A Study on the Impact Pathways of Digital Transformation on Corporate Value

Hongyuan Ma

doi:10.54097/qwqenr13

Authors

Hongyuan Ma

DOI:

https://doi.org/10.54097/qwqenr13

Keywords:

digital transformation; digital economy; enterprise value; digital technology.

Abstract

With the development of the digital economy, digital transformation has become one of the important means of developing new quality productive forces and also one of the important ways for enterprises to pursue the enhancement of their value. This paper takes the listed companies on China's A-shares market from 2010 to 2020 as the research sample to empirically test the impact of digital transformation on corporate value and its mechanism. The paper first conducts an empirical study on the relationship between digital transformation and corporate value, and then discusses the impact mechanism through heterogeneity, robustness methods, and further discussions. The results show that digital transformation can significantly promote the improvement of corporate value levels. The scale of enterprises and their marketing channels play a partial mediating role in the impact of digitalization on corporate value. Heterogeneity analysis found that the positive impact of digital transformation on the value creation of young enterprises, enterprises in the eastern region, and non-state-owned enterprises is more significant. This study reveals the mechanism by which digital transformation affects corporate value and also provides policy implications for the government to formulate relevant policies to empower enterprises with digital transformation.

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