The Private and Social Benefits of SOE's Digital Transformation
This paper focuses on the empowerment effect and external influence of state-owned enterprise's(SOE's)digital transformation.We empirically test the relationship between digital transformation and SOE's total factor productivity in China's capital market.With the help of the Word2Vec neural network language model,we construct the indicator of corporate digital transformation based on the digital decision-making text information in Management Discussion and Analysis(MD&A).MD&A is representative and directional,and irrelevant information is seldom included.It is a targeted discussion and analysis of the company's development strategies and other major issues by the management,taking the external business environment and internal operating conditions into full consideration.High quality text data is helpful to improve the accuracy of the empirical outcomes.With the help of deep learning algorithms and text analysis tools,this paper improves the quantitative method for evaluating digital transformation of SOE based on the textual vocabulary,semantic features,and contextual information from the MD&A.Based on this digital transformation indicator and financial data of listed SOEs,this paper tries to discuss the following two questions.First,how does digital transformation drive the improvement of SOE's productivity?That is the evaluation of the empowerment effect and its mechanisms of SOE's digital transformation.Second,how does the digital transformation of SOE generate social benefits?That is the analysis of the externalities of SOE's digital transformation from perspectives of industry level,region level,and macroeconomic environment.The main findings of this paper are as follows.Frist,the digital transformation of SOEs can significantly improve the corporate productivity by optimizing their human capital,improving their management ability and innovation ability.Second,the external influences of the SOEs'digital transformation are mainly reflected in the following two aspects:spillover effect on digital technological innovation,and stabilizer effect on macroeconomic uncertainty.Third,by comparing the differences in empowerment effect of digital transformation among different sample groups within SOEs.this paper finds that the digital empowerment effect can be effectively enhanced by strengthening the corporate financial flexibility and innovation adaptability,and improving the level of management incentives and government subsidies.According to these findings,we have four policy recommendations:First,SOEs should enhance the adaptive innovation ability of digital technology,so as to carry out more innovation researches related to digital technology and improve their digital level.Second,SOEs should pay more attention to the training of digital talents,so as to eliminate the mismatch between digital technology and workers'skills,and consolidate the talent foundation for digital transformation.Third,SOEs should focus on enhancing digital operation capabilities and improving financial flexible reserves,so as to reduce operating costs and explore reasonable transformation paths.Fourthly,government should provide certain financial support for the digital transformation of SOEs through multiple channels.And meanwhile government can also promote some SOEs to become the leader of modern industrial chain,which can provide strategic guidance and technical support for the digital transformation of other enterprises.Therefore,with government support,the digital transformation of SOEs will yield a more positive social impact,which can further promote the digital competitiveness of China's industrial chain and accelerate the digital transformation of the overall economy.The contributions of this paper can be seen in two aspects.First,in terms of theoretical contribution,this paper reveals the positive externalities of SOE's digital transformation.We prove that the digital transformation of SOE can achieve synergy between private and social benefits from both spillover effect and stabilizer effect,which will provide theoretical support for understanding the positive social impacts of SOE's digital transformation.Second,in terms of practical value,this paper explores four approaches to promote SOE's digital transformation and provides feasible ideas to accelerate their digitization process and strengthen the effect of digital empowerment.
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