The Effect Of "Zhuanjingtexin" Transformation On Enterprise Resilience Under The COVID-19

In recent years,the trade friction between China and the United States as well as the outbreak of the Covid-19 have led to a sharp rise in external uncertainties.Why do some economies never recover from shocks while others recover quickly and even create a new path of rapid growth? Economic resilience studies questions like this.As a promising new concept,economic resilience is receiving increasing attention from policymakers and academics.The transformation strategy of "Zhuanjingtexin" was first put forward by the Ministry of Industry and Information Technology in 2011,and has become a national strategy in recent years.Faced with increasing uncertainties in the world,build enterprise’s composite index to evaluate the level of “Zhuanjingtexin” transformation,then empirically study under the shock of Covid-19 how “Zhuanjingtexin” transformation impact the enterprise resilience of microeconomic resilience,hopefully exploratory thinking will be provided to enhance the micro-base of China’s economic resilience.The main work of this paper is as follows: First,based on the existing research at home and abroad,the evolution process and mainstream theoretical framework of the concept of economic resilience are expounded,and the corresponding measurement methods and influencing factors are summarized from the macro,regional and micro dimensions of economic resilience.Then,clarify the concept and the development of the related policy system of "Zhuanjingtexin",build the composite index based on the official references released by the ministry of Industry and Information Technology,discusses theoretical basis of how the transformation of “Zhuanjingtexin” promote enterprise resilience.Moreover,the paper further discusses the effect of innovation capability,which is the soul of the “Zhuanjingtexin” transformation strategy,on the enterprise resilience.In the empirical part,taking January 20,2020 to July 31,2020 as the time window for COVID-19 shock,the empirical research was conducted based on the data of A-share listed companies to verify the research hypothesis.In addition,the heterogeneity analysis is carried out from the aspects of enterprise size,attribute,industry and region,and it is confirmed that the financing constraints of enterprises and the level of regional digital development have a significant moderating effect.In the robustness test,it demonstrates the reason why the model in this paper can well avoid the endogeneity problem.The calculation methods of explained variables and core explanatory variables are replaced,and the impact time window is shortened from January 20,2020 to May 31,2020,all of which can pass the robustness test.Finally,according to the theoretical analysis and empirical results,from the perspective of promoting and supporting enterprises to carry out "Zhuanjingtexin" transformation,the corresponding policy suggestions are put forward to improve enterprise resilience.This paper holds that(1)we should promote the transformation of "Zhuanjingtexin" in different levels and with emphasis.Medium-sized private enterprises,especially those rich in science and technology,should be the main force in the transformation of "specialization and innovation".(2)Ease corporate financing constraints.On the one hand,enterprises themselves should enhance their lean management ability.On the other hand,the government should dredge the financing channels of SMEs,increase the special funding funds to encourage enterprises to persist in innovation,and enhance the promoting effect of "Zhuanjingtexin" transformation on enterprise resilience by easing the financing constraints of enterprises.(3)Improving the level of regional digital development.Increase investment in digital infrastructure,establish platforms for communication and cooperation in digital transformation,improve the degree of digital transformation of enterprises,address the digital divide,and strengthen digital security.Under the background of uncertainty rising,this paper proves that "Zhuanjingtexin" transformation strategy could significantly promote the enterprise resilience,and then provides policy recommendations for the improvement of enterprise resilience and the micro-foundation of microeconomic resilience.