How does the level of enterprise digitalization affect value creation and realization? Testing of the dual path of "based on breakthrough" and "tending to compliance".

The construction of enterprise digitization serves as a "gateway" for the integration of the digital and real economies. As enterprises undergo robust digital transformations, it becomes crucial to delineate the pathway from enterprise digitization level to value creation and realization in order to maximize enterprise value. We select sample data from Chinese A-share listed companies from 2015 to 2021 as the research subject. Based on the fixed-effects model, we empirically test the impact of enterprise digitization level on both value creation and realization, as well as the mediating mechanism of entrepreneurship and internal control within it. The results indicate that the enterprise digitization level significantly enhances both value creation and realization. However, significant differences exist in the impact of the digitization level on value creation and realization among enterprises with different technological attributes and at different stages of the lifecycle. Further mechanism tests demonstrate that the "breakthrough-based" entrepreneurship and "compliance-based" internal control quality play effective mediating roles between enterprise digitization level and enterprise value. This study provides a new perspective for understanding the value creation and realization process in the digital context, and offers relevant insights for further stimulating and guiding enterprises of different types and stages to drive value enhancement with digital capabilities, thereby facilitating the deep integration of the digital with the real economy.