Impact of Enterprise Digital Investment on Its Performance

Taking all A-share listed enterprises in Shanghai and Shenzhen stock markets from 2017 to 2022 as research samples, this paper studies the impact of enterprise digital investment on its performance, and analyzes the mediating effect of internal control in it. The results show that an enterprise’s digital investment significantly improves its performance, and internal control plays a partial mediating effect in this process. In addition, this paper conducts a classified study on state-owned and non-state-owned enterprises. According to the results, the positive impact of digital investment on the performance of non-state-owned enterprises is more significant, while such an effect is relatively weak in state-owned enterprises. The research result provides theoretical support for enterprises to optimize resource allocation and promote management efficiency during the digital transformation, and gives suggestions for policy makers.