Key points are not available for this paper at this time.
In the context of digital economy, information technologies such as Internet, big data and cloud computing continue to promote enterprise value creation. Based on the annual reports of Shanghai and Shenzhen A-share listed companies from 2014 to 2020, this paper constructs digital transformation indicators based on Word2Vec machine learning technology, divides the enterprise life cycle stages according to the symbol of cash flow of enterprise financing, investment and operating activities, and empirically analyzes the relationship between digital transformation and value creation from the perspective of enterprise life cycle using the ordinary least squares (OLS) method and the fixed-effects model. It is found that the digital transformation of enterprises can significantly contribute to enterprise value creation in growing enterprises, but not significant in mature enterprises. In addition, the effect of digital transformation on value creation in growing enterprises is more significant in high-competitive intensity and technology-intensive industries.
Tong et al. (Wed,) studied this question.