Impact of digital transformation on the value of textile and apparel enterprises
China's digital economy exceeded 50 trillion yuan in 2022,accounting for 41.5 percent of GDP.As the main focus of the development of the digital economy,the digital transformation of enterprises is the in-depth integration of digital technology and production methods,which contributes to reshaping an enterprise's business model and enhancing its innovation capability,and has a positive impact on both enterprise value and enterprise performance.The textile and apparel industry,as a traditional manufacturing industry in China,is one of the important pillar industries of China's national economy.The digital economy can empower textile and apparel enterprises,and gradually promote the digital transformation of enterprises,which is of great significance to achieving the high-quality development of the textile and apparel industry and the sustainable development of enterprises.However,at present,the digital transformation of textile and apparel enterprises lacks theoretical and empirical guidance.The digital transformation path and the impact of digital transformation on enterprise value have not yet been clarified.Therefore,based on the theoretical foundation of previous literature,this paper takes textile and apparel enterprises as the research object and empirically studies the relationship between digital transformation and the enterprise value of textile and apparel enterprises.It aims to deeply analyze and explore the mechanism of the impact of the digital transformation of textile and apparel enterprises on enterprise value,so as to provide ideas and suggestions for the digital transformation of textile and apparel enterprises and the improvement of enterprise value.Firstly,this paper divided the digital transformation of textile and apparel enterprises into four dimensions based on TOE(Technology-Organization-Environment)theory,including strategic leadership,organizational empowerment,technology driving,and environmental support.By summarizing the previous literature,the theoretical assumptions between the above dimensions and enterprise value were proposed.Secondly,enterprise value was taken as an explanatory variable and Tobin's Q was selected to measure the level of enterprise value.The four dimensions of digital transformation of textile and apparel enterprises were taken as explanatory variables,and the measurement indexes of the four dimensions were selected respectively.Moreover,the entropy value method was used to assign weights to the measurement indicators to quantify the digital transformation of textile and apparel enterprises.Enterprise size,asset-liability ratio,and the ratio of cash to total assets were used as control variables.The theoretical model between the explained variables,explanatory variables,and control variables was constructed to test the impact of the digital transformation of textile and apparel enterprises on enterprise value.Thirdly,the textile and apparel enterprises were screened from the A-share listed companies in Shanghai Exchanges and Shenzhen Exchanges,and the annual data of the enterprises from 2017 to 2021 were selected as the initial sample.The initial samples were preprocessed,and finally,61 textile and apparel enterprises were chosen,containing annual panel data with a total of 305 observations from 2017 to 2021.The data were analyzed by standardization and descriptive statistics.According to the results of descriptive statistics,it can be observed that part of the data has a wide range of polarity,which indicates that there are obvious differences in the level of digital transformation of textile and apparel enterprises.In order to ensure the robustness of the subsequent analysis,this article carried out logarithmic processing of the data.Finally,Stata software was used to carry out the Hausman test on the model,and the random effect model was used to carry out regression analysis and test the proposed theoretical assumptions.This study focuses on textile and apparel enterprises and divides the dimensions of digital transformation of textile and apparel enterprises,enriches the research perspective of digital transformation of enterprises,and empirically explores the impact of specific dimensions of digital transformation on enterprise value.The results of the study demonstrate that organizational empowerment,technology driving and environmental support of textile and apparel companies have a significant positive impact on enterprise value.The effects on enterprise value in descending order are:environmental support,technology driving,and organizational empowerment.Strategic leadership has no significant effect on enterprise value of textile and apparel enterprises.The above conclusions can provide theoretical guidance for the digital transformation of textile and apparel enterprises,and provide targeted suggestions for accelerating the digital transformation of enterprises and increasing enterprise value.In future research,the sample size can be further expanded.At the same time,the digital transformation of textile and apparel enterprises in different regions of China can be compared and analyzed to understand the advantages and shortcomings of the development of textile and apparel enterprises in China.It is necessary to conduct a more profound and comprehensive discussion on the impact of digital transformation of textile and apparel enterprises on enterprise value by combining with questionnaire research and other methods.
textile and appareldigital economyenterprise digitalizationdigital transformation pathenterprise valueempirical study
万方数据
维普
