Abstract
Enterprise export stability is crucial to the stable growth of enterprise exports. The digital transformation of enterprises has become an important driver for promoting high-quality enterprise development with the development of digital technology. This paper examines the impact of digital transformation on enterprises' export stability and explores its intrinsic influence mechanism from the aspects of export product stability and export market stability using the sample data of Chinese listed companies from 2001 to 2016. Heterogeneity analysis indicates that digital transformation has a more significant impact on promoting the export stability of foreign-funded enterprises, private enterprises, labor-intensive enterprises, and enterprises in the central and western regions than state-owned enterprises, technology-intensive, capital-intensive enterprises, and enterprises in the eastern region. The mechanism analysis shows that enterprise technological innovation, enterprise total factor productivity, and enterprise export diversification level are important influence mechanisms of digital transformation on enterprises' export stability. The findings from the moderating effect analysis reveal that the government values the advancement of sports enterprises and can positively modulate the effects of digital transformation on enterprises' export stability.
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