Abstract: The digital economy, as a new engine for China's high-quality economic development, is micro-founded on the digital transformation of enterprises. Promoting the digital transformation of enterprises based on seizing their own unique endowment advantages and environmental conditions is a critical inherent requirement for fully unleashing the development potential of the digital economy. First of all, the paper explores several influencing factors that may have a potential to play an important role in promoting enterprises’ digital transformation in the framework of Technology - Organization - Environment (TOE) attempting to clarifying the reasons for digital reform in detail. Secondly, the paper conducts several empirical tests by making use of the data from the Chinese A-share listed companies on the Shenzhen and Shanghai stock exchanges from the year of 2010 to the year of 2020. And it tries to assess the relative importance of some main influencing factors that significantly promote the action of enterprises’ digital transformation by taking advantage of the method of variance decomposition and Shapley's value. Last but not least, some heterogeneity analyses are presented from the perspectives of enterprises, regions, etc. After all the steps above, the paper formally gives some research conclusions that the proportion of technical employees, research and development investments, and education background of executives are the key internal factors driving the digital transformation of enterprises analyzing from the viewpoint of internal cause, and the “bandwagon effect” arising from chasing the digitalization pace of peer companies is the key external factor analyzing from the viewpoint of external cause. According to the relative importance results measured by variance decomposition and Shapley's value, the external pressure brought by the "bandwagon effect" plays the most significant role in driving the digital transformation of enterprises, while the role of internal motivation is relatively insufficient, manifested as relatively lower values of variance decomposition and Shapley than the results of "bandwagon effect". What’s more, the heterogeneity tests find that the "bandwagon effect" presented in the process of enterprises’ digital transformation is relatively weaker in the economically developed eastern regions of China and the areas with strong intellectual property protection. And the heterogeneity tests also find that growing enterprises rely more heavily on some internal factors to enable themselves to reach the suitable level of digital transormation. It is not an appropriate way for enterprises to blindly imitate other enterprises to carry out digital transformation out of the motivation of keeping up with the trend of digital transformation, but ignoring their own actual conditions and transformation needs. A company's decision on digital transformation should be based on the maturity of internal conditions, which can truly play the role of digital empowerment. In consequence, the government should take some measures to strengthen the cultivation of digital and skilled talents, encourage enterprises’ technological innovation, improve the financial system inside the enterprises, and optimize the digital business environment outside the enterprise. It is vital and urgent for government to play a guiding and supervising role and to shift driving factors from "external pressure" to "internal motivation" as far as possible in the process of promoting Chinese enterprises' digitalization.