| It is necessary to accelerate the development of manufacturing,encourage the development of advanced manufacturing,promote the deep integration of the Internet,big data,artificial intelligence and the real economy.The high-level and healthy development of the manufacturing industry is an essential option for the future trend of technological and economic development,and it is the foundation for our country to obtain the competitive advantage in the fierce international competition.However,after experiencing the Internet bubble crisis and the financial crisis,Western countries have re-examined the important position of manufacturing in economic development and propose a series of policy measures to promote the development of manufacturing.It is difficult to extricate the extensive model of development,and also,for China,is far from being a manufacturing power.The manufacturing industry is characterized by "high input,high consumption and high emissions",also there are many other problems in the process of manufacturing development,such as poor quality,low added value,overcapacity,insufficient market competitiveness and insufficient innovation capabilities.Under the dual pressure of international and domestic,the digital transformation and development of our country’s manufacturing industry is facing severe challenges.It is an important task to promote the development of manufacturing industry and drive the industrial structure optimization and upgrading through technological progress by using digital technology.For this reason,this paper follows the logic system of"what-why-how" based on technological innovation theory,industrial upgrading theory,techno-economic paradigm theory and dynamic capability theory,and comprehensively uses comparative analysis method,econometric analysis method and big data text Various analysis methods such as mining methods are used to explore and quantify the level of digital transformation of my country’s manufacturing industry,to demonstrate the effect of digital transformation of my country’s manufacturing enterprises on promoting corporate performance,and to further study the role of digital transformation in manufacturing enterprises.Specifically,the main research contents of this paper are as follows:First,measure the level of digital transformation in the manufacturing industry.This paper systematically sorts out four methods of measuring digital transformation in the current academic circle.Since the current academic circles have not reached a consensus on the calculation method of the digital transformation of the manufacturing industry,this paper uses the accounting method and the text analysis method to measure the level of the digital transformation of my country’s manufacturing industry,and compares the advantages and disadvantages of the two methods.The text analysis results serve as the basis for subsequent research.Second,after completing the calculation of the digital transformation index,this paper conducts research around the role of digital transformation and whether there is a promotion effect between digital transformation and corporate performance.This paper uses a fixed effect model to carry out analysis,and uses various methods for robustness testing to demonstrate that digital transformation has a positive effect on corporate performance,and further conducts heterogeneity analysis from the three dimensions of corporate nature,manufacturing type,and region.Third,this paper analyzes the role path of digital transformation in promoting corporate performance from both theoretical and empirical aspects.Through theoretical analysis,three intermediary variables that digital transformation promotes enterprise performance improvement are found,and the corresponding intermediary effect paths are analyzed.On the empirical level,use stepwise regression method,Sobel test method and Bootstrap test method to verify the existence of intermediary mechanism.Fourth,conduct further research on the relationship between digital transformation and the three intermediary variables of operating costs,operating efficiency,and technological innovation.In-depth analysis of the relationship between digital transformation and enterprises reducing costs,improving efficiency,and promoting technological innovation.This study mainly draws the following conclusions:First,the measurement results of manufacturing digitalization show that the level of digital transformation in my country’s manufacturing industry continues to improve.Regardless of whether the accounting method based on the input-output table is used for calculation,or the text analysis method based on the company’s annual report is used for calculation,the results support the above conclusions.It can be seen that as the development of the digital economy continues to deepen,my country’s manufacturing companies continue to deepen their understanding and practice of digital technology,the pace of transformation is gradually accelerating,and the effect of transformation and upgrading is increasingly apparent.Second,the digital transformation of manufacturing enterprises can significantly promote the improvement of enterprise performance.Through the heterogeneity analysis,the following conclusions are obtained:(1)According to the nature of the enterprise,regardless of the state-owned enterprises or non-state-owned enterprises,digital transformation can bring about the improvement of enterprise performance.It is worth noting that the period-by-period regression shows that there is no significant relationship between digital transformation and corporate performance in state-owned enterprises before 2015,and this promotion effect becomes significant after 2015,while non-state-owned enterprises have performances are notable.This result reflects the conservative and prudent management style of state-owned enterprises,which is more than conservative and less aggressive.In contrast,non-state-owned enterprises dare to try all kinds of new things,products,and technologies,and are willing to be the first to eat crabs and take greater risks in order to obtain excess returns.(2)According to the type of manufacturing industry,both high-end and low-end manufacturing industries can benefit from digital transformation,but this effect is better in high-end manufacturing industries.The reason is that the cost of digital transformation is high and the risk is high,the profit margin of low-end manufacturing industry is low,and the ability to resist risks is weak.There are problems of "don’t want to switch,dare not switch,and won’t switch" in digital transformation.(3)By region,the digital transformation of manufacturing enterprises in the eastern and western regions of my country can significantly promote the improvement of enterprise performance,while there is no significant relationship between the digitalization of manufacturing enterprises in the central region and enterprise performance.Third,in terms of the path of digital transformation to promote corporate performance improvement,fr-om the perspective of a single intermediary variable,there are the following intermediary effect paths:(1)The digital transformation of manufacturing enterprises promotes the improvement of corporate performance by acting on operating costs.(2)The digital transformation of manufacturing enterprises promotes the improvement of enterprise performance by acting on operational efficiency.(3)The digital transformation of manufacturing enterprises promotes the improvement of enterprise performance by acting on technological innovation.From the joint effect of multiple intermediary variables,using the SEM structural equation analysis,it is found that the intermediary effect of digital transformation on corporate performance by reducing operating costs is still effective;the intermediary effect of digital transformation on corporate performance by improving operational efficiency is still the same.Effective;and the mediation effect path of digital transformation on corporate performance through technological innovation will be internalized in the above two paths.Fourth,the relationship between digital transformation and enterprise operating capabilities.After empirical analysis,it is found that digital transformation can significantly reduce enterprise operating costs and significantly improve enterprise operating efficiency.The heterogeneity analysis draws the following conclusions:(1)In terms of the nature of enterprises,the cost reduction effect brought about by digital transformation is greater in non-state-owned enterprises.The possible reason is that non-state-owned enterprises are more sensitive to costs,while state-owned enterprises are more These business objectives coexist,and cost control is not strong enough,so the resulting cost reduction effect is not as good as that of non-state-owned enterprises.(2)In terms of manufacturing types,for low-end manufacturing industries,the role of digital transformation is mainly reflected in cost reduction,and its role in improving enterprise efficiency needs to be strengthened.(3)In terms of regions,the digital transformation of manufacturing enterprises in the eastern,central,and western regions can bring about cost reduction effects,while in terms of efficiency enhancement,only the digital transformation in the eastern region can significantly improve the operating efficiency of enterprises.(4)On the whole,the effect of digital transformation on manufacturing enterprises is that cost reduction is greater than efficiency increase.The high-end manufacturing industry has achieved greater benefits in terms of cost reduction and efficiency enhancement through digital transformation.High-end manufacturing industries with capital-intensive attributes benefit more from digital transformation.In order to verify whether there is a threshold effect of capital intensity,this paper analyzes the threshold effect and finds that capital intensity exists in the process of digital transformation promoting corporate performance.Threshold effect.For enterprises,digital transformation has the characteristics of "A’s honey,B’s arsenic".For small-scale and low-capital-intensive enterprises,it is difficult for digital transformation to dilute input costs through scale gains,and the effect of cost reduction and efficiency increase is not obvious.For enterprises with high capital intensity,they have a good informatization foundation,and it is easier to obtain the efficiency improvement and income improvement brought about by digital transformation.Therefore,for industries or enterprises with low capital intensity,if they rashly implement digital transformation,they will easily fall into the dilemma of"not transforming and waiting for death,transforming and looking for death".Fifth,between digital transformation and technological innovation,after static analysis,it is found that:(1)Digital transformation significantly promotes the increase of enterprise R&D expenditure.(2)Digital transformation can bring about a decrease in supplier concentration and a shortened business cycle,effectively improving the resource allocation capabilities of enterprises.(3)Digital transformation is promoting the increase of government subsidies and significantly reducing the financing constraints of the corporate market.After heterogeneity analysis,it is found that:(1)Digital transformation can effectively shorten the business cycle of state-owned enterprises,but in non-state-owned enterprises,this effect is not significant.The reason may lie in the high efficiency and flexibility of non-state-owned enterprises,so there is an upper limit to shortening the business cycle.(2)Digital transformation can significantly reduce the financing constraints of state-owned enterprises,while for non-state-owned enterprises,the financing constraint environment has not improved.(3)Digital transformation has significantly reduced the business cycle of high-end manufacturing.In the low-end manufacturing industry,it has the opposite effect.Combined with the results of enterprise research,the possible reasons for this phenomenon are:the low-end manufacturing market is fiercely competitive,and profit margins are narrowing.Enterprises explore and transform service-oriented manufacturing in order to expand new profit growth points,which brings about changes in business models and pulls Long business cycle.By using the PVAR model,on the dynamic relationship between digital transformation and enterprise technological innovation input and technological innovation output,the research found that:(1)There is a significant two-way interaction between digital transformation and technological innovation,and the impulse response analysis shows that this This two-way promotion effect is continuous.(2)In contrast,the degree of mutual influence between digital transformation and technological innovation input is relatively deep,while the relationship between digital transformation and technological innovation output is in an unbalanced state.The output of technological innovation of enterprises has a greater impact on digital transformation,whereas the contribution of digital transformation to technological innovation output still has a lot of room for improvement. |
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