Digitalization is an iconic feature of economic and social development in the new era and is vital for the high-quality development of enterprises.Digital investment affects the level of digitization,which,in turn,affects business performance.This study employs a sample of listed companies from 2010 to 2021 to examine the impact of digital investment on the volatility of operating performance.The study finds that the greater a company's scale of digital,the less volatile its operating performance and the greater its stability.The mechanism test shows that digital investment can lessen performance volatility by increasing R&D investment,improving production efficiency,and optimizing internal control.The heterogeneity analysis shows that the impact of digital investment on performance volatility is more obvious when the sample enterprises have a high strategic difference and are in mature industries and manufacturing.This article enriches the research on the economic consequences of digital investment and provides listed companies a point of reference for their efforts to increase their level of digitization and reduce the volatility of their performance.
关键词
数字化投资/业绩波动性/研发投入/生产效率/内部控制
Key words
digital investment/performance volatility/R&D investment/productivity efficiency/internal control
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