Fig 1.
Distribution of digital transformation of listed companies (2018).
Note: when the digital transformation of an enterprise is higher than the median value, it is an enterprise with high digital degree, which is represented by red dots in the map and others by blue dots.
Table 1.
Main variables.
Table 2.
Descriptive statistics.
Table 3.
Basic regression.
Table 4.
Robustness check.
Table 5.
Enterprise strategic behavior check.
Fig 2.
Nonparametric matching of the impact of enterprise digital transformation.
Table 6.
Instrumental variable method.
Table 7.
Difference in difference results.
Fig 3.
Dynamic test.
Fig 4.
Placebo test.
Table 8.
Mechanism test.
Table 9.
Division of enterprise life cycle.
Table 10.
Heterogeneity analysis.