Digital Maturity and Business Model Evolution in Service Firms

This study examines Shanghai- and Shenzhen-listed service enterprises from 2016 to 2024, constructing a three-dimensional synergistic framework of digital resources–process reengineering–value enhancement. Combining event studies, two-stage data envelope analysis–Malmquist analysis, and Likert scale surveys, it reveals the mechanisms underlying digital transformation and business model optimization in service enterprises. Findings indicate that when digital capabilities, organizational learning, and customer engagement form a closed-loop system, business models evolve diversely toward platformization, subscription-based models, and solution-oriented approaches. Industry digital maturity acts as an intermediary factor, while governance structures and human capital serve as key moderating variables. Dynamic efficiency evolution exhibits a technology-first, process-second pattern, and highly mature enterprises that adopt subscription models more readily capture policy dividends. This study provides decision-making references for digital strategy and business model optimization in service enterprises.