Digital transformation, product market competition, and dynamic adjustment of working capital

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-08-27 DOI:10.1016/j.irfa.2025.104590

Xiaotao Li , Hua Zhou

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Abstract

Based on the financial data of China's A-share listed companies from 2007 to 2023, this study empirically analyzes the mechanism by which product market competition influences the deviation of working capital from the target level of enterprises and path of its adjustment speed from a dynamic perspective. Further, it explores the moderating effect of digital transformation on it. The results show that an optimal target value for working capital requirements exists for listed companies in China. Product market competition is one of the key factors affecting this target value. It also significantly impacts the degree of deviation from the target level and the speed of adjustment of working capital requirements. The higher the degree of product market competition, the greater the deviation of actual working capital requirements. From the target level. However, the speed of adjustment to the target level is significantly accelerated. Further research finds that digital transformation can effectively inhibit the amplifying effect of product market competition on the degree of working capital requirements deviation and further strengthen the facilitating effect of product market competition on the speed of adjustment. This study provides a decision-making basis and a theoretical framework for enterprises to optimize working capital allocation, enhance supply chain synergy efficiency, and prevent liquidity risk in the competitive market environment of the digital economy.

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数字化转型，产品市场竞争，流动资金动态调整

本研究基于2007 - 2023年中国a股上市公司财务数据，从动态角度实证分析了产品市场竞争对企业营运资金偏离目标水平的影响机制及其调整速度路径。进一步探讨了数字化转型对其的调节作用。结果表明，中国上市公司营运资金需求存在最优目标值。产品市场竞争是影响这一目标值的关键因素之一。对偏离目标水平的程度和营运资金要求的调整速度也有显著影响。产品市场竞争程度越高，与实际营运资金要求的偏差越大。从目标层。然而，向目标水平调整的速度明显加快。进一步研究发现，数字化转型可以有效抑制产品市场竞争对营运资金需求偏差程度的放大效应，进一步强化产品市场竞争对调整速度的促进作用。本研究为企业在数字经济竞争激烈的市场环境下优化营运资金配置、提升供应链协同效率、防范流动性风险提供了决策依据和理论框架。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.