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The impact of platform economy on enterprise value mediated by technological innovation

Author

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  • Pan, Xiongfeng
  • Wang, Yuqing
  • Zhang, Chengming
  • Shen, Zhiyang
  • Song, Malin

Abstract

Platform economy, a new economic form using an internet platform as the primary carrier to promote digital economy, could enhance the enterprise value. The existing researches mainly focus on the platform economy's micro-level effect, such as the performance of the industries. This paper empirically examines the platform economy's micro-level effect, i.e., on enterprise value as mediated by technological innovation, based on data from the listed enterprise from 2015 to 2020. The modeling results show that platform economy improves enterprise value, as supported by the positive value of the regression coefficient. The positive impact was mediated by the technological innovation ability of the enterprises, with a mediating effect of 27.30%. The heterogeneity test results show that platform economy positively impacts the enterprise value of state-owned and non-state-owned enterprises, where the impact is more significant in the former. The government should provide policy and financial assistance to non-state enterprises.

Suggested Citation

  • Pan, Xiongfeng & Wang, Yuqing & Zhang, Chengming & Shen, Zhiyang & Song, Malin, 2023. "The impact of platform economy on enterprise value mediated by technological innovation," Journal of Business Research, Elsevier, vol. 165(C).
    • Handle: RePEc:eee:jbrese:v:165:y:2023:i:c:s0148296323004095
    DOI: 10.1016/j.jbusres.2023.114051
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    6. Weilong Wang & Deheng Xiao & Jianlong Wang, 2025. "The Construction of Free Trade Zones Drives Digital Transformation: Empirical Evidence from Chinese Listed Enterprises," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 1204-1235, March.
    7. Zhan, Yuanzhu & Kumar, Ajay & Hosany, Sameer & Xia, Yusen & Schoenherr, Tobias & Xia, Lan, 2025. "Market competition in the platform economy: new insights, integrative framework and research agenda," Journal of Business Research, Elsevier, vol. 200(C).
    8. Li, Minyang & Du, Anna Min & Wang, Siquan & Lin, Boqiang, 2025. "Better financing: Signal match between growth in the digital economy and renewable energy business," Research in International Business and Finance, Elsevier, vol. 77(PA).
    9. Xianchun Liao & Jie Wang & Ting Wang & Meicun Li, 2023. "Green Credit Guideline Influencing Enterprises’ Green Transformation in China," Sustainability, MDPI, vol. 15(15), pages 1-22, August.
    10. Xing Zhao & Lu Hu & Yize Tang & Xinya Chen, 2025. "Does Platform Economic Development Affect Environmental Inequality? Empirical Evidence from China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(4), pages 14094-14118, October.

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