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平台生态系统作为数字经济时代的新型组织形态，以其独特的结构特征和运行机制成为企业获取竞争优势的关键来源，并为企业有效治理盈余波动提供了新的路径。采用沪深A股上市公司2012—2023年的数据，从是否嵌入和嵌入程度两方面刻画企业嵌入平台生态的状态，分析发现：企业嵌入平台生态显著抑制了其盈余波动，促进企业多元化经营和提升企业全要素生产率是嵌入平台生态抑制企业盈余波动的两大重要机制，城市公共数据开放能够强化嵌入平台生态对企业盈余波动的抑制作用；成熟期和衰退期企业、资本密集型企业嵌入平台生态能够显著抑制盈余波动，但成长期企业、劳动密集型企业嵌入平台生态的盈余波动抑制效应不显著。因此，企业应积极嵌入平台生态，充分利用平台生态的“风险分散—效率提升”双重治理机制平滑盈余波动；政府应加快推进公共数据开放，不断提升平台生态的数据赋能功效。

In recent years, preventing and mitigating financial risks has been a core priority for advancing high-quality economic and social development. Within this context, effective management of corporate earnings volatility occupies a strategic and irreplaceable position in the financial risk prevention framework. Against this backdrop, embedding into platform ecosystems—a key mechanism for corporate strategic transformation—has emerged as a significant practical pathway for mitigating earnings volatility. However, existing literature primarily focuses on the impact of platform ecosystem embeddedness on corporate innovation efficiency, operational performance, and internal governance structures. A systematic research framework examining its mechanisms in regulating earnings volatility remains underdeveloped.Using panel data from listed companies between 2012 and 2023, this study empirically investigates the impact of platform ecosystem embeddedness on corporate earnings volatility. The findings indicate that such embeddedness effectively reduces earnings volatility, a conclusion that remains robust after a series of tests, including the instrumental variable method and the Propensity Score Matching-Difference in Differences(PSM-DID) method. Mechanism analysis reveals that engaging in diversified operations and improving total factor productivity are crucial channels through which platform ecosystem embeddedness mitigates earnings volatility. Additionally, public data openness further strengthens this mitigating effect. Heterogeneity analysis shows that compared to growth-stage firms and labor-intensive enterprises, the volatility-reducing effect of platform ecosystem embeddedness is more pronounced for mature-stage firms, decline-stage firms, and capital-intensive enterprises.Compared with existing literature, this study makes three marginal contributions. First, it expands the interdisciplinary research on the platform economy and the development of a financial powerhouse by integrating platform ecosystem embeddedness and corporate earnings volatility into a unified analytical framework, thereby enriching the perspective on corporate earnings volatility in the digital economy era. Second, by constructing a transmission mechanism model centered on “diversified operations-total factor productivity” and analyzing the moderating role of public data openness, it clarifies the pathways through which platform ecosystem embeddedness influences earnings volatility. Third, through heterogeneity analyses based on corporate life cycle and capital intensity, it reveals the differential effects of such embeddedness across firms with varying characteristics.This study systematically explains the causal chain and transmission pathways through which platform ecosystem embeddedness mitigates corporate earnings volatility. It not only provides methodological insights for earnings management within modern corporate governance systems but also offers a scientific basis for government entities and market participants to formulate differentiated governance strategies. Furthermore, it supplies micro-level driving force for the in-depth implementation of the financial powerhouse strategy, ultimately contributing to the steady realization of the socialist modernization goal in the financial sector.