The Impact of Digitalization on Firm Value Based on the Level of Innovation and Risk-taking
This paper selects all A-share listed manufacturing companies as research subjects and applies the jieba compo-nent in Python for text mining of annual report contents to calculate the corporate digitization index.It empirically examines the impact of micro-level corporate digitization on corporate value,considering the mediating role of the innovation level and the moderating role of the risk-taking level.The results indicate that corporate digitization significantly enhances cor-porate value,and the innovation level partially mediates the impact of digitization on corporate value,while the risk-taking level negatively moderates the effect of corporate digitization on corporate value.It not only reveals the mechanism of the im-pact of digitization on corporate value,providing a theoretical basis for further integration of the digital economy and the manufacturing industry but also offers important policy implications for formulating manufacturing company's strategic guide-lines and promoting the high-quality development of the industry.
digitizationinnovation levelrisk-taking levelcorporate value
万方数据
维普
