The Impact of Digital Transformation on Enterprise Performance

Under the background of restructuring the global industrial chain and increasing downward pressure on the economy, there is no unified conclusion in the academic circle as to whether the digital transformation can break through the traditional "Solow paradox" and effectively stimulate the performance growth. Based on the panel data of China's A- share listed companies, this paper uses fixed effect model and intermediary effect test method to empirically analyze the impact of digital transformation on enterprise performance and the specific transmission mechanism. The research results show that digital transformation can obviously improve the business performance of enterprises. After a series of robustness and endogenous tests, this conclusion is still valid. The results of mechanism analysis show that digital transformation indirectly promotes performance improvement by optimizing the allocation efficiency of fixed assets, activating supply chain finance and enhancing supply chain toughness. Heterogeneity analysis further found that this boosting effect is more obvious in non-state-owned enterprises and high-tech industries. This research breaks the inherent cognition that performance loss is inevitable in the early stage of digital transformation, not only enriches the theoretical system of digital technology empowerment, but also solves the problem of resource mismatch for micro-enterprises, the realization of precise policy implementation by macro policies provides important empirical reference.