The Impact of Digital Transformation on the Market Value of Sports Enterprises: An Empirical Study based on A-share Listed Sports Companies

Abstract

As the digital economy keeps evolving, the way we value sports enterprises is changing fast-and it’s shaping where the industry heads next. In this paper, I dig into how digital transformation lifts the market value of these companies and figure out what’s really fueling that growth. First, I use Python to scrape annual reports and pull out the data that matters. Then I put those numbers to work with a two-way fixed-effects model, testing the core ideas directly. The results stand out: digital transformation isn’t just a buzzword-it’s a big reason why sports enterprises see their market value climb, and this effect remains strong even after rigorous checks. Mediation tests further indicate that digital transformation boosts market value through three mechanisms: relaxing financing constraints, elevating total factor productivity, and stimulating innovation expenditure. To capture the interplay among different digital technologies, we additionally employ fuzzy-set qualitative comparative analysis (fsQCA). From a configurational standpoint, several distinct paths leading to high market value are uncovered – such as the "big-data-and-cloud-computing-led" path – confirming the "multiple conjunctural causation" nature of digital transformation outcomes. Theoretically, this research enriches studies on digital transformation in specialized industrial contexts. Methodologically, it combines econometric regression with configurational analysis and thereby provides a new analytical perspective. Practically, the findings offer concrete guidance for sports enterprises in formulating differentiated digital transformation strategies and optimizing resource allocation, while also providing empirical support for relevant policymaking.