Abstract: Under the wave of the digital economy and the accelerated iteration of digital technology, optimizing resource allocation through external cooperation is an important strategic behavior for enterprises to enhance their competitive advantages. Based on the theory of dynamic capabilities, the relationship between digital transformation and strategic alliances is studied by using the data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2022. The study has found that digital transformation can significantly increase the possibility of enterprises’ establishing strategic alliances, among which the promotion effect of underlying digital technology is more significant than the application of technology; the dynamic capabilities of enterprises in the dimensions of absorption, adaptation, and innovation play a mediating role between digital transformation and strategic alliances. Heterogeneity analysis has shown that this promotion effect is more significant for non-state-owned enterprises, enterprises in the central region, and capital-intensive enterprises. The research conclusions reveal the impact and mechanism of enterprises’ digital transformation on their external cooperation, and provide theoretical guidance for enterprises’ digital transformation.

Key words: digital transformation, strategic alliance, dynamic capability