ENTERPRISE DIGITIZATION

Abstract

In recent years, with the rapid advancement of information technology, enterprise digital transformation has emerged as a key driver for promoting high-quality economic development. Digital transformation is not merely an optional course for businesses to adapt to the digital economy era; it is also an indispensable route to enhancing competitiveness and achieving sustainable development. The report of the 20th National Congress of the Communist Party of China, held in China, explicitly called for "accelerating the development of the digital economy and promoting the deep integration of the digital economy with the real economy," providing policy guidance and strategic direction for corporate digital transformation. However, enterprises encounter a multitude of challenges in their pursuit of digital transformation, including yet not limited to: inadequate technological capabilities, insufficient capital investment, and a paucity of digital talent. These factors impose significant constraints on the pace of digitalization. Consequently, conducting in-depth research on the driving factors, operational mechanisms, and economic consequences of enterprise digital transformation is of significant theoretical and practical importance for advancing this process.The extant research is chiefly concentrated on the following areas: First, with regard to the drivers of corporate digital transformation, studies have examined both external environmental factors and internal factors. With regard to the external environment, factors such as market access systems, economic growth targets, and the establishment of free trade zones have been shown to exert a significant influence on corporate digital transformation[a]. The internal dynamics of corporate shareholder governance and the characteristics of executive teams have been shown to exert a significant influence on the process of digital transformation. Secondly, with respect to the ramifications of digital transformation, extant research suggests that it can substantially augment firms' total factor productivity, innovation capabilities, and market value. However, extant studies seldom provide systematic analyses from perspectives such as talent support and policy environments. Additionally, research on signal management related to digital transformation and its effects on market value remains insufficient.