本文旨在分析資本市場開放對企業推動數字化轉型的影響。以滬港通與深港通為自然實驗背景，利用2010至2023年間中國A股上市企業數據，採用DID模型進行識別與估計。實證結果顯示，政策實施有效提升企業的數字化發展水準。機制檢驗進一步表明，資本開放可藉由降低供應鏈依賴與提高高層風險激勵，間接促進企業的數字化轉型加速。從異質性角度分析發現，當企業處於高競爭產業或管理層持股比例偏低時，政策效果表現得更加明顯。本研究突顯資本市場開放在企業數字化轉型過程中的關鍵角色，亦為企業實務操作與政策設計在國際資本整合情境下提供參考依據。

This paper investigates how capital market opening influences corporate digital transformation. Exploiting the staggered rollout of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect as a quasi-experimental setting, the study constructs a panel of A-share listed firms in China from 2010 to 2023 and employs a difference-in-differences framework. Empirical results suggest that financial liberalization significantly enhances firms’ digital adoption. Mechanism analysis shows that this effect operates through lowering supply chain concentration and intensifying CEO incentives for risk-taking. Further evidence reveals that the effect is stronger for firms in more competitive product markets and those with lower levels of managerial ownership. The findings emphasize the strategic importance of capital market openness in driving corporate digitalization and provide policy-relevant insights in the context of global financial integration.