Research On The Impact Mechanism Of Digital Transformation On Enterprise Performanc

Under the background of digital economy,digital transformation(DT)has become an significant measure for companies to respond to environmental change and seek development.Digitalization has deeply penetrated into the operation of enterprises and plays a vital role in enterprise performance.Since the 21 st century,as the main body of industrial transformation and upgrading,the uncertainty and complexity of its business environment have intensified,and the performance of enterprises is difficult to improve.For example,Chinese enterprises generally have problems such as lack of independent innovation ability,low quality of product supply,low efficiency of internal control,and the impact of the COVID-19,which makes the market performance of enterprises lack vitality.As one of the important practices to cope with the changes in the business environment,digital transformation is an important engine to enhance the vitality of China’s economy and improve the market performance of enterprises.Hence,it is essential to leap at the relationship between digital transformation and firm performance.On this basis,this study will take the technology innovation theory,information asymmetry theory and resource technology theory as the basis.So as to study the impact of DT on firm performanceand,attempts to break the mechanism "black box" between digital transformation and corporate performance from both internal and external aspects.Serving the data of A-share listed companies in Shanghai and Shenzhen of China from 2007 to 2021 as the study sample,a model is constructed about the impact of DT on enterprise performance,and the method of empirical analysis is used to test.It mainly contains the following three crucial ways: First,study the impact of DT on firm performance;Second,analyze the possible heterogeneity according to the nature of enterprise property rights and whether it is a high-tech enterprise.Third,from the internal and external perspectives of the mechanism,explore the intermediary role of innovation capability,internal control and supply chain integration,and analyst attention in the impact of digital transformation on enterprise performance.This paper draws the following conclusions through research: First,DT has a significant positive impact on firm performance,and DT can improve firm performance;Secondly,compared with non-state-owned enterprises and high-tech enterprises,DT has a more obvious effect on enterprise performance;Thirdly,from the internal and external perspectives of the mechanism,DT has improved enterprise performance by improving innovation capability,internal control,supply chain integration and analysts’ attention.They all play a part of intermediary role in the relationship between the two.This paper uses the text analysis method to measure DT,expands the relevant research on digital transformation and enterprise performance,and supplements and improves the intermediate mechanism of digital transformation affecting enterprise performance from both internal and external perspectives,which has certain theoretical and practical significance.The main contributions of this paper are as follows: by studying the impact of DT on enterprise performance,it provides rich theoretical support for enterprises to carry out digital transformation;From the internal and external perspectives of the enterprise,this paper discusses the mechanism of the impact of DT on enterprise performance,and further discusses it through the heterogeneity test to analyze whether there are differences in the impact of enterprises with different property rights or whether they are high-tech enterprises on their performance,which enriches the research on the impact of enterprise digitalization on enterprise performance;Finally,it provides ideas and references for enterprises to implement DT and the government to promote DT.