Abstract:
Corporate digital transformation is a key element in cultivating the new quality productive forces. Using the data of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2021, this paper examines the peer effect corporate digital transformation, drawing upon the theoretical framework of network transmission and integration. The study reveals that corporate digital transformation exhibits peer effects and under the influence of the strength of the associated network and the island effect, exhibits asymmetry and boundary features. The mechanism test shows that corporate digital transformation exerts the peer effect through competition, information, and normative mechanisms. From the perspective of internal characteristics, the peer effect of corporate digital transformation is more significant in non-state-owned enterprises, large-scale enterprises, and enterprises with lower cash flow constraints. From the perspective of external industry characteristics, high-tech enterprises and manufacturing enterprises show stronger peer effects of digital transformation. After considering asymmetry and boundary features, the peer effect of digital transformation can significantly reduce the debt default risk of growth-stage enterprises. This article broadens the scope for measuring the peer effect and provides empirical evidence for promoting corporate digital transformation.
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