Research On The Influence Of Digitalization On The High Quality Development Of Manufacturing Industry In China

In the course of human development,each technological innovation has pushed human civilization to a new era.Since the Industrial Revolution,manufacturing has replaced agriculture as the leading industry in industrialized countries,driving the transition of economic development classes and determining the alternation of rise and fall between countries.Manufacturing has become a determinant of a country’s development level,comprehensive national strength and even military strength.The development of traditional manufacturing relies more on the investment of capital,labor and technology.Digital has always existed as information exchange and flow,but its role is not obvious.With the vigorous development of a new generation of information technology and the advancement of economic globalization and the Internet,the status and role of digitalization have become increasingly prominent.Digital not only exists as a relatively independent element of manufacturing,but digitization can more effectively realize the cross-temporal integration of traditional development elements.It has given birth to the emergence of new formats in the manufacturing industry,especially high-end manufacturing,leading the manufacturing industry to enter the era of digital survival.Accordingly,the manufacturing industry has entered a stage of high-quality development.Since the founding of the People’s Republic of China,China has established an independent and complete manufacturing system,which has made great contributions to my country’s economic development and overall national strength.After the reform and opening up,thanks to the cost advantages of relatively cheap labor,land and raw materials,China’s manufacturing industry has developed rapidly and has become a globally recognized "world factory".But on the whole,my country’s manufacturing technology still lacks the ability of scientific and technological innovation,and the problem that the manufacturing industry is large but not powerful is still prominent.Therefore,accelerating the digital transformation and upgrading of the manufacturing industry has become an important part of promoting the high-quality development of China’s economy.With the advancement of digitalization,the impact of digitalization on highquality economic development has attracted great attention from scholars at home and abroad.Scholars at home and abroad have made in-depth discussions on four levels of factor input,factor synergy,industrial integration,technological innovation and institutional arrangement,but few systematically research it from the perspective of digitalization.Some studies have begun to pay attention to the impact of the digital economy on the high-quality development of the manufacturing industry,arguing that industrial digitalization can help the manufacturing industry rebuild its competitive advantage,and it mainly works through the integration and innovation path of digital technology.However,most of the literature mainly focuses on the macro-level research,and the research on the impact mechanism is relatively single,and there is a lack of discussion on the level of digitalization and enterprise characteristics.Obviously,the theoretical mechanism that affects the high-quality development of the manufacturing industry from digitalization is still missing,and there are great differences in the definition of the high-quality development of the manufacturing industry.This paper believes that the high-quality development of the manufacturing industry is a development model of high efficiency,strong innovation,high international value status,and internal and external coordination.Digitalization affects the high-quality development of the manufacturing industry through these four aspects.Based on this,this paper constructs a four-dimensional analysis framework for the high-quality development of the manufacturing industry of "scale-structure" and "internal circulation-external circulation",and explores the theoretical mechanism of digital-driven high-quality development of the manufacturing industry.Furthermore,the impact of digitization on manufacturing performance,technological innovation and global value chain status is studied in the complex driving mechanism,and 11 hypotheses are proposed to support the operation of the complex driving mechanism.This paper selects listed manufacturing companies as samples,and innovatively uses text mining technology to systematically measure the digital connotation keyword indicators.The use of the WWYZ method for the measurement of the manufacturing global value chain and focusing on the scope of the transition economy stage makes up for the existing shortcomings.The parameters are estimated by using fixed effect model,double difference model,mediation effect model,quantile regression,threshold effect model and other measurement methods.Important conclusions are as follows:Firstly,digitalization can significantly promote the high-quality development of manufacturing.In terms of performance-enhancing effects,digitization increased the total return on assets by an average of 0.86%,the return on equity by an average of2.78%,and the operating profit margin by an average of 1.18%.In terms of innovation empowerment,digital transformation increases innovation output by4.25% on average,incremental innovation output by 4.44%,and disruptive innovation output by 2.42% on average.In terms of the value chain upgrading effect,digitalization has promoted the transition from the third echelon to the first echelon in the global value chain of manufacturing.And it has accelerated the "inverted Ushaped" transformation of the participation in the global value chain of the manufacturing industry,that is,the manufacturing industry has shifted from the international market to the domestic market.Secondly,digitalization has multi-dimensional mechanisms such as cost saving and business model innovation for the high-quality development of the manufacturing industry.(1)Digitalization drives the improvement of manufacturing performance by reducing the degree of information asymmetry,innovating business models,and reducing enterprise management costs,sales costs,transaction costs,agency costs and other mechanisms.However,digitalization has expanded the production cost of manufacturing enterprises,which is the main reason why manufacturing enterprises fall into the "digital performance trap".(2)Digitalization enables the innovation and strengthening of the manufacturing industry through mechanisms such as optimizing the capital structure,reducing financing costs,improving innovation investment capacity and innovation absorption capacity,and innovating business models.(3)Digitalization facilitates the transition of GVC’s status through value-added and value creation.Digitalization accelerates the substitution effect of intermediate products and reduces backward participation in the computer,electronic products and other industries and facilitates the "inverted U-shaped" transformation of GVC participation.Finally,the high-quality development of the manufacturing industry driven by digitalization has multiple heterogeneities,and the market adjustment effect and scale threshold effect are significant.(1)At the industry level,digitalization has produced a performance improvement effect and an innovation empowerment effect on most high-end manufacturing industries,but the mid-end and low-end manufacturing industries are weak in disruptive innovation.Digitalization has the effect of increasing the value chain status of technology-and labor-intensive manufacturing industries,while it is not significant for capital-intensive manufacturing industries.(2)At the regional level,the digitalization index of the manufacturing industry shows the characteristics of spreading from the east to the central and western regions and the trend of multi-polarization.The performance improvement effect of manufacturing digitalization in the western region has produced a "catch-up effect" in the eastern region,while the performance improvement effect in the central region is not significant,manifesting as "central landslide".The innovation empowerment effect of digitization in the manufacturing industry in the Midwest is not significant,and it is easy to create a "digital divide".(3)At the level of ownership,private enterprises have the highest level of digitalization,followed by foreign-funded enterprises,and state-owned enterprises the lowest.The digital transformation performance improvement effect of private manufacturing enterprises is greater than that of stateowned manufacturing enterprises,while foreign-funded manufacturing enterprises are not significant.Both state-owned and private enterprises have significant digital innovation empowerment effects.In terms of incremental innovation,the digitalization effect of state-owned enterprises is greater than that of private enterprises,and in terms of disruptive innovation,the digitalization effect of private enterprises is greater than that of state-owned enterprises.(4)At the level of market structure,in the return of digitalization to dual innovation,the market structure shows a restraining adjustment effect,reducing the concentration of the manufacturing industry,which will promote the manufacturing industry to break the path dependence of incremental innovation and turn to subversive innovation.(5)At the scale threshold level,digital reform has a positive performance improvement effect on large-scale manufacturing enterprises,inhibiting the performance improvement of small enterprises.It is not easy for small and medium-sized enterprises to obtain the promoting effect of disruptive innovation.The way to break through the digital transformation of SMEs may lie in the networked collaboration within the industrial cluster.This paper finds that digitalization has a positive growth effect on the manufacturing industry and does not support the "digitalization-TFP paradox",the "crowding out effect" of government subsidies on disruptive innovation,the instrumentation industry with the highest degree of digitalization is difficult to obtain digital transformation effects,the "digital divide" between regions is also evident.Its policy implications are obvious.First,attach importance to the driving role of digitalization in the high-quality development of the manufacturing industry,and strengthen the investment and construction of digital infrastructure.The second is to open up the transmission mechanism of digital transformation to guide and help manufacturing enterprises to deepen digital transformation.The third is to identify industries,maximize the positive effect of digital investment in manufacturing and improve the conversion rate of digital investment.Fourth,the manufacturing industry in the central and western regions needs to break the reliance on undertaking the transfer of industries from the east,establish a high-end manufacturing industry system,seize the opportunity of the "East and West" project,and promote the digital transformation of the manufacturing industry to catch up and surpass.Fifth,when establishing an industry guidance fund to support the development of leading enterprises in the digital economy,attention should be paid to the cultivation mechanism for private manufacturing enterprises.