Abstract: As an important choice of strategic transformation of energy enterprises, digital transformation has a profound impact on the stock price fluctuation of enterprises. From the perspective of dynamic capacity and environmental regulation, analyzes influences of digital transformation upon energy companies’ share movement volatility, constructs a theoretical model that considers digital transformation and stock price volatility as the primary effects, dynamic capabilities as the mediator, and environmental regulation as the moderator. In addition, the study employs data from China’s A-share listed energy enterprises from 2013 to 2020, utilizing a fixed-effect model to perform an empirical test. The findings demonstrate a significant positive correlation between the digital transformation of energy enterprises and the volatility of stock prices, indicating that the greater the extent of digital transformation, the higher the volatility of enterprise stock prices. Among the dimensions of dynamic capability, only adaptability and innovation ability appears to mediate the relation between digital transformation and stock price fluctuation. Moreover, environmental regulation positively moderates the relationship between digital transformation and the learning ability dimension. Finally, from the macro and micro levels, this study puts forward the policies and supportive measures to stabilize the stock price of energy enterprises, and suggestions on how to implement the digital transformation strategy reasonably according to their own development status and characteristics to provide valuable insights for encouraging the digital transformation among energy firms.
Keywords: Energy enterprises, digital transformation, dynamic capability, stock price fluctuation, environmental regulation
