Abstract: Digital transformation is an important strategy for companies to gain sustainable competitive advantages in the digital economy era. However, how digital transformation can enhance competitive advantages still needs to be further explored. This study constructs a theoretical framework for digital transformation, innovation level, and competitive advantage. Based on the data analysis of Chinese A-share listed companies from 2012 to 2020, it is found that digital transformation can indeed enhance competitive advantage, which still holds true after endogeneity correction and robustness test. Mechanism analysis shows that the scale, profitability, and growth advantage effects of digital transformation through promoting technological innovation vary according to the level of innovation. Low-level innovation has more scale and growth advantages, while high-level innovation is more conducive to enhancing profitability advantages. Heterogeneity test indicates that there are significant differences in the above effects across different enterprise sizes, industry classifications, industry competition trends, and policy orientations. This study conducts an in-depth exploration of the internal mechanisms by which digital transformation affects the competitive advantage, expanding the scope of theoretical research of digital transformation and providing theoretical support and practical guidance for companies to promote digital transformation.

Key words: Digital Transformation, Innovation Level, Competitive Advantage

摘要： 数字化转型是数字经济时代企业获得可持续竞争优势的重要战略,但数字化转型如何提升竞争优势仍有待深入挖掘。本文构建了数字化转型、创新能级和竞争优势的理论框架,运用2012—2020年中国A股上市公司数据进行分析,结果发现,数字化转型能够提升竞争优势,经内生性矫正和稳健性检验,该结论依然成立。机制分析显示,数字化转型通过促进技术创新所发挥的规模、盈利及成长优势效应因创新能级而异,低能级创新更具规模与成长优势效应,高能级创新更有助于提升盈利优势。异质性分析显示,上述效应在不同企业规模、产业分类、行业竞争态势和政策导向下存在显著差异。本研究深度挖掘了数字化转型影响竞争优势的内在机制,既拓展了数字化转型理论的研究范畴,也为企业推进数字化转型战略提供了理论支撑和实践指导。

关键词: 数字化转型, 创新能级, 竞争优势