Digital Transformation, Internal Control and Enterprise Value: The Moderating Role of Human Capital

This study looks at panel data from Chinese A-share listed companies from 2011 to 2021 to see how internal control affects the relationship between digital transformation and enterprise value. It also looks at how human capital affects that relationship. The results show that digital transformation significantly contributes to enhancing enterprise value, with internal control playing a significant mediating role in this effect. However, the value creation effect of digital transformation varies among enterprises of different scales, ownership attributes, and industries. Further analysis demonstrates that human capital has a significant and positive moderating effect on the impact of digital transformation on enterprise value, indicating that enterprises with better human capital experience a more pronounced effect on enhancing enterprise value through digital transformation. These findings provide valuable managerial insights for enterprise decision-makers to utilize digital practices to enhance their competitiveness and achieve value creation.