Digital Transformation,Ambidextrous Innovation And Enterprise Value

For many years,the manufacturing industry has been the "ballast" of China’s economy,and the scale of its development has been at the world’s leading level,but the problem of "big but not strong" still exists,such as overcapacity at the low end and dependence on Europe and the United States at the high end.To break through this dilemma,digital transformation has become the key.At present,academics are paying great attention to issues related to digital transformation.From the existing literature,scholars have not yet reached a consensus on the discussion of digital transformation and enterprise value,among which the impact mechanism of digital transformation on manufacturing enterprises is still a "black box" and needs further in-depth research.In this regard,this thesis examines digital transformation and enterprise value in manufacturing based on the perspective of ambidextrous innovation.Ambidextrous innovation,i.e.technological innovation and business model innovation,plays an important role in the transformation and upgrading process of manufacturing enterprises,and affects the enhancement of enterprise value.Through this perspective,this thesis attempts to build a research framework of "digital transformation-ambidextrous innovation-enterprise value",and investigate the mechanism of digital transformation on enterprise value in depth.This study helps to enrich the theoretical research on the impact of digital transformation on enterprise value,and also provides decision-making reference for digital transformation and enterprise value enhancement of manufacturing enterprises in China.To this end,this thesis takes the data of manufacturing companies listed in Shanghai and Shenzhen A-shares in China from 2013 to 2020 as research samples.Based on the theoretical foundations of dynamic capability theory,endogenous growth theory and organizational change theory,the theoretical analysis of digital transformation and enterprise value of manufacturing enterprises,the mediating role of technological innovation,business model innovation and ambidextrous innovation combination between digital transformation and enterprise value is conducted and proposed.The research hypothesis are presented.On this basis,a fixed-effects model is constructed and empirical analysis is used to draw conclusions.The results of the study show that:(1)Digital transformation of manufacturing enterprises has a significant positive impact on enterprise value;(2)Digital transformation can promote the enhancement of enterprise value through technological innovation,business model innovation and the combination of the two;At the same time,the combination of technological innovation and business model innovation has a more significant impact on enterprise value than the individual innovation models of technological innovation and business model innovation,and the combined interaction between the two has an enhanced mediating effect on the enhancement of enterprise value;(3)As the level of technological innovation and business model innovation increases,digital transformation has a non-linear spillover effect on the enhancement of manufacturing enterprise value;(4)The impact of digital transformation on enterprise value is heterogeneous due to the micro characteristics of manufacturing enterprises,and the digital transformation of state-owned enterprises and large enterprises has a more significant effect on the enhancement of enterprise value than that of non-state-owned enterprises and SMEs.The findings of this thesis systematically reveal the intermediate mechanism of digital transformation affecting enterprise value,which is a useful extension of the existing research on digital transformation and enterprise value,and provides inspiration and reference for the digital transformation upgrade and path of manufacturing enterprises in the new era.