Digital Transformation and Firm Value: Empirical Evidence from Chinese Listed Companies
DOI:
https://doi.org/10.6981/FEM.202508_6(8).0019Keywords:
Digital Transformation; Firm Value; Total Factor Productivity; R&D Investment.Abstract
Against the background of the rapid development of the digital economy, digital transformation has become an important strategic means for firms to enhance their core competitiveness and market value. This paper takes listed companies in China’ s Shanghai and Shenzhen A-share markets from 2012 to 2023 as samples to empirically test the impact of digital transformation on firm value, and explores its mechanism and heterogeneity characteristics. The research finds that digital transformation significantly improves firm value, and this effect is mainly achieved by improving resource allocation efficiency and enhancing technological innovation capability. Further heterogeneity analysis shows that digital transformation has a more significant value-promoting effect in non-state-owned enterprises, highly competitive industries, and firms facing high financing constraints. This study enriches micro-level evidence on the digital economy’ s impact and offers theoretical and practical inspiration for firms and policymakers to tailor strategies based on firm characteristics.
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