financing costs and winning broad trust from the outside world, thereby improving the degree of corporate financial asset allocation.

3. According to claim 1, a strategy for evaluating the impact of digital transformation on corporate financialization is characterized by: With the help of big data analysis, artificial intelligence and IoT digital technologies, companies can optimize R&D processes and improve R&D efficiency and the quality of results. Technology-driven R&D not only enhances the company's innovation capabilities, but also reduces the motivation for companies to rely on financial investments for short-term returns. Furthermore, digital transformation significantly reduces production costs and operating expenses through automated and intelligent production systems, and the saved funds can be invested in R&D activities. At the same time, the application of cloud computing and collaborative tools enables companies to conduct cross-departmental and cross-regional R&D cooperation more flexibly, prompting manufacturing companies to pay more attention to core business and technological innovation in the long-term development, rather than relying on short-term gains in the financial market.

4. According to claim 1, a strategy for evaluating the impact of digital transformation on enterprise financialization is characterized by: Digital transformation can reduce financing costs caused by information asymmetry; with the help of digital information technology, manufacturing companies can obtain credit supply information from banks and other financial institutions in a timely manner, and disclose their own financial and operating information to financial institutions more efficiently; it also enhances the ability of manufacturing companies to process massive data and complex information, and improves capital allocation efficiency and sustainable operation capabilities.

5. According to claim 1, a strategy for evaluating the impact of digital transformation on enterprise financialization is characterized by: When a company has ample cash flow, management believes that these resources are sufficient to support them in implementing various internal projects and thus ignores or underestimates the need to participate in financial market investments; they tend to believe that through direct operating activities, especially in the process of digital transformation, they can better exert their capabilities and enhance control over the company's future development.

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