Abstract: In the context of accelerating the digital transformation of enterprises, exploring the influencing factors of digital transformation is crucial for optimizing the enterprise resource allocation and the high-quality development. The widespread network of chain shareholders has a profound impact on the major business decisions of enterprises, and it is worth paying attention to whether chain shareholders can empower the digital transformation of enterprises. Taking A-share listed companies from 2013 to 2020 as samples, this paper examines the impact of chain shareholders on digital transformation of enterprises. The findings show that the chain shareholders are playing a synergistic effect in the process of digital transformation, helping to accelerate digital transformation. The mechanism test results indicate that chain shareholders have played a synergistic effect in participating in business decision-making, raising funds, optimizing human capital structure, and enhancing technological innovation capabilities, which has enhanced digital transformation capabilities, and thus promoting the accelerated transformation of the enterprise. Furthermore, chain shareholders have a stronger role in promoting the digital transformation of state-owned and high-tech enterprises. In addition, digital transformation helps drive business growth and improve business performance. Based on the above conclusions, it is recommended to reasonably introduce chain shareholders and fully tap into the resources and information advantages of shareholder networks, so as to promote the digital transformation of enterprises and the high-quality economic development.

Key words: chain shareholders, digital transformation, shareholder network, coordination in governance