A Study on the Impact of Digital Transformation on Enterprise Performance: The Mediating Role of Dual Innovation and the Moderating Role of Management Power

Digital transformation and technological innovation have an essential impact on enterprise performance, and clarifying the relationship between the two has become a real problem that enterprise management needs to solve. This study utilizes data from China’s listed enterprises between 2012 and 2022 to comprehensively analyze the influence and mechanism of digital transformation on enterprise performance. The findings indicate the following: (1) Digital transformation can effectively promote improving enterprise performance and dual innovation levels. (2) Digital transformation positively impacts enterprise performance primarily through enhanced exploitative innovation, exploratory innovation, dual innovation balance, and complementarity. (3) Managerial power positively moderates the promotion effect of digital transformation on enterprise performance. (4) The impact of digital transformation on enterprise performance is more significant in the eastern and central regions, high-tech industries, and enterprises with good profitability. Based on these results, enterprises are suggested to accelerate digital transformation, fully tap the synergistic driving effect of dual innovation, strengthen the management’s cognition and leadership of digital transformation, and implement dynamic and differentiated digital transformation strategy based on region, industry, and their own characteristics.