数字化转型如何影响民营能源企业绩效？——来自中国上市企业年报文本识别的经验证据

数字化转型赋予了企业新的发展动能,这进一步影响到民营能源企业的经营绩效与绿色低碳转型目标的实现。本文基于沪深A股上市民营能源企业2012-2021年的数据,借助爬虫技术归集企业年报中的“数字化转型”关键词,创新性地刻画出企业数字化转型程度,并实证检验数字化转型对民营能源企业绩效的影响及其渠道机制。研究表明,数字化转型有助于提升民营能源企业绩效,这一结论在经过一系列稳健性检验后依旧成立。从渠道路径来看,数字化转型能够推动技术创新和提高运营能力,这些都有助于促进民营能源企业的绩效增长。就不同企业而言,数字化转型对民营能源企业绩效的驱动效果有着较强的非对称性特征,具体而言,对于东部企业、大型企业、成长型企业以及新能源企业,其提升效应更为显著；对于中西部企业和小型企业而言,数字化转型的绩效驱动力最差。

How Does Digital Transformation Affect the Performance of Private Energy Enterprises? Evidence from the Text Recognition of the Annual Reports of Listed Companies in China

Digital transformation has given enterprises new development momentum, which further affects the business performance of private energy enterprises and the achievement of their green and low-carbon transformation goals. Based on the data of Shanghai and Shenzhen A-share listed private energy enterprises from 2012 to 2021, this paper collects the keywords of “digital transformation” in the annual reports of enterprises with the help of crawler technology, innovatively portraying the degree of digital transformation of private energy enterprises and empirically examining the impact of digital transformation on the performance of private energy enterprises. The results indicate that digital transformation significantly improves the performance of private energy firms, and this finding remains valid after a series of robustness checks. In terms of channel paths, digital transformation can drive technological innovation and improve operational capabilities, all of which contribute to the performance growth of private energy firms. For different firms, the driving effect of digital transformation on the performance of private energy firms has strong asymmetric characteristics. Specifically, the enhancement effect is more significant for eastern firms, large firms, growing firms, and new energy firms. For the central and western firms and small firms, the performance driving effect of digital transformation is the least significant.