Research On The Impact Of Digital Transformation On The Value Of Manufacturing Enterprises

Digital economy is an important breakthrough in the world’s fourth-generation industrial revolution,and also the main way to promote the high-quality development of our economy.According to the 2022 Digital Economy report issued by China Information and Communication Institute,the proportion of the digital economy scale of industry is about 82% in the digital economy scale of our country,among which the digital transformation of manufacturing industry has made an important contribution.Manufacturing industry plays an important role in supporting the economic development of our country,and digital transformation is the inevitable choice for manufacturing enterprises to achieve high-quality development.However,most of the academic literature points out that the digital transformation of most manufacturing enterprises is in the planning or preliminary stage,the problems of high investment and the uncertainty of the impact of the digital transformation on the value of the enterprise have become the obstacles in the road of the digital transformation,this paper studies the impact of digital transformation on the value of manufacturing enterprises.This paper chooses Sany heavy industry as the case study.Sany heavy industry is a typical manufacturing enterprise,whose digital transformation layout is earlier,and its digital achievements are more remarkable.Based on the theory of enterprise value,the theory of digital economy and the theory of dynamic capability,this paper analyzes the impact of digital transformation on the value of Sany heavy industry,then from the financial value and market value of two aspects of the impact of digital transformation on SANY heavy industry enterprise value.In the aspect of financial value,this paper uses the fuzzy comprehensive evaluation method,constructs the financial index system and determines the index weight by using the entropy method,finally obtains the comprehensive evaluation value of the enterprise’s financial value,and then makes the vertical and horizontal comparison;In the market value aspect,this article first uses the event research method from the company and the policy aspect digitization transformation important event to analyze the sany heavy industry’s short-term market value response,then use Towbin Q index to measure sany heavy industry long-term changes in market value,and vertical and horizontal comparison.The case study shows that the impact of the digital transformation on Sany heavy industry’s corporate value is mainly reflected in ways to improve the efficiency of production and operation,promote enterprise R & D Innovation and reduce Information asymmetry.In the aspect of financial value,digital transformation promotes the financial value of Sany heavy industry,and with the deepening of Enterprise Digital Transformation,the effect of digital transformation is more obvious;In terms of market value,no matter at the corporate level or at the external policy level,the significant event of digital transformation has no significant impact on the short-term market value of Sany heavy industry,but from the long-term market value perspective,with more and more achievements of enterprises’ digital transformation,the growth rate of enterprise’s market value is much faster than that of enterprises in the same industry,that is,the digital transformation can have a positive impact on the long-term market value of Sany heavy industry.Finally,according to the case study of Sany heavy industry digital transformation,it is concluded that the digital transformation of manufacturing enterprises should grasp the core business,the policy opportunity of the digital economy and the enlightenment of avoiding “Short-sightedness”.