The Mechanism Of Digital Economy On Manufacturing Enterprise Performance

The manufacture not only is the base of the industry,but also is the foundation of economic development.Although China has become the world’s largest manufacturing country,it faces multiple pressures in the process of moving from a manufacturing country to a manufacturing power,including the low-end extrusion from low-cost countries,the urgent requirements for green and the low-carbon development,and the risk of "choking" of key technologies from developed countries,which hinder the highquality development of China’s manufacturing industry.However,the digital economy is being embedded in all aspects of social reproductions at an unprecedented speed,breadth and depth,and has become an important engine of global economic development.At the same time,the development of digital industrializations and industry digitalizations in China has been continuously strengthened;the industrial penetration rate has continued to increase;and the enabling role of data elements has been continuously enhanced,which has promoted the transformation and upgrading of traditional industries,and has provided important support for the high-quality development of the manufacturing industry.Therefore,to fully understand the development degree of China’s digital economy in different dimensions and clarify the theoretical logic and mechnisam of the impact of digital economy development on the performance of manufacturing enterprise is of great guiding significance for grasping the development context of the digital economy era and promoting the high-quality development of China’s manufacturing industries.Based on the literature and the inductive and deductive method,this paper differentiates and analyzes the connotation and characteristics of the digital economy,the servitization of manufacturing and the enterprise performance,and uses the transaction cost theory,the scope economy theory,the technology-economic paradigm and the value chain theory to elaborate the mechanism of the digital economy affecting the performance of manufacturing enterprises,and constructs a comprehensive analysis framework of the theoretical relationship between the digital economy,the servitization of manufacturing and the enterprise performance.Specifically,the development indicators of the digital economy are described from three dimensions: regional digital economy development,industry digital development,and enterprise digital transformation.Based on analyzing the direct mechanism of data elements enabling manufacturing enterprises,as well as the transmission mechanism of upgrading and service of teindustrial structure,and the servitization of manufacturing,the theoretical mechanism of the digital economy affecting the performance of manufacturing enterprises is sorted out.Starting from the current situation of China’s manufacturing industry development and digital economy development,this study systematically expounds the practical difficulties of China’s manufacturing industry development and the development potential of the service-oriented transformation and the digital transformation.This study further uses data of regional development,industrial economy and corporate financial to examine the actual effect of the digital economy on the performance of manufacturing enterprises,and empirically tests the mechanism of the industrial structure,the servitization of manufacturing,the human capital and so on.First of all,based on the panel space econometric model,this study selects the panel data of China’s prefecture-level cities from 2011 to 2019 to empirically examine the impact of regional digital economic development on the upgrading and service of industrial structure and its spatial spillover effect,furthermore,tests the influence and mechanism of the upgrading and regional digital economic development,the upgrading and service of industrial structure on the enterprise performance.Secondly,by matching the digital input data of the manufacturing industry with the financial data of the A-share listed manufacturing enterprises in China,this study uses the panel regression model and moderation model to empirically examine the impact of digital input on the enterprise performance and its transmission mechanism,including the moderating effect mechanism of the R&D innovation capacity,the total factor productivity,the resource allocation efficiency,and the human capital structure on the impact of industrial digital development on the enterprise performance.Thirdly,based on the panel data model and the intermediary effect model,this study selects the panel data of manufacturing enterprises of A-share listed companies from 2010 to 2021,empirically reveals the direct impact of different dimensions of the enterprise digital transformation on the servitization of manufacturing and the manufacturing enterprise performance,and reveals the mechanism of the impact of enterprise digital transformation on performance from the perspective of manufacturing services.Through the above theoretical research and the empirical analysis,the main conclusions of this study are as follows:(1)The development of regional digital economy has a significant positive spatial spillover effect on the service of industrial structure.The development of regional digital economy can promote the upgrading and the service transformation of industrial structure in the region through promoting the technological progress and optimizing human capital structures,which further promote the performance of manufacturing enterprise through promoting the service of industry structrure.(2)The development of industry digitization can improve the performance of manufacturing enterprises.Because of the moderating effect of R&D innovation capability and total factor productivity,enterprises are more likely to obtain capital resources,expand fixed assets investment and production scale,and promote the improvement of enterprise performances.(3)The digital transformation of enterprises can significantly promote the development of manufacturing services,and can significantly promote the improvement of enterprise performances through the development of embedded manufacturing services,the optimization of human capital structures and the enhancement of R&D innovation capabilities.(4)The impacts of the development of the digital economy in different dimensions on the performance of manufacturing enterprises are also heterogeneous due to the different nature of the enterprise ownership,the different level of manufacturing services and the technical level of the industry.Finally,based on the findings of the theoretical analysis and the empirical research,this study suggests that the following measures can be taken to smooth the high-quality development of the manufacturing industry driven by the digital economy:(1)The spatial correlation and empowerment of the digital economy should be brought into play to promote the integrated development of manufacturing and service industries.We should strengthen digital infrastructures,formulate scientific industrial policies to promote digital development,balance the development of regional digital economy,promote the optimization of human capital structures and the enhancement of R&D and innovation capabilities,and promote the integrated development of manufacturing and service industries.(2)The development of industry digitization should be taken as a new opportunity for manufacturing enterprises to improve the quality and efficiency.Through the construction of digital Internet industry platforms and the application of digital technology,we can promote the in-depth integration of digital and traditional industries,and enable the quality,efficiency and power transformation of the manufacturing industry.(3)Enhancing the enabling role of digitalization in the servitization of manufacturing to promote the value of manufacturing enterprises.We can build a complete digital information system and an intelligent manufacturing factory,and use digital technology to empower the service level of the whole process and all links of the manufacturing industry,so as to realize the increase in manufacturing value and product value.(4)Talents and innovations play the important role in the digital transformation of enterprises and promote the improvement of enterprise performances.We can pay attention to talent training and R&D innovation investments,and build a new model of the talent and innovation driving enterprise development.The innovation points of this article are as follows:(1)This paper proposes and constrcuts a theoretical analysis framework for the impact of multi-dimensional digital economy development on manufacturing enterprise performances,which provides a new perspective for revealing the internal law and mechanism of the digital economy development affecting the high-quality development of manufacting enterprises.(2)This paper puts forward and empirically examines the theoretical mechanism of the servitization impacts on the development of digital economy and the performance manufacturing enterprise,which rich the high-quality development theory of manufacturing industry.(3)It reveals the differences between different types of servitization of manufacturing in enabling the manufacturing enterprise performance improvement through enterprise digital transformations,opens up the realization path of "enterprise digital transformation → manufacturing embedded servitization development → enterprise performance improvement",and provides a new path choice for the formulation of long-term development strategies for manufacturing enterprises.