数字化转型、多元化经营与企业绩效

本文以既有研究为基础，考察了企业数字化转型如何改变多元化经营的绩效影响。文章采用2007—2020年中国A股上市公司数据，运用面板二值选择模型、模糊双重差分模型以及面板固定效应模型进行实证检验，同时使用传统多期双重差分模型进行对照。研究结果表明：数字化转型与多元化经营之间具有强大的协同作用。从事实上看，数字化转型能够提高企业开展多元化经营的概率，也能够提升企业多元化经营水平。从机理上看，数字化转型能够提升企业多元化经营的预期收益，并且这一效果在劳动密集型产业中最为明显。本研究综合运用资产专用性、范围经济等理论探究了数字化转型与多元化经营之间的联动效果，开创了对于多元化经营对企业绩效影响的新型研究视角。

Digital Transformation, Diversification and Corporate Performance

Based on existing research on diversification and corporate performance, a study was conducted on how corporate digital transformation changes the impact of diversity on performance. Using the data of Chinese A-share listed companies from 2007 to 2020, the panel binary selection model, the fuzzy differences-in-differences model and the panel fixed effect model were used for empirical testing, and the traditional multi-period difference-in-differences model was used for comparison. It turns out that there is a strong synergy between digital transformation and diversification. In fact, digital transformation can increase the prob-ability of enterprises to carry out diversification strategy, and improve the level of enterprise diversification. In terms of mechanism, digital transformation can improve the expected benefits of diversification, and this effect is most significant in labor-intensive industries. This study comprehensively uses the theories of asset specificity and scope economy to explore the linkage effect between digital transformation and diversification, creates a new research perspective on the impact of diversification on corporate performance.