Research on the Impact of Digital Technology Innovation on Enterprise Value

Abstract

The report of the 20th National Congress of the Communist Party of China pointed out: "Accelerate the development of the digital economy and promote the deep integration of the real economy and the digital economy." Digital technology is the technical support for the digital economy. With the acceleration of the digitalization process of the entire society, more and more enterprises have begun to adopt emerging technologies such as artificial intelligence, big data, cloud computing, and blockchain. These technologies play an important role in improving the operational efficiency of enterprises, optimizing resource allocation, and enhancing customer experience. The continuous innovation of digital technology also has a significant impact on the market value of enterprises in the digital era. Therefore, this paper studies the relationship between digital technology innovation and enterprise market value of China's listed companies from 2013 to 2020, and draws the following conclusions: Digital technology innovation can significantly enhance the market value of enterprises, but the above improvement effect only holds true for small and medium-sized enterprises, private enterprises, highly competitive industries, and low-tech traditional industries. The research in this paper expands the scope of research on the effects of the digital economy at the micro level, providing useful references for the Chinese government to optimize digital economy policies and for enterprises to formulate digital innovation strategies.