How Digital Technology Can Enhance Firms’ Value: From the Perspective of the Construction and Real Estate Industries

With the rapid development of digital economy, it is significant to explore the relationship between digital technology innovation and firms’ value from the perspective of different industries. Based on the sample of China’s A-share listed companies from 2006 to 2021, this paper uses a fixed effects model to investigate the impact of digital technology innovation on firms’ value in the construction industry and real estate industry. This study reveals that (1) Digital technology innovation can positively improve firms’ value in construction industry and real estate industry. (2) In the construction industry, digital technology innovation improves firms’ value through digital basic technology transformation, while in the real estate industry, it enhances firms’ value through digital scenario application transformation. (3) The positive relationship between digital technology innovation and firms’ value is more significant in non-state-owned and small-scale construction enterprises, as well as in state-owned and large-scale real estate enterprises.