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Enterprise's R&D and Innovation Management

Digital Transformation, Dynamic Capabilities and Enterprises  Performance：the Empirical Evidence from Chinese Manufactur⁃ ing Listed Companies Ni Yan, Lyu Shumin 

（Institute of Economics, Hubei Academy of Social Sciences, Wuhan 430077, China）

Abstract：Digital transformation is the value creation process of enterprises through the use of  digital technologies such as mobile computing, artificial intelligence, cloud computing, and the  Internet of Things in response to environmental changes. Digitalization has reshaped the value  creation capabilities of enterprises, increased the transparency of collaboration, and promoted  enterprise performance. However, enterprises need to invest a lot of resources to carry out digital  transformation, which brings certain operational risks to a certain extent. From the perspective of  existing literatures, the research on the relationship between digital transformation and enter⁃ prise performance focuses on the impact on enterprise performance, and the research on the in⁃ fluence mechanism and path and heterogeneity is not comprehensive. Therefore, it is necessary  to conduct an in-depth discussion on the transmission mechanism of digital transformation to en⁃ terprise performance. This paper enriches and expands the relevant theories on the impact of  digital transformation on enterprise performance, and provides empirical evidence for enterprises  to improve enterprise performance by promoting digital transformation. Based on the theory of dynamic capability and resource basis, this paper constructs a model  of digital transformation-dynamic capability-enterprise performance with entrepreneurial orien⁃ tation as a moderating variable. The multiple regression analysis method is used to carry out the  two-way fixed effect model of time and industry on the panel data collected from 2013 to 2020,which passes the main effect and mediating effect tests, and verifies the moderating effect of en⁃ trepreneurship orientation. In the heterogeneity test, the heterogeneous effects of firm age, size, degree of competition, and property rights nature are revealed. Subsequently, the robustness test  are performed by substituting the explanatory variable, replacing the explained variable, adding  the control variable, and the lagged explanatory variable. Through empirical analysis, it is found that: First, the digital transformation of enterprises  can actively promote the improvement of enterprise performance level. Second, the mediating ef⁃ fect of dynamic capability on firm performance is significant. Learning and absorption capacity, coordination and integration ability, and reconstruction and transformation ability all play a me⁃ diating role between digital transformation and enterprise performance. Third, entrepreneurship  orientation plays a positive moderating role in the relationship between digital transformation  and enterprise performance. Fourth, there is heterogeneity and lag in the impact of digital trans⁃ formation on enterprise performance. According to the results of the group test, the impact of  digital transformation on enterprise performance plays a positive role in promoting the enterprise  when the enterprise is young and in the highly competitive industry, but the effect is not obvious  when the enterprise is older, smaller in scale and in the less competitive. In terms of the nature  of ownership, when the enterprise is state-owned, the positive effect of digital transformation on  enterprise performance is more significant than that of non-state-owned enterprises. According  to the lag effect test results, the impact of digital transformation on enterprise performance has a  lagged positive impact. 

Key words：digital transformation; dynamic capabilities; entrepreneurial orientation; enter⁃ prises performance