Digital Transformation and Enterprise Capital Market Value-added:A Discussion on Market Competition and Government Transfusion
Taking the non-financial Shanghai and Shenzhen A-share listed enterprises from 2009 to 2021 as a research sample,this paper explores the reasons for the formation of enterprise digital transfor-mation and capital market value added,starting from industry competitiveness and government blood trans-fusion.It is found that from the perspective of enterprises,the use of digital technology effectively en-hances their competitiveness in the industry,which is reflected in the increase of enterprise sales scale and operating income,and has the typical characteristics of"traffic acquisition",which creates a foundation for enterprises to obtain capital favour.From the perspective of institutional factors,the Chinese govern-ment's financial subsidies have achieved the transfusion effect of digital transformation of enterprises and obtained higher-value capital market valuation,while tax incentives have not achieved the effect of policy support.In addition,the digital transformation of enterprises has brought about capital market valuation,which has effectively promoted the comprehensive increase of labour income in China.The above study is useful for understanding the logic of capital operation,the focus of fiscal and tax policy optimization,and the importance of vocational training in the job market in China's digital economy era.
Digital transformationCapital market valueIndustry competitivenessGovernment blood transfusion
万方数据
维普
