在数字经济背景下，互联网、大数据、云计算等信息技术持续促进企业价值创造。以我国沪深A股2016—2022年上市公司年报为研究对象，基于Word2Vec机器学习技术构建数字化转型和竞争战略指标，实证检验企业生命周期视角下数字化转型、竞争战略与价值创造之间的关系。研究发现：①数字化转型对企业价值创造的正向显著影响主要集中于成长期企业，对于成熟期企业的影响作用不显著；对于处于成长期的企业而言，数字化转型有助于形成差异化战略，并通过差异化战略这一中介变量增强企业价值创造；②进一步分析表明，数字化转型对企业价值创造的影响在规模较小的企业更强，并且随着时间推移，数字化转型对企业价值创造的影响逐渐减弱。研究结论有助于打开数字化转型与价值创造关系的“黑箱”，并为全面、客观评价数字化转型效果提供理论和实践依据。

With the deep integration of modern information technology into the real economy, digital transformation enables the transformation and upgrading of traditional industries, expedites the birth of new industries, new forms and new models, and promotes enterprise value creation.However, the research on its impact mechanism is insufficient, and from a static perspective, the existing research has not yet explored the role of enterprise life cycle theory in the relationship between digital transformation and value creation, while the resources owned by enterprises at different stages, including the organizational structure, the external environment and the strategic measures are quite different, which may lead to different impacts of digital transformation on enterprise value creation at different stages.Therefore, the introduction of the dynamic perspective of enterprise life cycle in this paper can better reveal the dynamic law of the impact of digital transformation on value creation, and help enterprises adopt appropriate contingency strategies to implement digital transformation.#br#To this end, this study focuses on the impact of enterprise life cycle on the relationship between digital transformation and value creation, integrates the theory of life cycle and the theory of competitive strategy into the research framework of the relationship between digital transformation and value creation, and establishes a theoretical model among digital transformation, competitive strategy and value creation from the perspective of life cycle.Specifically, it first uses the machine learning method based on Word2Vec to build digital transformation and competitive strategy indicators, forming unbalanced panel data between 2016 and 2022 for A-share listed companies in Shanghai and Shenzhen; then, it empirically tests the relationship among digital transformation, competitive strategy and value creation from the perspective of life cycle.#br#In the first part, the study verifies the role of enterprise life cycle in the relationship between digital transformation and value creation.It is found that the positive and significant impact of digital transformation of listed companies on enterprise value creation is mainly concentrated in growing enterprises, but not in mature enterprises.The findings expand the research on the impact of digital transformation of traditional industries on corporate value creation, reveal the boundary of enterprise life cycle in the relationship between digital transformation and value creation, and provide a way to further explore the process of digital transformation affecting value creation in the future.In the second part, by integrating life cycle theory and competitive strategy theory into the research framework of the relationship between digital transformation and value creation, the study establishes a theoretical model about digital transformation, competitive strategy and value creation from the perspective of life cycle, and clarifies the impact mechanism of digital transformation on value creation.It is confirmed that the digital transformation of enterprises is conducive to the formation of differentiation strategy, and value creation is enhanced through the mediating variable of differentiation strategy, which is mainly aimed at enterprises in the growth period of their life cycle.In the third part, this study proposes and verifies the moderating role of enterprise scale and time trends between digital transformation and value creation.The impact of enterprise digital transformation on value creation is found to be stronger in smaller enterprises; as time goes by, the impact of enterprise digital transformation on value creation becomes weaker and weaker.#br#In summary, this study reveals the boundary of enterprise life cycle in the relationship between digital transformation and value creation, opens the black box of the relationship between digital transformation and value creation, and provides theoretical and empirical evidence for a comprehensive and objective evaluation of the effect of digital transformation.In the development of digital technology in China, traditional enterprises are expected to focus on making full use of digital transformation to achieve differentiated leadership and value creation in the growth stage and strive to enter the mature stage with the largest market share.In the mature stage, it is difficult for enterprises to gain competitive advantages only by relying on the role of digital transformation in reducing costs and improving efficiency, and they should also promote substantive R&D and innovation in enterprises to effectively avoid the possibility that the positive impact of digital transformation on value creation may gradually weaken from the growth stage to the mature stage.#br#