Abstract
PurposeThe main purpose of this paper is to explore the impact of digital transformation on enterprises' performance considering financing constraints in the capital market to explore whether digital transformation improves enterprises' performance through the financing constraints channel.Design/methodology/approachThis study, using a panel data set of 14,669 observations of 2,858 non-financial enterprises that issued A shares on the Shanghai and Shenzhen stock exchanges from 2013 to 2019, theoretically and empirically tests the impact and mechanism of digital transformation on enterprise performance.FindingsDigital transformation has a significant positive effect on enterprise performance; this conclusion remains the same after the robustness test and endogeneity problems are dealt with. Financing constraints play a mediation role between digital transformation and enterprise innovation. The effect of digital transformation on enterprise performance varies significantly by size, ownership and industry.Originality/valueThe theoretical contributions of this study not only enrich the literature on the economic benefits and mechanism of digital transformation but also expand the literature on the factors that influence enterprise performance. The practical contribution of this study is the reference that it provides for implementing decisions about enterprise digital transformation and formulating differentiated policies for government digital transformation.
Subject
Management of Technology and Innovation
Reference54 articles.
1. Mastering digital transformation: the nexus between leadership, agility, and digital strategy;Journal of Business Research,2022
2. Shaping liquidity: on the causal effects of voluntary disclosure;Journal of Finance,2014
3. Forecasting sales in the supply chain: consumer analytics in the big data era;International Journal of Forecasting,2019
4. Strategic orientations, developmental culture, and big data capability;Journal of Business Research,2019
5. Human capital, technology adoption and firm performance: impacts of China's higher education expansion in the late 1990s;Economic Journal,2018
Cited by
5 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献