Digital transformation and investment decisions: A corporate performance perspective

This research aimed to investigate whether digital transformation affects firms' investment decisions and the mediation effect of investment decisions between digital transformation and corporate performance.We divide the investment decisions into research and development (R&D) investment and financial investment.Our results conclude that digital transformation increases R&D investment and financial investment.However, the effects of R&D investment and financial investment on corporate performance are different.R&D investment improves corporate performance while the financial investment inhibits corporate performance.Our research provides more detailed guidance for enterprise digital transformation.