The Impact of Digital Transformation on Corporate Performance:The Mediating Effect of Deleveraging
Based on data from Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2021,this paper systematically examines the impact and underlying mechanisms of digital transformation on corporate performance.It is found that there is a significant positive correlation between digital transformation and corporate performance,which remains valid after multiple robustness and endogeneity tests.From the perspective of mechanism,digital transformation improves corporate performance by reducing financial leverage,operational leverage,and total leverage.Heterogeneity analysis found that there are asymmetric results in the impact of digital transformation on corporate performance,with digital transformation having a more significant effect on improving performance for enterprises located in low economic policy uncertainty,eastern regions,high-tech industries,and capital and technology intensive industries.
digital transformationcorporate performancecorporate leverage
NETL
NSTL
万方数据
