用杜邦分析方法解数字化转型“黑匣子”

Using DuPont Analysis Method to Solve the "Black Box" of Digital Transformation

摘要:

目前数字化转型是一个未解的“黑匣子”。本文利用2010-2020年制造业上市企业为研究样本,采用杜邦分析方法,从财务角度分析数字化转型对企业盈利能力的影响。结果显示：数字化转型能提升制造业企业的盈利能力；机制研究发现,数字化转型能通过提升资产周转率、降低财务杠杆,但销售利润率的中介效应不显著；异质性分析结果显示：数字技术的应用能促进企业盈利能力提升,但人工智能、大数据、云计算、区块链技术并不能提升企业盈利能力；数字化转型促进了大型和民营企业的盈利能力,抑制了小型和外资企业的盈利能力,而对中型和国有企业的能力没有显著影响;进一步分析发现,营业成本和管理费用的上升是数字化转型造成企业盈利能力下降的主要原因。

Abstract:

At present, digital transformation is an unsolved "black box". This paper uses the listed manufacturing enterprises from 2010 to 2020 as the research sample, and uses DuPont analysis method to analyze the impact of digital transformation on corporate profitability from a financial perspective. The results show that digital transformation can improve the profitability of manufacturing enterprises; Mechanism research shows that digital transformation can improve asset turnover and reduce financial leverage, but the intermediary effect of sales profit margin is not significant; The heterogeneity analysis results show that the application of digital technology can promote the profitability of enterprises, but artificial intelligence, big data, cloud computing, and block chain technologies cannot improve the profitability of enterprises; Digital transformation promotes the profitability of large and private enterprises, inhibits the profitability of small and foreign enterprises, but has no significant impact on the capacity of medium-sized and state-owned enterprises; Further analysis found that the rise in operating costs and administrative expenses was the main reason for the decline in corporate profitability caused by digital transformation.