Table 3.

Recap of H1-H6.

Enterprise characteristics	Hypotheses
Enterprise size	H1: The size of an enterprise is proportional to its degree of digital transformation
Capital structure	H2: There is a significant positive effect of corporate indebtedness on corporate digital transformation, and the higher the indebtedness, the more willing the company is to undergo digital transformation
Percentage of accounts receivable	H3: The accounts receivable ratio is directly proportional to the degree of digital transformation, and the higher the ratio, the more willing the company is to undergo digital transformation
Management overhead ratio	H4: The overhead ratio is directly proportional to the degree of digital transformation, and the higher the expense ratio, the more willing the digital transformation is
Profitability (ROA)	H5: Profitability has no significant effect on the willingness of companies to undergo digital transformation
Revenue share of overseas business	H6: A high percentage of overseas revenue has an inverse effect on the digital transformation of enterprises, and enterprises with a high percentage of overseas revenue have a lower willingness to engage in digital transformation