The impact of digital transformation on enterprise vitality – evidence from listed companies in China

The digital technology has injected new vitality into the development of enterprises, which is conducive to promoting the development of enterprises to improve quality and efficiency. Based on measuring the comprehensive index of enterprise digitisation and enterprise vitality, this paper discusses the influence and mechanism of digital transformation on enterprise vitality. It is found that digital transformation has a positive promoting effect on enterprise vitality, and with the improvement of the level of development vitality, it shows a marginal increasing trend, but with the evolution of the enterprise life cycle, it shows a marginal decreasing trend. Mechanism analysis shows that digital transformation promotes the vitality of enterprises mainly by improving productivity, alleviating information asymmetry and improving resource allocation. With the improvement of regional market integration, institutional quality, scientific and educational resources and industrial upgrading, digital transformation plays a more important role in promoting the vitality of enterprises. There exists obvious industry concentration, executive background and property right nature heterogeneity. The conclusion of this paper provides a series of empirical evidence for enterprises to digitally release their vitality and promote the high-quality development of enterprises.