Abstract:In the era of the digital economy, digital transformation is an inevitable path for enterprises to achieve high-quality development. The digital transformation of enterprises has a profound impact on enterprise development and social progress. However, the empirical analysis of the effect of digital transformation on enterprises in the existing literature mostly focuses on the field of economic benefits, and the research on its social spillover effect is relatively scarce. Digital transformation and social responsibility fulfillment are unified under the strategic framework of enterprises to achieve sustainable development. Therefore, this paper discusses the social spillover effects of digital transformation of enterprises from the perspective of social responsibility performance. Digital transformation can enhance the willingness and ability of enterprises to fulfill their social responsibilities, and enhance the fulfillment of corporate social responsibilities by improving management mechanisms, improving production methods, and improving external relations; the greater the positive effect of digital transformation, the more active the digital transformation of enterprises, and the greater the effect of digital transformation on the fulfillment of corporate social responsibility. Therefore, the enhancement effect shows industry heterogeneity and enterprise heterogeneity. Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2020 as a sample, using Python crawler technology and text data mining methods to characterize the digital transformation of the sample companies, and the impact of digital transformation on corporate social responsibility performance and its path and heterogeneity is tested. The analysis results show that: (1) digital transformation has significantly improved the social responsibility performance of the sample companies, and there are multiple impact paths, including “digital transformation → financial stability improvement → social responsibility performance improvement” “digital transformation → internal control quality improvement → social responsibility performance enhancement” “digital transformation → innovation input (output) increase → social responsibility performance enhancement” “digital transformation → information disclosure quality improvement → social responsibility performance enhancement”, etc. (2) Digital transformation has a more significant role in enhancing the fulfillment of corporate social responsibility in high-tech industries, competitive industries and manufacturing industries. The reduction of corporate financing constraints and the improvement of corporate value will strengthen the role of digital transformation in the fulfillment of corporate social responsibility. Compared with existing research, this paper further analyzes the theoretical mechanism of digital transformation affecting corporate social responsibility performance based on the perspective of enterprise development strategy, and also expands the research perspective of its impact path and heterogeneity, which helps enterprises to take into account economic and social benefits in the process of digital transformation, and adopt differentiated strategies to fully release the social spillover dividends of digital transformation. The research in this paper shows that digital transformation can not only improve the economic performance of enterprises, but also improve the non-economic performance of enterprises, with significant social spillover effects. Therefore, in the strategic transformation of achieving high-quality development, enterprises should align the digital strategy with the social responsibility strategy, and continuously improve the information disclosure mechanism to give full play to the social spillover effect of digital transformation and promote the synergy between digital transformation and social responsibility fulfillment.