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| Research on the Impact of Digital Transformation Differentiation on Enterprise Performance |
| SHANG Hangbiao，LIU Jiaqi，WANG Zhilin，YANG Chuwei |
| Northeast Forestry University, Harbin, China |
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Abstract Based on the optimal discrimination theory, a research framework is constructed to investigate the impact of the degree of variation in enterprise digital transformation on enterprise performance, and to explore the moderating effects of the degree of market competition, policy uncertainty and strategic differentiation. Using A-share listed companies from 2007 to 2021 as a sample for empirical test, the study finds that: the relationship between the degree of variation in digital transformation and firm performance is inverted U-shaped. The increased level of competition in the market leads to a steeper inverted U-shaped curve and the turning point shifts to the left. And the increase in policy uncertainty leads to a flatter inverted U-shaped curve and the turning point shifts to the left. Besides, the increase in strategic differentiation leads to a flatter inverted U-shaped curve as well as a shift of the turning point to the right.
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Received: 29 January 2023
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