The Impact of Digital Transformation on Enterprise Market Value: Evidence from Listed Manufacturing Companies

Abstract

In the context of the rapid development of the current digital economy, digital transformation has become a key factor affecting corporate market value. This study used empirical analysis methods to explore the specific impact of digital transformation on corporate market value by taking A-shares listed manufacturing companies in Shanghai and Shenzhen from 2011 to 2022 as samples. We selected ESG as the intermediary variable and internal control as the moderating variable to reveal their intermediary and moderating effects between digital transformation and corporate market value. To ensure the robustness of the research results and eliminate, we also conducted corresponding robustness tests. After careful research, the following conclusions were drawn: There is a significant positive correlation between the degree of digital transformation and corporate market value, that is, the higher the degree of digital transformation, the higher the market value of manufacturing companies. In addition, the study found that manufacturing companies can improve their ESG level through digital transformation, which in turn has a positive impact on their market value. At the same time, internal control plays an important moderating role in this process. This study provides useful reference for enterprise decision makers, helping them better understand the impact mechanism of digital transformation on corporate market value, thus providing decision support for enterprises in formulating and implementing digital transformation strategies.

Keywords: digital transformation, enterprise market, value manufacturing industry

DOI: 10.7176/EJBM/16-10-11

Publication date: December 30th 2024