The impact of digital transformation on enterprise performance: An empirical analysis based on China's manufacturing export enterprises

Currently, countries worldwide are embracing digital strategies, enabling enterprises to utilize digital technology, digital supply chains, blockchain, and additional digital measures to increase their competitiveness. This paper analyzed the correlation between the digital transformation of manufacturing export enterprises and their business and export performance, focusing on China's manufacturing export enterprises through empirical analysis. The study investigated the influence of digital transformation on enterprise performance. Using the Resource Based View theory and Trade theory, hypotheses were proposed and regression models were developed to analyze a sample of 1007 enterprises listed on the Shanghai and Shenzhen Stock markets from 2012 to 2019. The study conducted regression analysis, intermediate effect test, robustness test, stage lag, and heterogeneity analysis. The study found that (1) Manufacturing export enterprises listed in the stock market implemented digital transformation, leading to a significant positive impact on their overall performance. (2) Digital transformation led to cost reduction, improved R&D intensity, and enhanced human resources, among other benefits for enterprise performance. (3) According to the fractal analysis, non-state-owned enterprises exhibited more favorable effects on enterprise performance, and the digital transformation of manufacturing export companies in developed regions had a more significant impact on their performance. Finally, the study's empirical results yielded pertinent proposals for digital transformation.