Paper Infomation
Digital Transformation and Resource Allocation Based on the Industry Perspective
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Author: Jinlu Lai
Abstract: Currently, industry-level digital transformation is the most direct manifestation of the digital economy in the industry, and the high-quality development of the economy is inseparable from the rational allocation of resources. However, the effect of industry-level digital transformation on resource allocation is still unclear, and the channel mechanism between the two has not been precisely studied. Therefore, an in-depth exploration of this issue is of great value both theoretically and practically. Using the data of Chinese A-share listed companies from 2009 to 2020, this paper portrays the digital transformation level of enterprises through text analysis, and calculates the digital transformation degree indicator at the industry level based on the digital transformation level of each company in the industry. From the perspective of industry, this paper empirically examines the impact of industry-level digital transformation on industry resource allocation. It is found that: first, the improvement of the level of digital transformation at the industry level has significantly reduced the separation of total factor productivity in the industry and improved the phenomenon of resource misallocation in the industry, and this effect is more significant when the proportion of large-scale enterprises in the industry is higher and the proportion of high-tech enterprises is lower. The main conclusions remain unchanged after the robustness test. Second, the mechanism test shows that the increase in the level of digital transformation at the industry level has improved the efficiency of industry resource allocation through factor input and capital financing channels. Third, the improvement of the degree of digital transformation at the industry level not only can Improved resource allocation can also help improve the overall productivity level of the industry.
Keywords: Industry-level Digital Transformation, Resource Allocation, Text Analysis Method
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