Can digital technology innovation contribute to firms' market value?

Autor: Ran L; School of Mathematics and Statistics, Beijing Technology and Business University, Beijing, China., Zhang Q; School of Mathematics and Statistics, Beijing Technology and Business University, Beijing, China., Li X; School of Mathematics and Statistics, Beijing Technology and Business University, Beijing, China.
Jazyk: angličtina
Zdroj: PloS one [PLoS One] 2024 Sep 05; Vol. 19 (9), pp. e0309993. Date of Electronic Publication: 2024 Sep 05 (Print Publication: 2024).
DOI: 10.1371/journal.pone.0309993
Abstrakt: With the rapid development of digital technology, digital technology innovation has become a core driver of China's economic development. Thus, this study uses A-share listed companies from 2003 to 2021 as the research sample. The digital patents of firms are identified to portray the level of digital technology innovation by matching the digital economy industry classification code, national economy industry classification code, and IPC number. Considers the economic effect of digital technology innovation from the perspective of firm market value. It is found that digital technology innovation significantly contributes to the increase in firm market value, and this finding still holds when robustness tests are performed. Mechanistic tests have shown that digital technology innovation affects firm market value by driving digital transformation, promoting productivity, and enhancing market profitability. Further analysis reveals that digital technology innovation has a more significant effect on increasing firm market value for large, non-state, capital-intensive, technology-intensive and low internal control costs firms. This study verifies the enabling effect of digital technology innovation on the development of the real economy at the micro level, and provides insights for the optimization of China's digital technology innovation policies and the formulation of firms' digital development strategies.
Competing Interests: The authors have declared that no competing interests exist.
(Copyright: © 2024 Ran et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)
Databáze: MEDLINE
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