The Impact of Digital Transformation on Enterprise Resilience: An Empirical Analysis Based on the Pandemic

This paper compares and analyzes the trends in stock prices of companies with different levels of digital transformation before, during and after the pandemic. Using companies in the CSI800 Index as samples, firms are divided into two groups—higher digital-oriented and lower digital-oriented—based on the frequency of digital-related terms in their annual reports. This comparative analysis assesses whether the degree of digitalization enhances a company's stability in turbulent times and contributes to long-term development. The findings indicate that higher digital-oriented companies experienced growth during the pandemic and sustained this growth in the recovery phase, while the stock prices of lower digital-oriented companies declined over time post-pandemic. In China, where development levels vary widely and many traditional industries remain in the early stages of digital transformation, this study provides insights that may encourage further digital advancements in such enterprises.