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Research on the Impact of Economic Policy Uncertainty Perception on Enterprise Digital Transformation

Author(s)

Wenhao Pan

Affiliation(s)

School of Economics and Management, Jiangxi Normal University, Nanchang, Jiangxi, China

Abstract

Amid the dual interplay of advancing the digital China strategy and a complex, volatile macroeconomic environment, how enterprises' perception of economic policy uncertainty reshapes their digital transformation decisions has become a critical issue requiring clarification. Based on annual report data of China A-share listed companies from 2010 to 2023, this paper empirically examines the impact of policy uncertainty perception on digital transformation. The study finds that perceived economic policy uncertainty significantly inhibits corporate digital transformation-a conclusion that remains robust after rigorous testing. Mechanism analysis reveals that intensified financing constraints, induced managerial short-sightedness, and diminished risk-taking capacity serve as the three primary channels hindering transformation. Heterogeneity analysis demonstrates that this inhibitory effect is more pronounced among firms with lower managerial shareholding ratios, lower inherent risks, and non-manufacturing enterprises. This study expands research on the drivers of digital transformation from a micro-cognitive perspective, providing empirical insights for governments to stabilize policy expectations and for enterprises to optimize their transformation decisions.

Keywords

Economic Policy Uncertainty Perception; Digital Transformation; Financing Constraints; Management Short-Sightedness; Risk-Taking

References

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