Search

The Impact of Corporate Digital Transformation on Market Value: An Analysis Based on the Tobin’s Q Ratio of A-Share Listed Companies

Author(s)

Jiayu Ding

Affiliation(s)

Xi’an Jiaotong University, Xi’an, Shaanxi, China

Abstract

In this study, A-share companies listed on China stock exchange from 2011 to 2024 are taken as samples, and principal-agent theory and theory of information asymmetry are used. Then, we will make an empirical investigation on how digital conversion affects enterprise value and how this influence works. From the survey results, it is found that digital transformation can greatly improve the enterprise value. Heterogeneity analysis shows that there is no obvious difference between manufacturing and non-manufacturing industries in the good influence of digital transfer on improving enterprise value. Through mechanism verification, we find that digital conversion can improve enterprise value by reducing agency cost, easing information system and strengthening management supervision. This study will provide empirical evidence for digital initiatives and policy making of enterprises.

Keywords

Digital Transformation; Firm Value; Agency Costs; Information Asymmetry

References

[1] He, F., & Liu, H. (2019). Evaluating the Performance-Enhancing Effects of Digital Transformation in Physical Enterprises from a Digital Economy Perspective [J]. Reform, 2019(04):137-148; [2] Zhang Yongshen, Li Xiaobo, Xing Mingqiang. Digital Transformation and Audit Pricing[J]. Auditing Research, 2021(3):62-71. [3] Wu Fei, Hu Huizi, Lin Huiyan, et al. Corporate Digital Transformation and Capital Market Performance: Empirical Evidence from Stock Liquidity [J]. Management World, 2021, 37(07): 130-144+10. [4] Tang Xiaobin, He Guiye, Dong Li, et al. Measurement and Analysis of Differences in the Level of Digital Transformation Among Chinese Enterprises [J/OL]. Mathematical Statistics and Management, 2025(06):1067-1081; [5] Wang, P. (2021). Connecting the Parts with the Whole: Toward an Information Ecology Theory of Digital Innovation Ecosystems. Management Information Systems Quarterly, 45(1), 397–42; [6] Zhang Jianjia. A Study on the Impact and Mechanism of Digital Transformation on Corporate Stock Market Valuation [D]. Shandong University, 2023; [7] Shao Bowen. A Study on the Impact of Digital Transformation in State-Owned Enterprises on Corporate Performance [D]. Beijing University of Chemical Technology, 2025; [8] Liu Siyan. A Study on the Impact of Digital Transformation on Corporate Performance [D]. Jilin University, 2025