Market Segmentation and Enterprise Digital Transformation:Mechanisms,Countermeasures and Heterogeneity Characteristics
Against the backdrop of accelerating the construction of a unified national market and creating new advantages in the digital economy,it is of great significance to explore the digital transformation of micro entities from the perspective of regional market segmentation.Drawing from data on A-share listed companies from 2011 to 2021,this study investigates the impact and mechanism of market segmentation on enterprise digital transformation.The study shows that market segmentation significantly inhibits enterprise digital transformation,primarily through cost escalation,worsening financial constraints,reducing market competition,and constraining market demand.Heterogeneity analysis indicates a stronger inhibitory effect on digital transformation among firms with higher leverage,lower stock informativeness,higher asset specificity,and common institutional investors.Furthermore,the study finds that the development of high-speed rail networks can notably alleviate market segmentation's adverse effects on digital transformation.This research systematically unveils regional market segmentation's influence on enterprise digitalization,offering theoretical groundwork and policy insights for advancing the construction of a unified national market and promoting enterprise digital transformation.
Unified National MarketMarket SegmentationDigital TransformationHigh-Speed Rail