本研究探討數位轉型與企業績效之關聯，以台灣上市櫃企業為研究對象，並用新聞媒體報導作為收集有無數位轉型的資料來源，透過媒體角度觀察有無進行數位轉型對企業績效的影響。同時，因新冠肺炎疫情爆發，許多企業為了即時緩解疫情衝擊，不得不進行數位轉型，使得數位轉型更加受到重視。但在新冠肺炎疫情之前，企業進行數位轉型大多為了業務發展和前瞻考量，在規劃數位轉型上較不急迫，安排上可能與新冠肺炎疫情時數位轉型的企業相比較為妥善，因此時空背景不同的狀況下，數位轉型與企業績效的連結或許有差異性，因而本研究也進一步針對此差異性進行探討。實證結果顯示數位轉型與資產報酬率和市場績效呈顯著負相關，另外也發現新冠肺炎疫情前數位轉型的企業在資產報酬率和市場績效，與新冠肺炎疫情時數位轉型的企業無太大差異，不過在股東權益報酬率上有顯著正相關，經本研究分析，可能由於疫情和數位轉型使得企業進行貸款，導致資產增加，但獲利並未隨之增加，因此使得資產報酬率和股東權益報酬率呈現相反的結果。綜合上述觀察，本研究發現數位轉型需要一定的時間才有可能為企業績效帶來影響；儘管數位轉型的時空背景不同，但對企業績效沒有造成顯著不同的效果，並且，在新冠肺炎疫情時，雖然數位轉型能協助企業維持營運，但對企業績效的幫助似乎不大。

This study explores the relationship between digital transformation and firm performance, focusing on publicly listed companies in Taiwan. By collecting the data on whether companies have undergone digital transformation through news media reports, this study examines the impact of digital transformation on firm performance from the perspective of the media. Additionally, due to the outbreak of the COVID-19 pandemic, many companies were compelled to undergo digital transformation to promptly mitigate the impact of the pandemic, which has heightened the importance of digital transformation. However, before the COVID-19 pandemic, companies primarily pursued digital transformation for business development and forward-looking considerations. The urgency in planning digital transformation was not as high, and the arrangements were likely more thorough compared to the digital transformations during the pandemic. Therefore, given the different contexts, the connection between digital transformation and firm performance might vary. This study further investigates this potential difference.
The empirical results show a significant negative correlation between digital transformation and both return on assets (ROA) and market performance. Moreover, the study finds no significant difference in ROA and market performance between companies that underwent digital transformation before the COVID-19 pandemic and those that did so during the pandemic. However, there is a significant positive correlation in return on equity (ROE). The analysis suggests that the increase in assets due to loans taken out during the pandemic and digital transformation did not lead to a corresponding increase in profits, resulting in opposite outcomes for ROA and ROE.
In summary, this study finds that digital transformation requires a certain amount of time to potentially impact frim performance. Despite the different contexts, digital transformation does not have a significantly different effect on firm performance. Furthermore, while digital transformation helped companies maintain operations during the COVID-19 pandemic, its impact on firm performance appears to be minimal.

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