Research on the Impact of Digital Transformation on the Stability of Customer Relationships

数字化转型正深刻重塑企业运营模式，对客户关系的稳定性产生重要影响。以2014~2023年中国A股上市公司数据作为初始样本，研究发现，企业推进数字化转型能够显著提升客户关系的稳定性；全要素生产率以及分析师关注度在数字化转型促进客户关系稳定性的作用中发挥了正向中介作用；异质性分析结果表明，数字化转型对客户关系稳定性的促进作用在国有企业、非制造业企业、经济波动程度小的地区企业中更明显。研究结果揭示了数字化转型对企业外部客户关系的影响以及作用路径，为企业推进数字化转型给予理论支持。Digital transformation is profoundly reshaping corporate operational models and exerting a significant impact on the stability of customer relationships. Using data from China’s A-share listed companies from 2014 to 2023 as the initial sample, this study finds that corporate digital transformation significantly enhances the stability of customer relationships. Total factor productivity (TFP) and analyst coverage play positive mediating roles in the effect of digital transformation on customer relationship stability. Heterogeneity analysis further reveals that this positive effect is more pronounced in state-owned enterprises, non-manufacturing firms, and companies located in regions with lower economic volatility. The findings shed light on the influence of digital transformation on external customer relationships and its underlying mechanisms, providing theoretical support for enterprises advancing digital transformation.