Digital transformation of companies as a way of crisis adaptation to new technological conditions: does the value of the business reflect its effectiveness?

The article examines the impact of digital transformation on the ability of business to adapt to the new challenges of the technological revolution, as well as analyzes approaches to assessing the effectiveness of this adaptation. The adaptation tool was the digital transformation of companies that originated in the previous technological revolution. Despite the large-scale level of digital transformation, it is not always successful. However, the factors of the effectiveness of such transformation in most cases rely on the paradigms of management and corporate finance formed before the digital revolution, and therefore a revision of these factors is required. In particular, such conclusions were made on the basis of an integral indicator of business efficiency - its fundamental value. At the same time, the exponential growth in the capitalization of unprofitable digital companies indicates the opposite: the digital environment is a unique opportunity for the growth of the well-being of business owners when choosing the right technological trends and disruptive innovations. Based on the regression analysis of the dependence of the capitalization of digital and non-digital companies on various factors, it is concluded that it is necessary to search for new performance criteria for non-digital companies that capture the effects of their digital transformation. The crisis nature of the digital transformation of companies is proved.