DIGITAL TRANSFORMATION ENHANCES ENTERPRISE VALUE： MECHANISMS OF DYNAMIC CAPABILITIES AND RESOURCE RECONFIGURATION

This study examines the impact of digital transformation on enterprise value, utilizing acomprehensive dataset of Chinese listed firms from 2010 to 2022. By adopting a quantitative approachbased on panel regression models, the study empirically explores both the direct and indirect pathwaysthrough which digital transformation enhances firm value. The analysis incorporates key mediatingvariables, including financing constraints, innovation capability, risk-taking behavior, and operationalefficiency. Findings demonstrate that digital transformation significantly increases enterprise value, andthis relationship is partially mediated by improvements in R&D investment and resource reconfiguration.The study also examines the time effect and interaction intensity of digital engagement, revealing thatboth the duration and depth of transformation amplify its positive impact. These results contribute to theliterature on the resource-based view and dynamic capabilities by clarifying the mechanisms throughwhich intangible digital assets generate long-term competitive advantages. The study offers practicalinsights for corporate decision-makers, emphasizing the importance of sustained and strategicallyaligned digital investment. Limitations and directions for future research are discussed, particularlyregarding cross-industry comparisons and alternative measurements of digital maturity.