The Influence Of Digital Transformation On The Enterprises Performance Of Equipment Manufacturing

The digitalization is flourishing.Driven by national policy,industrial development,leading enterprises and other factors,China’s digital economy has maintained rapid growth,and its quality and efficiency have significantly improved.Digital transformation is the only way for real economy to adapt to social development in the new era.As the basic industry of China’s national economy,the transformation of equipment manufacturing enterprises is faced with the "double-end squeeze" development dilemma of gradually weakening COST advantage,technology blockade in developed countries,and at the same time,there are low profit margins and lack of vitality in growth.Looking at the trend of global economic development,the development mode of "digital + manufacturing" provides a new direction for the transformation and upgrading of traditional enterprises.Digital transformation has become the inevitable choice for equipment manufacturing enterprises to internalize external pressure into driving force.Therefore,the study of the influence of digital transformation on the enterprises performance of equipment manufacturing can provide theoretical guidance for equipment manufacturing enterprises to explore appropriate performance improvement paths,and provide theoretical basis for government departments to formulate targeted digital innovation policies.This paper selects equipment manufacturing enterprises listed on the A-share main boards of Shanghai and Shenzhen stock exchanges from 2011 to 2019 as the research samples.The degree of digital transformation is taken as the explanatory variable,and the enterprises performance of equipment manufacturing is taken as the explained variable.It uses the factor analysis method to measure the dynamic capability of technological innovation from three aspects of technological innovation input capability,technological innovation output capability and technological innovation transformation capability.This paper studies the relationship between digital transformation,technological innovation dynamic capability and equipment manufacturing enterprise performance by using the mediation effect model,and further analyzes the heterogeneous influence of enterprise location,industry and ownership.Through empirical research,the following conclusions are drawn.First,taken as a whole,digital transformation can promote the performance of equipment manufacturing enterprises.Second,in terms of the conduction path,digital transformation can improve the performance of equipment manufacturing enterprises by enhancing the dynamic capability of technological innovation.Thirdly,the mediating effect of firm heterogeneity on technological innovation dynamic capability is different.In terms of region,the digital transformation of equipment manufacturing enterprises in the eastern region has a significant positive effect on enterprise performance,while the digital transformation of equipment manufacturing enterprises in the central and western regions has no significant impact on enterprise performance.In terms of sub-industries,the direct and intermediary effects of digital transformation on performance of enterprises in general equipment manufacturing are slightly larger than those in automobile manufacturing.In terms of ownership,the digital transformation of non-state-owned equipment manufacturing enterprises can affect enterprise performance by improving the dynamic capability of technological innovation,but the dynamic capability of technological innovation has no mediating effect on the digital transformation and state-owned equipment manufacturing enterprise performance.In the end,based on the above research conclusions,this paper puts forward the corresponding policy recommendations.