TITLE:
Does the National Digital Economy Innovation and Development Pilot Zone Promote Corporate Digital Transformation?—An Empirical Evidence Using New Measurement
AUTHORS:
Sitong Chen, Ruixi Zhang, Chonghao Gao, Yixin Liu, Lei Chen
KEYWORDS:
Digital Economy, Corporate Digital Transformation, National Digital Economy Innovation and Development Pilot Zone, Policy Evaluation, Difference-in-Differences Model
JOURNAL NAME:
Theoretical Economics Letters,
Vol.15 No.5,
October
20,
2025
ABSTRACT: Based on data from Chinese A-share listed companies from 2015 to 2023, this paper constructs the comprehensive index for corporate digital transformation using text analysis and PCA/FA methods. It empirically examines the driving effect and mechanisms of the “National Digital Economy Innovation and Development Pilot Zone” policy on corporate digital transformation using a multi-period difference-in-differences (DID) model. The findings are as follows: First, the pilot zone policy significantly promotes the digital transformation of enterprises in the pilot areas, a conclusion that remains robust after variable substitution and corporate characters. Second, the policy effect exhibits a dynamic evolution characteristic of “practice before output”, with an immediate impact on the practical aspects of corporate digitalization, while the transmission to digital output and capital market recognition shows a certain time lag. Third, the policy intensity generates positive spillover effects, not only strengthening the overall promotion of corporate digitalization levels but also gradually guiding capital market attention towards the value of corporate digitalization. This study not only provides new empirical evidence for evaluating the implementation effects of regional digital economy policies but also offers valuable insights for optimizing policy design and promoting corporate digital transformation.