Mechanism test results.

Based on data from A-share listed companies from 2007 to 2021, this study constructs an enterprise resilience index using the entropy-weighted TOPSIS method. On this basis, the impact of digital transformation on enterprise resilience is examined through empowerment theory. The empirical results indicate that digital transformation significantly enhances enterprise resilience, a conclusion that remains valid after a series of robustness tests. Mechanism analysis reveals that digital transformation enhances enterprise resilience by reducing agency costs, increasing information transparency, and alleviating financing constraints. Heterogeneity analysis shows that micro-characteristics of enterprises, such as the stage of the life cycle and factor intensity, as well as macro-environmental factors like regional intellectual property rights protection and industry competition level, have differential impacts on the resilience-enhancing effects of digital transformation. Further analysis suggests that the level of corporate governance influences the positive impact of digital transformation on enterprise resilience.本研究以2007年至2021年A股上市公司数据为样本，采用熵权TOPSIS法（Entropy-weighted TOPSIS Method）构建企业韧性指数（Enterprise Resilience Index）。在此基础上，依托赋能理论（Empowerment Theory）检验数字化转型（Digital Transformation）对企业韧性的影响。实证结果显示，数字化转型可显著提升企业韧性，该结论经过一系列稳健性检验（Robustness Tests）后依然成立。机制分析表明，数字化转型通过降低代理成本（Agency Costs）、提升信息透明度（Information Transparency）与缓解融资约束（Financing Constraints）三大路径实现企业韧性的提升。异质性分析（Heterogeneity Analysis）结果显示，企业生命周期（Life Cycle）阶段、要素密集度（Factor Intensity）等微观特征，以及区域知识产权保护（Intellectual Property Rights Protection）、行业竞争程度（Industry Competition Level）等宏观环境因素，对数字化转型的韧性提升效应存在显著差异化影响。进一步研究发现，公司治理（Corporate Governance）水平会正向调节数字化转型对企业韧性的积极作用。