An Empirical Study Of Impact Of Digital Investment On Manufacturing Firm Performance

The deep integration of big Internet,data,artificial intelligence and the real economy is the key way to promote economic development quality change,efficiency change,power change and increase the total factor productivity.The digitization of manufacturing enterprises is transforming from the single application of ERP,CRM and SCM to the overall digitalization,networking and intelligent transformation of the enterprise."Industrial Internet + Intelligent Manufacturing" is becoming the main direction of transformation and upgrading of the manufacturing industry.However,the business community,especially small and medium-sized enterprises,is not sufficiently aware of whether digital investment can promote R&D innovation,reduce production costs,and improve corporate performance.There are also different views in the academic world.Although there have been many literatures on the relationship between information investment and corporate performance,there are still few studies on the new features and new changes in the transformation of the digital economy era,and the black box mechanism between the two is also Not deep enough.Based on the above background,this paper sorts out the relationship between resource view,digital investment,enterprise performance and digital investment and enterprise performance through theoretical literature,and enriches the research content by combining exploratory case analysis and empirical analysis.Through the combing of the literature to form a preliminary theoretical presupposition,the field research of the five manufacturing enterprises,collecting relevant information from the field to explore the factors neglected in the original theoretical presupposition(such as not distinguishing the main body of digital investment,not determined two The mechanism of influence,etc.),adjust the original presupposition,form a preliminary conceptual model,and combine the relevant literature to sort out the formal conceptual model and propose hypotheses.The use of China's digital economy transformation to promote faster panel data of the manufacturing enterprises in the Yangtze River Delta region of Jiangsu,Zhejiang and Shanghai from 2013 to 2017 for empirical testing.The research results show that: 1.Enterprise digital investment can effectively improve corporate performance;2.R&D intensity plays a role in promoting the digital investment of enterprises;3.Government digital investment has a positive effect on corporate performance,and the scale of the enterprise has played a role in promoting the performance of government digital investment.In response to the above results,the policy recommendations are made: 1.Enterprises need to improve their understanding of digital transformation and increase investment in digitalization;2.Play a role in promoting digital investment and R&D investment,adapt to and lead the market demand for product R&D and innovation,and promote enterprise digital investment to get innovative results;3.The government should further strengthen policy support for the digital transformation of enterprises,especially the need to increase support for small enterprises.