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Marketization level, digital transformation, and corporate value

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  • Zhang, Zongyi
  • Liu, Chuhan

Abstract

This study examines the impact of corporate marketization level and digital transformation on corporate value based on panel data from Chinese listed companies from 2010 to 2023. The research findings indicate that the marketization level of enterprises significantly enhances their market value; there is a notable positive correlation between corporate digital technology transformation and market value; digital transformation plays an important mediating role between corporate marketization level and value; heterogeneity tests reveal that the impact of corporate marketization level on value exhibits heterogeneity between state-owned enterprises and private enterprises.

Suggested Citation

  • Zhang, Zongyi & Liu, Chuhan, 2025. "Marketization level, digital transformation, and corporate value," Finance Research Letters, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:finlet:v:84:y:2025:i:c:s1544612325010372
    DOI: 10.1016/j.frl.2025.107779
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    References listed on IDEAS

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    1. Liang, Zhentang & Liang, Xuedong & Wang, Wenju & Zhao, Yunying, 2025. "How digital transformation reduces stock Price crash risk: Unpacking the roles of financing and efficiency," International Review of Financial Analysis, Elsevier, vol. 107(C).
    2. Wang, Jianbo & Niu, Dayong & Kang, Jing, 2025. "Can national industrial investment funds enhance enterprise resilience?," Finance Research Letters, Elsevier, vol. 85(PC).

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