Abstract
This study investigates the non-linear relationship between product market competition (PMC) and digital transformation (DTF) in China's digital economy, utilizing data from a large sample of Chinese firms. The findings reveal a U-shaped relationship, wherein DTF initially decreases and then increases as competition intensifies. Furthermore, we examine the impact of financing constraints on this relationship and discover a negative effect on the “U-shaped” relationship. These results emphasize the necessity for companies to update their transformation strategies for sustained competitiveness and adaptability, providing fresh insights into digital transformation complexities in competitive environments.
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