The optimal timing and conditions for the digital transformation of traditional enterprises

IF 3.9 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2025-04-27 DOI:10.1016/j.najef.2025.102443

Zhuming Chen, Wanhua Liang

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Abstract

By taking data as the core factor of production, reconstructing the corporate value function after digital transformation and using in real option game theory, this paper provides an analytical formula for the optimal timing of the digital transformation of traditional corporations, the value functions of leader corporations and follower corporations and the optimal timing of digital transformation. This study identifies at least 11 factors that influence the optimal timing of transition. The study shows that the greater the cost of transformation investment, the higher the expected return of the enterprise is, the higher the marginal cost of production of the enterprise, the slower the digital transformation, and the longer the interval between the digital transformation of the follower after the transformation of the leader. Usually, the optimal time for the digital transformation of large enterprises is earlier than that of small and medium-sized enterprises. The more data elements an enterprise generates, the better the growth of the industry and the data element market, the higher the volatility, the faster the transformation, and the shorter the transition time between leaders and followers.

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传统企业数字化转型的最佳时机和条件

本文以数据为核心生产要素，重构数字化转型后的企业价值函数，运用实物期权博弈论，给出了传统企业数字化转型的最佳时机、领导者企业和追随者企业的价值函数以及数字化转型的最佳时机的分析公式。本研究确定了至少11个影响最佳过渡时间的因素。研究表明，转型投资成本越大，企业的预期收益越高，企业的边际生产成本越高，数字化转型越慢，领导者转型后跟随者的数字化转型间隔时间越长。通常情况下，大型企业数字化转型的最佳时间要早于中小企业。企业产生的数据元素越多，行业和数据元素市场的成长性越好，波动性越高，转型越快，领导者和追随者之间的过渡时间越短。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.