数字化转型如何影响企业利润率——数字经济视角下的机制与经验研究

在数字经济时代背景下，企业数字化转型已成为赋能企业发展新动能的重要路径。基于2001~2019年上市公司数据经验探究数字化转型对于企业利润率的作用效果及具体机制。研究发现，企业数字化转型显著提高了企业利润率。通过使用系统GMM以及工具变量法进一步处理内生性问题后，这一结论依然成立。企业数字化转型主要通过提高企业的生产效率以及降低企业外部交易成本两个机制，有效促进了企业利润率的提升。这不仅扩大了企业数字化转型经济效应的研究范畴，也可对数字化相关政策的制定以及为驱动企业数字化转型提供一定经验依据。

How does digital transformation affect corporate margins-Research on mechanism and experience from the perspective of digital economy

In the context of the digital economy era, enterprise digital transformation has become an important path to enable enterprises to develop new momentum. Based on the data experience of listed companies from 2001 to 2019, this paper explores the effect and specific mechanism of digital transformation on corporate profitability. The research found that the digital transformation of enterprises has significantly improved the profit margin of enterprises. This conclusion is still valid after further dealing with endogenous problems by using system GMM and tool variable method. Moreover, the digital transformation of enterprises has effectively promoted the improvement of enterprise profit margin through two mechanisms, namely, improving the production efficiency of enterprises and reducing the external transaction costs of enterprises. This not only expands the scope of research on the economic effects of enterprise digital transformation, but also provides some empirical basis for the formulation of digital related policies and driving enterprise digital transformation.