To implement the strategic requirement of “combining the expansion of domestic demand with supply-side structural reform”, it is essential to strengthen the empowering role of digitalization. The promotion of market performance by digital marketing through the integration of digital technology and supply chain management is relatively intuitive and clear, but whether digital procurement can improve market performance is still uncertain. Furthermore, given that the essence of digital transformation is to promote enterprises from internal management coordination to broader supply chain multi-party coordination, it remains to be studied how digital procurement enhances supply chain coordination among entities and thereby affects market performance.

Taking the data of China’s A-share listed companies from 2007 to 2021 as the sample, this paper investigates the relationship between digital procurement, supplier cooperation, and enterprise market performance. The study finds that enterprises engaging in digital procurement are more likely to achieve higher market performance. Mechanism testing shows that digital procurement improves enterprise market performance through strategic coordination, supply-demand coordination, and financing support between enterprises and suppliers. Heterogeneity analysis reveals that digital procurement has a more significant impact on market performance in non-state-owned enterprises, non-high-tech industry enterprises, and enterprises operating in regions with better supply chain operating environments. Extension analysis shows that digital procurement not only improves market performance from the perspective of “quantity”, but also reduces transaction costs from the perspective of “efficiency” and enhances product quality from the perspective of “quality”.

The main contributions of this paper are as follows: First, it integrates supply and demand under a unified analytical framework, and explores the analysis path of “digital procurement–supplier cooperation–market performance”, providing a new perspective and theoretical supplement for relevant research on market performance. Second, it provides the measurement method of digital procurement, and expands the research vision of its economic consequences from the market level. Third, it describes supplier cooperation from the three dimensions of strategic coordination, supply-demand coordination, and financing support, and analyzes the mechanism of the relationship between digital procurement and market performance, providing reference for subsequent relevant research.