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| The Peer Effect of Digital Transformation and High-Quality Development of Enterprises: The Empirical Evidence from the Listed Manufacturing Companies |
| Huo Chunhui1,Lyu Mengxiao1,Xu Xiaona2 |
| (1. Business School, Liaoning University;2.School of Economics and Management, Shenyang Aerospace University, Shenyang 110000, China) |
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Abstract Digital transformation has become an important strategic means for manufacturing enterprises to achieve outstanding growth. But due to the weak capacity, high cost and high risk, manufacturing enterprises have insufficient motivation for digital transformation. In addition, for many manufacturing enterprises in the early stage of digital transformation, digital investment does not bring the expected economic benefits to the enterprises, and even occupies the production resources of the enterprises, leading to the lack of innovation capability and the decline of performance. In this context, it is an important work to explore how to enhance the power of digital transformation of manufacturing enterprises and improve the economic benefits after digital transformation of manufacturing enterprises.#br#The development of the digital economy has made the relationship between enterprises and external stakeholders increasingly close. The digital transformation decision of enterprises is not only influenced by their own resources and capabilities, but also by the external environment, stakeholders and market competition. As an important channel of external relationship network and resource acquisition, the peer group has an important influence on the decision of digital transformation of enterprises. On the one hand, groups of enterprises with similar business operations or the same business environment may become the decision-making reference for the digital transformation of enterprises. On the other hand, the same group of enterprises can bring spillover effects and provide help for the digital development of enterprises in the group. Therefore, the digital transformation level of the same group of enterprises may have an impact on the decision and effect of digital transformation.#br#On the basis of the data of A-share listed manufacturing companies from 2010 to 2020, this paper explores the relationship between digital transformation and the high-quality development of manufacturing enterprises from the perspective of peer group effect. It is found that digital transformation has a significant industry group effect and region group effect, and the two promote the high-quality development of manufacturing enterprises through different paths. Among them, the industry group effect of digital transformation is conducive to enhancing the innovation ability of manufacturing enterprises, while the regional group effect will deepen the degree of servitization of manufacturing enterprises. Further research shows that the degreesof industry competition and marketization haveinverted U-shaped moderating effects on the relationship between the industry group effect and the regional group effect of digital transformation and the high-quality development of manufacturing enterprises, respectively.#br#This paper reveals the logic of enterprise strategic decision in digital ecological environment from the perspective of strategic ecological theory. First of all, competitive learning and institutional pressure are the deep causes of the peer effect of enterprise digital transformation. Competitive learning can help enterprises avoid strategic shortsighted behaviors, and institutional pressure can have a binding influence on the strategic decisions of enterprises. Secondly, the theoretical mechanism by which digital peer effect drives manufacturing enterprises to achieve high-quality development is discussed. In addition, the mediating effect of enterprise innovation capability and servitization capability between digital group effect and enterprise high-quality development is analyzed based on the Marshall's externality theory, Finally, the degree of industry competition and marketization are included in the research framework to explore the moderating effect of industry group effect and regional group effect on the high quality development of manufacturing enterprises in digital transformation, which can provide a reference of digital governance for the government and create a good business environment.#br#The conclusions of this paper can provide practical enlightenment for the government and enterprises. First, the government can help the manufacturing enterprises learn advanced digital transformation knowledge and experience by creating digital transformation demonstrations of manufacturing enterprises in the industry or region. Second, the government should accelerate the market-oriented allocation of talent, capital, data and other key factors, and constantly improve the market-oriented mechanism. Third, the government needs to strengthen the policy regulation of digital economy to provide a good market competition environment for the manufacturing enterprises carrying out digital transformation. Fourthly, manufacturing enterprises should also make full use of the peer effect of digital transformation, grasp the development opportunities of digital transformation, and improve the innovation capability and service efficiency of enterprises.#br#
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Received: 10 June 2022
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