Research on the Impact of Enterprise Digital Transformation on Enterprise Value

Abstract

Enterprise digital transformation can help enterprises better respond to market changes, improve operational efficiency, reduce costs, and enhance their competitiveness and innovation capabilities. This paper takes A-share listed enterprises in Shanghai and Shenzhen from 2013 to 2023 as the original samples and focuses on exploring the impact of enterprise digital transformation on enterprise value. The main conclusions of this paper indicate that the enterprise digital transformation can significantly promotes the enhancement of enterprise value. The impact mechanism of enterprise digital transformation on enterprise value is manifested in two aspects: firstly, enterprise digital transformation can effectively reduce inefficient investment and thus promote the enhancement of enterprise value; secondly, enterprise digital transformation has a positive impact on audit opinions and thus promotes the enhancement of enterprise value. The heterogeneity test reveals that the promotion effect of digital transformation on enterprise value is more pronounced in the samples of small enterprises and non-state owned enterprises. This paper enriches the relevant research on enterprise digital transformation and helps encourage enterprises to actively promote digital transformation. It also provides theoretical basis and practical implications for the government to formulate policies to promote digital construction and strive for high-quality economic and social development.