Impact of Digital Transformation on High-quality Development of Enterprises Under the Background of New-quality Productivity

Digital transformation is not only an inevitable choice for enterprises to adapt to the requirements of new-quality productivity but also a key pathway for promoting high-quality and sustainable development. Based on the data of China's A-share listed companies from 2013 to 2023, this paper constructs a micro-level indicator of enterprise digital transformation by utilizing keyword frequency in their annual reports. It empirically examines the impact and mechanism of digital transformation on enterprises' high-quality development using mediating effect models and threshold effect models, while also exploring how varying levels of innovation capability influence this relationship. The research findings show that digital transformation can effectively promote enterprises' high-quality development. Innovation capability plays a positive mediating role in this process and forms a threshold effect: when innovation capability exceeds a certain threshold, the promoting effect of digital transformation on enterprises' high-quality development is significantly enhanced. Heterogeneity analysis reveals that the promoting effect of digital transformation on high-quality development is more significant in the eastern and central regions, non-manufacturing industries, and state-owned enterprises. These findings provide direction for enterprises to implement digital transformation, enhance sustainability performance, and achieve high-quality development, while offering theoretical support for integrating digitalization and sustainability in industrial practices.