Research On The Trigger Mechanism And Incentive Mechanism Of The Cohort Effect Of Digital Transformation Of Manufacturing Enterprises

Manufacturing is an important pillar of the real economy,and relying on digital technology to empower the high-quality development of manufacturing has become a strategic consensus among countries in the era of digital economy.However,scattered industrial software,complex internal systems,and large scale industrial chains make the digital transformation of manufacturing enterprises highly uncertain in terms of technology routes,business models,strategic operations and organisational management.In this ambiguous decision-making situation,enterprises tend to take other enterprises in the industry as reference objects for their own decisions,resulting in a cohort effect in their decision-making behaviour.In order to fully explore the behavioral mechanism,decision-making logic and enhancement path of digital transformation strategy of manufacturing enterprises in the era of digital economy,this paper has done the following research: firstly,based on social learning theory,signaling theory,planned behavior theory and dynamic competition theory,it reveals the existence of digital transformation of manufacturing enterprises and explains the triggering mechanism of the cohort effect of digital transformation of manufacturing enterprises through the "symbiote" and "competitor" identities of enterprises in the decision-making context;secondly,based on panel data of manufacturing companies listed in Shanghai and Shenzhen A shares from 2012 to 2021,this paper uses multiple regression to explain the triggering mechanism of the cohort effect of digital transformation of manufacturing enterprises."Second,based on the panel data of manufacturing companies listed in Shanghai and Shenzhen A-shares from 2012 to 2021,this paper uses multiple regression and group regression to empirically test the existence of the cohort effect of digital transformation in manufacturing companies.Finally,based on the results of the empirical study,this paper identifies two key factors influencing the cohort effect,namely information transmission and market competition,and proposes specific measures to stimulate the digital transformation of manufacturing enterprises from the perspective of the government and enterprises respectively.The main findings of this paper show that digital transformation strategies of manufacturing firms are influenced by industry cohorts,i.e.there is a cohort effect on digital transformation.The higher the level of environmental uncertainty,the more difficult it is for companies to make effective decisions based on available information,and the ambiguous decision situation increases the willingness of companies to learn and imitate other companies’ digital transformation decisions.For information-disadvantaged companies,using the digital transformation strategies of information-advantaged companies as a guide for action increases the effectiveness of their own decisions at a lower cost of trial and error,so they are more dependent on the same group of information-advantaged companies.The more competitive the market is,the more sensitive a company is to its competitors and the external environment.When some companies establish an advantage through digital transformation,other companies adopt a homogenous strategy to match their behaviour and keep their competitiveness at the industry average.For better performing firms,top performers have higher expected returns and competitive expectations,and can effectively achieve profitability by observing the behaviour of their rivals to plan their own decisions.