数字化转型对电商企业市场表现的影响研究

A Study on the Impact of Digital Transformation on the Market Performance of E-Commerce Enterprises

摘要: 本文聚焦数字化转型与电子商务交易额关系，基于TOE理论、创新扩散理论与资源基础观，提出数字化转型强度正向影响电商交易额、智能化投资水平起部分中介作用的假设。通过构建双重固定效应模型，进行中介效应检验、稳健性及内生性检验，证实数字化转型既能直接促进电商交易额增长，也能通过智能化投资水平间接驱动。研究为企业数字化转型战略及政策制定提供依据，弥补了现有研究在传导路径与结论稳健性上的不足，丰富了数字经济背景下企业电商发展的理论与实践认知。

Abstract: This paper focuses on the relationship between digital transformation and e-commerce turnover, and based on the TOE theory, the diffusion of innovation theory and the resource base view, puts forward the hypotheses that the intensity of digital transformation positively affects e-commerce turnover and the level of intelligent investment plays a partially mediating role. By constructing a double fixed-effects model and conducting mediation effect tests, robustness and endogeneity tests, it is confirmed that digital transformation can both directly promote the growth of e-commerce turnover and indirectly drive it through the level of intelligent investment. The study provides a basis for enterprise digital transformation strategy and policy formulation, makes up for the shortcomings of existing studies in terms of transmission paths and robustness of conclusions, and enriches the theoretical and practical cognition of enterprise e-commerce development in the context of digital economy.