The impact of population aging on corporate digital transformation: Evidence from China

Labor shortages caused by population aging may directly compel enterprises to undergo digital transformation or indirectly pose a continuous challenge owing to insufficient talent reserves. Currently, no studies have explicitly explored the impact of population aging on corporate digital transformation. To clarify this relationship, this study integrates population aging and corporate digital transformation into the same theoretical framework and uses panel data from China's Shanghai and Shenzhen A-share listed companies. A multiple linear regression model is employed for theoretical analysis and empirical testing. The findings indicate that, first, population aging promotes corporate digital transformation, a conclusion that remains robust after a series of robustness checks and consideration of endogeneity issues. Second, the impact of population aging on corporate digital transformation exhibits significant heterogeneity across industries and regions. Specifically, the aging population has a more pronounced effect on the digital transformation of labor-intensive enterprises and companies located in the eastern regions, where the degree of aging is more pronounced. The conclusions of this study provide empirical evidence and policy implications for actively responding to population aging and advancing corporate digital transformation in the context of an aging population.