Research On The Impact Of Digital Transformation Of Manufacturing Industry On Financial Competitiveness

The scope of enterprise digital transformation is broader,deeper and faster driven by the digital economy and the new generation of digital technology.The process of enterprise digital transformation is also accelerating.The accelerated integration of the new generation of digital technology and traditional industries in all directions,all angles and all chains has made digital transformation and upgrading increasingly important and has become t inevitable choice for high quality development of traditional manufacturing industry.Currently,various industries are comprehensively promoting intelligent manufacturing and most enterprises have begun varying degrees of digital transformation.In order to explore whether digital transformation can significantly improve corporate economic performance,domestic and foreign scholars have adopted various methods to carryout extensive research on the relationship between digital transformation and economic effects such as corporate financial,market and innovation performance.Although,Scholars pay little attention to the relationship between digital transformation and financial competitiveness.After analyzing the existing literature,the following deficiencies are found: First,the measurement methods of the degree of digital transformation are not unified and there is a lack of systematic and targeted measurement standards;Secondly,research on financial competitiveness is still in its early stages;Third,there is less research on the relationship between digital transformation and financial competitiveness and the mechanism of its role needs to be explored.The thesis selects 1356 manufacturing companies from the manufacturing industries listed in the Industrial Classification of the National Economy as research samples to explore the impact mechanism between digital transformation and financial competitiveness.The thesis first lists the relevant theoretical support for this study and then sorts out the relevant research.Referring to existing research,19 financial indicators are selected to construct an evaluation index system for the financial competitiveness of the manufacturing industry,uses factor analysis to extract six factors covering profitability,debt paying ability,operational ability,innovation ability,development ability and profit growth ability.Then it calculates the individual factor scores and comprehensive scores of financial competitiveness.And conduct dynamic analysis as the explanatory variable for empirical analysis.Then,this thesis proposes research hypotheses to explore the impact mechanism of digital transformation on the financial competitiveness of manufacturing enterprises based on the mechanism analysis.The thesis conducts an empirical analysis of 1356 sample enterprises and the following findings are found:(1)Digital transformation has a significant promoting effect on improving the financial competitiveness of manufacturing enterprises;(2)In the path of digital transformation’s impact on financial competitiveness,"Reducing costs","Improving efficiency","Reducing supplier concentration" and "Increasing customer concentration" are four important channels for digital transformation to enhance enterprise financial competitiveness;(3)Further analysis reveals that this incentive effect varies in different property rights,scales and life cycle stages,with more significant improvement effects in state-owned enterprises,large enterprises and enterprises in growth and maturity stages.In the wave of digital transformation,traditional manufacturing enterprises need to develop clear digital strategies as guidance to innovate business models through digital means,achieve supply chain reform through process reengineering,adjust organizational structures,reduce operating costs,improve innovation levels,enhance financial competitiveness and continuously enhance value creation capabilities.Based on the empirical analysis results,the thesis gives suggestions for promoting digital transformation in traditional manufacturing industry.To a certain extent,The research results of this thesis complement the existing research content and help manufacturing enterprises pay more attention to cost,efficiency and supply chain in Digital transformation.