信息化研究

在数字经济蓬勃发展的当下，企业数字化运营成为关键议题。本研究以近几年竞争性国有上市公司为样本，探究数字化运营对企业业绩的影响。现有研究对该影响尚未达成共识，且缺乏对不同类别企业的区分研究。本文基于委托代理、组织变革、信息不对称等理论提出假设，构建多元回归模型进行实证分析。研究发现，数字化运营能显著提升企业业绩。具体而言，它可通过提高运营能力，如优化供应链、生产和销售流程，促进业绩增长；还能增强监督能力，抑制管理层自利行为、降低股东间利益冲突，进而提升业绩。同时，市场化程度对数字化运营与企业业绩的正向关系有显著促进作用。异质性分析表明，数字化运营对小规模、低负债率、成熟期、衰退期以及客户集中度较高的企业业绩提升效果更明显。经过工具变量法、倾向得分匹配法等多种稳健性检验，结论依然可靠。本研究从影响机理和异质性两方面丰富了数字化运营影响企业业绩的文献，为竞争性国有企业数字化运营实践提供经验证据，有助于企业在改革中更好地利用数字技术提升竞争力，也为其他企业数字化转型提供参考。

In the current era of vigorous development of the digital economy, digital operation of enterprises has become a key issue. This study takes competitive state-owned listed companies in recent years as samples to explore the impact of digital operation on enterprise performance. Existing research has not yet reached a consensus on this impact, and there is a lack of differentiated studies on different types of enterprises. This paper proposes hypotheses based on theories such as principal-agent, organizational change, and information asymmetry, and constructs a multiple regression model for empirical analysis. Research has found that digital operation can significantly enhance corporate performance. Specifically, it can promote performance growth by enhancing operational capabilities, such as optimizing the supply chain, production and sales processes. It can also enhance supervisory capabilities, curb self-interested behaviors of management, reduce conflicts of interest among shareholders, and thereby improve performance. Meanwhile, the degree of marketization has a significant promoting effect on the positive relationship between digital operation and enterprise performance. Heterogeneity analysis indicates that digital operation has a more significant effect on improving the performance of small-scale enterprises, those with low debt ratios, mature and declining enterprises, and those with high customer concentration. After various robustness tests such as the instrumental variable method and propensity score matching method, the conclusion remains reliable. This study enriches the literature on the impact of digital operations on enterprise performance from both the aspects of influence mechanism and heterogeneity, providing empirical evidence for the digital operation practices of competitive state-owned enterprises. It helps enterprises better utilize digital technologies to enhance their competitiveness during reform and also offers a reference for the digital transformation of other enterprises.