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| Market Turbulence Driving Enterprise Intelligent Transformation: A Threshold Effect Study |
| Wang Cizhi1,Feng Jialin1,Sun Zhongjuan1,Xie Wei2 |
| (1.College of Business Administration, Capital University of Economics and Business, Beijing 100070,China;2.School of Economics and Management, Tsinghua University, Beijing 100084, China) |
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Abstract "Made in China 2025" is the first 10-year plan of national manufacturing power strategy, and the intelligent transformation has become the developing focus for manufacturing enterprises in recent years. The feature of digital economic market is volatile, uncertain, complex and ambiguous. The market turbulence performs unstable changes of customer demand and market competition which provide opportunity windows for enterprise intelligent transformation. The intelligent transformation refers to the process that a firm uses digital and intelligent technology to upgrade R&D and reshape the enterprises' existing resource allocation according to intelligent strategic concepts and technical requirements. Existing studies have pointed out that intelligent transformation is not only a transformation of technological innovation, but also a transformation of organizational configuration that requires enterprises to integrate intelligent concepts into existing manufacturing, sales logistics, organizational operations, strategic structures and other links at the strategic level. Therefore, the enterprise intelligent transformation needs to be conducted on both technical level and the strategy level to catch the new opportunities in the turbulent market. On the technical level, the technological innovation capability refers to the ability to develop new process technologies and new products to satisfy market demands. On the strategic level, the strategic flexibility capability refers to the ability to reset resources and organizational processes. However, previous researches have paid little attention to the technical and strategic aspects of enterprise intelligent transformation. Therefore, this paper incorporates market turbulence, intelligent transformation, technological innovation capability and strategic flexibility capability into the research framework, exploring whether there exists threshold of capabilities required by enterprises in market turbulence driving the enterprise intelligent transformation.#br#This paper combines the technological innovation theory and strategic flexibility theory, uses the balanced panel data of 518 listed manufacturing companies which are in continuous operating from 2010 to 2020 to verify the hypothesis by defining variables and constructing the threshold regression model. The results of empirical analyses show that firstly there exists a single threshold of technological innovation capability during the process of turbulent market driving enterprise intelligent transformation. When an enterprise's technological innovation capability crosses the threshold, the turbulent market will positively drive enterprise intelligent transformation. Secondly there is the single threshold of strategic flexibility capability during the process of turbulent market driving intelligent enterprise transformation. When an enterprise's strategic flexibility capability crosses the threshold, the turbulent market will also positively drive enterprise intelligent transformation.#br#This study enriches the application of technological innovation theory and strategic flexibility theory. First, based on the threshold effect, this paper constructs the micro-mechanism ofmarket turbulence driving enterprise intelligent transformation with the thresholds of technological innovation capability and strategic flexibility capability. It tries to explore the threshold mechanism and expands the research on the micro-mechanism of enterprise intelligent transformation. Second, this study simultaneously considers the technical and strategic aspects in the enterprise intelligent transformation process and proposes that technological innovation capability is the technical basis for enterprise intelligent transformation and strategic flexibility is the high-level strategic layout for enterprise intelligent transformation. In the turbulent market, the intelligent transformation of enterprises should consider both the existing technological innovation capability and strategic flexibility capability. Third, this study enriches the research perspective of strategic flexibility theory and extends it to the related mechanism research of enterprise intelligent transformation, and it verifies the important role of strategic flexibility in the process of market turbulence driving enterprise intelligent transformation.#br#There are two practical implications for the intelligent transformation of enterprises. On the one hand,successful intelligent transformation in a turbulent market environment has two capability thresholds: technological innovation and strategic flexibility. On the technical level, enterprises need to accumulate enough knowledge and capabilities to screen and capture intelligent technologies suitable for the company's development, integrate technologies and reconstruct the existing production technologies; on the strategic level, enterprises need to realize flexible response of the resources internally and adaptive shaping of the value chain between stakeholders externally. On the other hand, the intelligent transformation of enterprises is not only an intelligent upgradation at the technical level, but also requires a flexible reshaping of internal and external resources on the corresponding strategic level based on digital intelligence technology. Accordingly, enterprises should apply the concept of intelligence to the planning, implementation and adjustment of strategies, so as to truly empower the high-quality development of enterprises in intelligent transformation.#br#
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Received: 09 December 2021
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