| With the comprehensive penetration and application of new-generation information technologies such as big data,cloud computing and 5G in the real economy,digital transformation is becoming an important solution to development problems in the global enterprise sector.Digital transformation of enterprises can be understood as an efficient economic value creation process,i.e.empowering production,operation and R&D innovation through digital technology to achieve information interaction,innovation development,organizational management and business model changes to promote enterprise growth.2021,China officially promulgated the "14th Five-Year Plan" for the development of digital economy.The digital economy has become a key support for building a new development pattern and promoting high-quality economic development.In July of the same year,at the 20 th China Internet Conference,Yu Xiaohui,President of China Academy of Information and Communication Technology,clearly pointed out that "Digital transformation brings very good opportunities for the development of SMEs".Digital transformation of SMEs can enable enterprises to achieve more efficient production,more objective data analysis,more convenient transaction mode,broader market scope and more direct user experience.Some SMEs have achieved successful cases in digital transformation.The embedded supply chain finance Saa S platform of Kingdee Information Technology,the HIMES system of Qingdao Zhengwang Steel and Water,and the integrated smart manufacturing solution of Midea Cloud are a large number of SMEs’ successful implementation of digital transformation to provide quality digital services for other SMEs’ growth.Driven by policy and led by practice,digital transformation has become an inevitable choice for enterprises in the era of digital economy,and is also a hot issue of widespread concern in both theoretical and practical circles.Digital transformation of Chinese head enterprises has been in the forefront,and academic research on digital transformation of large enterprises is more extensive,and digital transformation programs of large stateowned enterprises are more mature.However,the existing literature has less research on digital transformation of SMEs,and the research on this issue is of great significance to promote the development,reform and practice of SMEs in China.In this thesis,we construct and test the theoretical model of "digital transformation-exogenous financingSME growth" based on the resource-based theory,data empowerment theory and information asymmetry theory.First,a benchmark regression test using ordinary least squares confirms that digital transformation promotes the growth of SMEs,and that digital transformation promotes the growth of medium-sized enterprises more.Meanwhile,a heterogeneity analysis based on the external macro environment and the internal characteristics of enterprises found that digital transformation of state-owned enterprises with government subsidies is more effective on SME growth in regions with higher levels of regional financial development;second,a mechanism test using the Baron and Kenny mediating effect model revealed that digital transformation promotes SME innovation through exogenous financing,and the Finally,this thesis constructs a moderated mediating effect model based on the external environmental factors of financial regulation,and confirms that financial regulation can reverse the mediating effect of digital transformation and SME growth,while the direct effect of financial regulation on digital transformation affecting SME growth is The direct effect of financial regulation on digital transformation affecting SME growth is not significant.This study enriches the study of the relationship between digital transformation and SME growth,reveals the effect of digital transformation in the external environment on the growth of SMEs,and provides theoretical insights to promote the practice of digital transformation of SMEs. |
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