The Digital Transformation of Manufacturing Enterprises, Financing Constraints, and Innovation Resilience

Yubo Wu

doi:10.63313/EBM.2029

Authors

Yubo Wu School of Economics and Management, Southwest Petroleum University, Chengdu 610500, China Author

DOI:

https://doi.org/10.63313/EBM.2029

Keywords:

Digital transformation, Innovation resilience, Financing constraints

Abstract

With the continuous advancement of economic and social development, China has entered a new stage of high-quality development. The digital transformation of enterprises has become a focal point of attention in both domestic and international academic circles. Leveraging the enabling effects of digital transformation serves as a critical support for promoting high-quality innovation and development in the manufacturing sector. This paper uses China's A-share manufacturing companies from 2014 to 2023 as the research sample to systematically analyze the impact of digital transformation on corporate innovation resilience and further explores the underlying mechanism of this impact. The main findings are as follows: (1) Through baseline regression and a series of robustness checks, it is found that digital transformation positively contributes to the innovation resilience of manufacturing enterprises in China. (2) Financing constraints play a mediating role in this process. Digital transformation effectively enhances the efficiency of information and resource utilization, improves corporate financing conditions, and thereby provides strategic and resource support for innovation. Based on these findings, this paper proposes the following recommendations: At the enterprise level, first, align with the trends of the times, deepen the understanding of digital transformation, and fully leverage its enabling effects. Second, formulate digital transformation strategies tailored to the specific development characteristics and environment of manufacturing enterprises. At the government level, first, strengthen the construction of digital infrastructure to enhance the level of digital transformation in manufacturing enterprises. Second, improve the innovation ecosystem and policies, enhance corporate motivation for innovation, and prioritize the development of a robust innovation resilience system.

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