A Study on the Impact of Digital Transformation on Enterprise High-Quality Development

Using A-share listed companies from 2010 to 2021 as samples, this paper employs fixed-effect models and instrumental variable approaches to examine the impact, mechanisms, and heterogeneity of digital transformation on high-quality development of enterprises. The findings indicate that digital transformation significantly promotes high-quality development, a conclusion that remains robust after a series of robustness and endogeneity tests. Mechanism analysis reveals that digital transformation empowers high-quality development through three channels: enhancing innovation, optimizing internal control, and alleviating information asymmetry. Heterogeneity analysis shows that the promotion effect is more pronounced in state-owned enterprises and manufacturing firms. This paper provides empirical evidence for enterprises to formulate differentiated digital strategies and offers policy implications for governments to improve digital financial systems and industrial support policies.