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数字经济是继农业经济、工业经济之后的主要经济形态，发展数字经济是支撑我国经济实现高质量发展的重要动力。在各项政策的持续推进下，我国数字经济的发展如火如荼。对企业来说，面对汹涌澎湃的数字经济大潮，数字化转型已然成为关乎企业生存和长远发展的“必修课”。已有研究表明，数字化转型会对企业经营管理的各个方面产生深远的经济效应。然而，作为一种资源配置的组织方式，数字化转型对企业资源配置的潜在影响尚未得到足够关注。现金是企业的“血液”，这一资源的有效配置对企业具有重要意义。但是，在上市公司中，这一宝贵的资源却常常出现持有不足或过度持有的问题。因此，本文主要目的是研究数字化转型是否能帮助企业合理配置现金资源。

基于此主要目的，本文将超额现金持有水平作为反映企业现金资源配置情况的代理变量，发现数字化转型能够抑制超额现金持有水平，优化企业的现金资源配置。机制分析表明，企业数字化转型通过优化供需管理、提升公司透明度和加强内部控制作用于现金资源的配置。此外，本文从产权性质、企业所面临的环境不确定性程度和地区市场化水平三个角度进行了异质性分析，发现在非国有、面临较高环境不确定性和较低市场化水平的企业中，上述效果更为明显。经济后果方面，企业数字化转型对现金资源配置的优化最终有助于提高现金对公司价值的贡献。

本文的理论意义在于从资源配置视角贡献于企业数字化转型经济后果的相关研究，同时为现有关于数字化转型与现金资源配置的研究中存在的矛盾提供了不同角度的解释。现实意义在于为企业深入理解数字化转型，关注并优化现金资源的配置提供了借鉴，为政府针对性地制定政策支持企业数字化转型和促进金融市场流动性管理提供了启示。

Digital economy is a major economic form following agricultural economy and industrial economy, and the development of digital economy is an important driving force to support China's economy to achieve high-quality development. Under the continuous promotion of various policies, the development of China's digital economy is in full swing. For enterprises, in the face of the surging tide of digital economy, digital transformation has become a "compulsory course" for enterprise survival and long-term development. Studies have shown that digital transformation will have far-reaching economic effects on all aspects of enterprise management. However, as an organizational way of resource allocation, the potential impact of digital transformation on enterprise resource allocation has not received enough attention. Cash is the "blood" of enterprises, and the effective allocation of this resource is of great significance to enterprises. However, in listed companies, this precious resource is often under-held or over-held. Therefore, the main purpose of this paper is to study whether enterprise digital transformation can help enterprises optimize the allocation of cash resources.

Based on this main purpose, this paper takes the excess cash holding level as a proxy variable to reflect the cash resource allocation of enterprises, and finds that digital transformation can inhibit the occurrence of excess cash holding and optimize the cash resource allocation of enterprises. The mechanism analysis shows that the digital transformation of enterprises affects the allocation of cash resources by optimizing supply and demand management, enhancing corporate transparency and strengthening internal control. In addition, this paper analyzes the heterogeneity of enterprises from three perspectives: the nature of enterprises, the environmental uncertainty they face and the level of regional marketization, and finds that the above effects are more obvious in non-state-owned enterprises facing higher environmental uncertainty and lower marketization level. In terms of economic consequences, the optimization of cash resource allocation by enterprise digital transformation ultimately improves the contribution of cash to company value.

The theoretical significance of this paper is that it contributes to the relevant research on the economic consequences of enterprises' digital transformation from the perspective of resource allocation, and at the same time provides different explanations for the contradictions existing in the existing research on digital transformation and cash resource allocation. The practical significance is to provide reference for enterprises to deeply understand digital transformation, pay attention to and optimize the allocation of cash resources, and provide inspiration for the government to formulate targeted policies to support the digital transformation of enterprises and promote the liquidity management of financial markets.