Abstract:There are significant differences in the efficiency of digital transformation empowerment among enterprises at different life cycle stages. Given the importance of digital transformation in enhancing corporate competitiveness and the potential impact of varying life cycle stages on transformation outcomes, this study uses Chinese listed companies from 2010 to 2022 as the research sample, constructs an enterprise competitiveness index based on financial data, and employs empirical regression analysis to systematically explore the empowerment efficiency and underlying mechanisms of digital transformation across different life cycle stages. The findings reveal that the empowerment efficiency of digital transformation is notably higher for enterprises in the growth stage compared to those in other stages. Across different life cycle stages, artificial intelligence, big data, and Internet business models demonstrate broad applicability, whereas cloud computing, blockchain, intelligent manufacturing, and modern information systems exhibit stronger empowerment advantages at specific stages. Meanwhile, management efficiency positively moderates the process by which digital transformation enhances corporate competitiveness. Additionally, the study uncovers regional and scale-based differences in the effects of digital transformation. These conclusions offer a theoretical foundation for enterprises at different life cycle stages to formulate tailored transformation strategies and provide insights for governments to devise precise support policies from a life cycle perspective