Fig 1.
LDA-based digitization level indicator construction process.
Fig 2.
Corporate Annual Reports – Change in Number of Themes.
Table 1.
Business Transformation Directions and Theme Words.
Table 2.
Variable Definitions.
Table 3.
Descriptive Statistics of Main Variables.
Table 4.
Baseline Regression of Main Effects.
Table 5.
Testing of Five Dimensions of Digital Transformation.
Table 6.
Heckman Two-Stage Regression Method.
Table 7.
Instrumental Variable Method.
Table 8.
Results of Lagged Explanatory Variables and PSM Regression.
Table 9.
Replacing Dependent and Explanatory Variables.
Table 10.
Impact Mechanism Test of Digital Transformation on Enterprise TFP.
Table 11.
Impact Mechanism Test of Digital Transformation on Enterprise TFP.
Table 12.
Heterogeneity Analysis by Property Rights.