This study uses the spatial autoregressive model for panel data to empirically test the spatial peer effect of enterprises’ digital transformation by using a sample of Chinese listed companies during 2012–2021. We find that there is a significant spatial peer effect in the digital transformation of Chinese companies, and the level of digital transformation of a company increase with the level of digital transformation of its spatial peer companies. Moreover, heterogeneity analysis shows that the spatial peer effect of digital transformation can be effectively played only under a higher digital environment, higher marketization environment, and state-owned equity nature of companies. The findings suggest that it should focus on building a benchmark company for digital transformation, vigorously enhance the digital and marketization environment in the region and provide more policy support for the digital transformation of non-state-owned enterprises.

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