Research on the Impact of Digital Transformation on Corporate Performance:An Empirical Analysis from the Perspectives of Digital Depth and Breadth
How digital technology impacts corporate performance has become a widely discussed topic in academia today.This paper constructs a digital vocabulary network from the annual reports of A-share listed companies in China to assess the degree of firms'integration within the digital network,subsequently generating indicators for the depth and breadth of digital transformation to investigate their impact on corporate performance.We find that the depth of digital transformation significantly enhances corporate performance,while the impact of the breadth of digital transformation on corporate performance follows an inverted U-shaped relationship.Further analysis indicates that the period expense ratio and total asset turnover rate are potential channels through which the breadth of digital transformation affects corporate performance.Additionally,heterogeneity tests reveal that the relationship between digital transformation and corporate performance is more pronounced in labor-intensive firms and those with strong internal control capabilities,further validating the study's conclusions.Based on these findings,this paper offers policy recommendations,providing novel insights into the intricate dynamic relationship between digital transformation and corporate performance and offering strategic guidance for advancing the digital transformation initiatives of Chinese enterprises.
Digital TransformationCorporate PerformanceDigital BreadthDigital DepthNatural Language Processing
NETL
NSTL
万方数据
