摘要: 数字经济时代，数字化转型已成为企业适应环境、抓住机遇、实现绩效提升的必由之路。本文基于2017—2023年沪深A股物流上市公司数据，探讨中国物流企业数字化转型对财务绩效的影响及其作用机制。实证研究发现，数字化转型与财务绩效之间存在显著的正相关关系，且经过多次实证分析和内生性检验，该关系依然成立。机制分析表明，数字化转型能够提升企业技术创新能力，实现技术突破，提高企业盈利能力，从而改善财务绩效。此外，异质性分析表明，对于位于东部地区的国有大型物流企业，数字化转型对财务绩效的影响更为显著。

Abstract: In the era of digital economy, digital transformation has become a necessary path for enterprises to adapt to the environment, seize opportunities, and achieve performance improvement. Based data from A-share logistics listed companies in the Shanghai and Shenzhen stock markets from 2017 to 2023, the study investigates the impact of digital transformation of Chinese logistics enterprises on financial performance and its underlying mechanisms. The empirical research has found a significant positive correlation relationship between digital transformation with financial performance, which still holds true after multiple practices and endogeneity tests. Mechanism analysis reveals that digital transformation improves the technological innovation capability of enterprises, achieve technological breakthroughs, and increase the profitability of enterprises that improves financial performance. Additionally, heterogeneity analysis shows that digital transformation has more significant effect on financial performance for the state-owned, larger scale logistics enterprises located in eastern region.