The Impact of Digital Transformation on Enterprise Performance: An Empirical Analysis Based on China's Manufacturing Export Enterprises

Abstract

At present, countries around the world adopt digital strategy, so that enterprises apply digital technology, digital supply chain, blockchain, and a series of digital measures to enhance their competitiveness. By analyzing the relationship between digital transformation of manufacturing export enterprises, and their business performance and export performance, this paper focused on the current situation and existing problems of digital transformation of manufacturing export enterprises in China. Based on the Resource Based View theory and Trade theory, the impact of digital transformation of enterprises performance, proposing hypotheses, and building regression models were explored. With the samples of 1007 listed companies in Shanghai and Shenzhen Stock markets from 2012 to 2019, the regression analysis, intermediate effect test, robustness test, stage lag, and heterogeneity analysis were conducted. The results shew that: (1) Listed manufacturing export enterprises carried out digital transformation, which had a significantly positive effect on enterprise performance; (2) It was found that digital transformation could improve enterprise performance by reducing costs, improving R&D intensity and improving human resources etc. (3) According to the fractal analysis, non-state-owned enterprises had more positive effects on enterprise performance, and digital transformation of manufacturing export enterprises in developed areas had a more significant impact on enterprise performance. Finally, according to the empirical results, relevant suggestions for digital transformation were provided.