当代经济科学2025，Vol.47Issue(5)：83-97,15.DOI:10.20069/j.cnki.DJKX.202505006
先行还是后发:数字化转型时机如何影响企业绩效?
Leader or Latecomer:How does the Digital Transformation Timing Affect Enterprise Performance?
摘要
Abstract
Building a digital China is not only an important engine to promote Chinese path to modernization in the digital era,but also a strong support to build a new competitive advantage of the country.Under the dual influence of the new technological revolution and government policies,the digital economy is rapidly developing in China.Many traditional enterprises have completed a shift towards the digital economy,but there are also many enterprises whose digital journey is not smooth sailing.The management practices indicate that different transformation strategies can profoundly affect the performance of enterprises. Based on this,this article constructs a mathematical model to analyze the logic mechanism behind the different impacts of different companies adopting"leader"or"latecomer"strategies on their performance.The research results show that the higher uncertainty associated with the"leader"strategy negatively impacts enterprise performance,while the"latecomer"strategy produces the opposite effect.Subsequently,to further validate the results derived from the theoretical model,this study takes Chinese manufacturing listed companies from 2011 to 2021 as the research subject.Using methods such as manual compilation and data scraping,it constructs statistical indicators reflecting"leader"and"latecomer"strategies and conducts empirical tests based on these.Empirical evidence confirms that enterprises adopting the"latecomer"strategy possess greater advantages during the digital transformation process,which statistically corroborates the findings of the aforementioned theoretical research. Specifically,for enterprises adopting the"leader"strategy,a high degree of uncertainty exists.The impact of this high uncertainty is manifested in two aspects.Firstly,against the backdrop of externalities in R&D behavior,social benefits are difficult to translate into corporate benefits,leading to efficiency losses in R&D for key technology pioneers during transformation,thereby negatively impacting enterprise performance.Secondly,high uncertainty increases financing risks for enterprises,exacerbates their financing constraints,and ultimately reduces performance.Correspondingly,enterprises undergoing"latecomer"digital transformation can reduce transformation risks,improve R&D efficiency,and alleviate financing constraints by leveraging technological spillover characteristics,thus positively impacting enterprise performance.Subsequently,this paper further discusses sample characteristics,finding that the impact of digital transformation strategy choice on performance exhibits heterogeneity across different types of enterprises.Finally,from the perspective of digital competitiveness,the paper analyzes why"leader"enterprises fail to form a first-mover advantage. Based on the above analysis,this paper concludes:The transformation approach of"crossing the river by feeling the stones"is problematic;it suppresses enterprise performance and thereby reduces the motivation for enterprises to adopt this strategy.Simultaneously,enterprises choosing to be digital"leader"exhibit a silver-bullet mindset,leading to a lack of long-term perspective.Consequently,their digital competitiveness is difficult to sustain,and they even fail to gain a first-mover advantage compared to"latecomer"enterprises.Therefore,in today's context of deepening digital economic development and rapid technological advancement,the government's proactive hand should and must encourage pioneering technological development and enhance endogenous innovation momentum.Only then can China achieve catch-up in international technological competition and better serve the modernization goals of high-level technological self-reliance and self-strengthening.Hence,the government should make every effort,through measures such as strengthening patent protection,to reduce the costs of exploration,enhance the innovation benefits for enterprises,and shift the advantage of enterprise digital transformation from"latecomer"to"leader".关键词
数字化转型/转型时机/后发优势/企业绩效/研发效率/资金约束Key words
digital transformation/transformation timing/later-advantages/enterprise performance/research and development efficiency/capital constraint引用本文复制引用
李勇,孙佳莹,魏婕..先行还是后发:数字化转型时机如何影响企业绩效?[J].当代经济科学,2025,47(5):83-97,15.基金项目
教育部人文社会科学规划基金项目"中国制造业企业数字化转型障碍的形成机理与治理对策研究"(23YJA790045) （23YJA790045）
国家自然科学基金青年项目"知识—地理双模网络视角下中国知识复杂度的测度及对全要素生产率影响研究"(72104201). （72104201）
