Research On The Impact Of Enterprise Digitization On The Performance Of Listed Enterprises

As China’s digital economy embarks on a comprehensive,diversified and in-depth development path,the government has repeatedly emphasised the need to accelerate the integration of digital technologies and industries into the economic development process,as well as the active interaction and use of digital technologies in industry.At a time when the epidemic is gradually winding down,new digital technologies will be a powerful weapon for enterprises to improve their business opportunities.As the most important micro-entity,enterprises are an important vehicle for the digital transformation of society.Digital transformation is a process in which opportunities and challenges coexist.Studying the digital transformation of companies is a new topic that has attracted attention from national and international researchers.From a practical point of view,it is therefore very important to analyse the impact of the digital transformation of firms on their productivity and the relevant impact pathway.This document analyses the current situation and the gaps between the sector’s digital development and the current state of play,and examines the challenges and problems associated with digital business transformation,explores whether digital business transformation can improve business performance,and focuses on the impact pathway of digital business transformation-knowledge discovery-business performance.Taking relevant data on listed companies between 2010 and 2020 as a sample,we first explore the link between digital transformation and company performance at a theoretical level,based on the direct or indirect impact of disclosure quality on company performance,to further analyze the impact of digital transformation on key industries.In addition,the focus will be on exploring the impact of ownership heterogeneity analysis on firm performance.Second,in terms of empirical analysis,the frequency of words related to "corporate digital transformation" is mainly obtained from the annual reports of listed companies to describe the extent of corporate digital transformation,the Tobin’s Q value is used to assess corporate performance and the Trans index is used to assess the quality of corporate disclosure.In order to investigate the link between firms’ digital transformation and firms’ performance,this paper builds a fixed effects model for the empirical study and then further explores the differences across sectors using sectoral regression(manufacturing,wholesale and retail trade,information technology);at the same time,controlling for heterogeneity,this paper additionally controls for ownership,such as SOEs and non-SOEs,to investigate whether these different ownerships.The results show that digital transformation can make a significant contribution to business performance.Further research shows that disclosure plays an indirect role in improving firm performance through digital transformation;The information technology industry is more driven by digital transformation;compared to non-SOE firms,digitalization in SOEs has a greater impact on firm performance;Robustness checks also have general results.The validation results show that this empirical feedback is robust and the model is very stable and reliable.Finally,based on the results of the survey,some countermeasures and recommendations are given to help companies implement the digital transformation.Digital transformation is a good way for firms to improve their performance.Digital transformation of companies should be properly managed and actively supported by the government.Businesses should also take the lead in developing their own transformation strategy appropriate to their local circumstances.In addition to increasing investment in digital resources,companies should also focus on improving synergies between digital resources.