SRDI Enterprises Column
Tang Xiaowen,Cao Xuerui,Chen Xin
The integration of digital technology and manufacturing offers substantial opportunities for industry development. SRDI (specialized, refinement, differential, innovative) "little giant" enterprises are the pioneers who overcome technological barriers and act as manufacturing powerhouses by addressing industry shortcomings. Empowering these little giants with digital technology is strategically vital and contributes to the independence, safety, and control of China's industrial and supply chain systems. The existing studies are mostly qualitative research that have explored factors influencing digital transformation, measurement of digital transformation levels, and economic performance resulting from digital transformation. Notably, there is a dearth of targeted evaluation research on the digital maturity of "little giant" enterprises.
To address these gaps, this study proposes six evaluation criteria for "little giant" enterprises. Utilizing annual report data from listed companies between 2016 and 2022, the study carries on the evaluation based on the four-level "Evaluation Indicators for Digital Level of Small and Medium-sized Enterprises" introduced by the Ministry of Industry and Information Technology in 2022. According to the "input-output" theory, input elements are categorized into digital management and digital foundation, while output processes are divided into digital operation and digital effect. The study extensively utilizes quantitative methods to establish six first-level indicators and thirteen second-level indicators for digital professional management, digital information system refinement, digital innovation efficiency, and product digitalization, etc. Regarding evaluation methods, static research approaches face challenges in assessing time-series three-dimensional data, while a singular "VHSD" evaluation model may overlook the wealth of indicator information. Thus, this study combines the entropy method (EM) and the "VHSD" model for a comprehensive evaluation. This approach overcomes the limitations of both methods, enhancing the credibility of the evaluation results. The study conducts a heterogeneity analysis based on the evaluation outcomes, considering industry and regional dimensions. Additionally, it identifies the primary influencing factors of SRDI "little giant" and performs empirical regression using the Tobit model.
The results unveil a stark polarization of digital maturity among SRDI "little giant" enterprises, highlighting substantial disparities between advanced and traditional manufacturing sectors. Geographically, this division extends across central cities, the southeast coast,the southern, western, and northern regions, exhibiting notable fluctuations over time. The study pinpoints government subsidies, financial technology spending, market competition intensity, and enterprise scale as pivotal factors influencing digital maturity, with varying impacts across samples with different maturity levels. Therefore, it is recommended to encourage "little giant" enterprises to increase digital investment, and apply the digital maturity evaluation system into scale matching, clear positioning;a longitudinal study on the digital transformation strategies of leading enterprises is expected for horizontal and vertical digital integration. On an industry level, the government and research institutions should explore the distinct challenges and opportunities that different industries encounter in their journey towards digital empowerment. Tailored policy support is crucial, especially for traditional manufacturing sectors. The government ought to guide businesses toward a focus of digital intelligence by offering resources, training, and financial assistance, encouraging collaborative, cross-industry digitization aligned with specific needs that can help build a digital ecosystem, enhancing efficiency, reducing costs, and propelling the entire industry towards comprehensive digitization. Regionally, measures such as talent introduction, increased capital investment, and enhancement of the digital level of social governance are proposed to achieve balanced development of digital maturity. Finally, the study proposes targeted policy support for "little giant" manufacturing enterprises at varying digital maturity levels. For traditional manufacturing industries with low digital maturity, they should focus on promoting internal digital construction and strengthening hardware investment;for advanced manufacturing industries with high digital maturity,financial subsidies and policy support are expected to facilitate scale expansion, promote digital technology updates, and effectively enhance overall digital maturity.
This study focuses on the distinctive strengths of "little giant" enterprises in evaluating digital maturity,enhances the existing research on the index evaluation model of digital maturity by employing text mining, the stochastic frontier method and annual report statistics. Moreover, it reveals substantial disparities in digital maturity between advanced and traditional manufacturing at the industry level, along with regional imbalances, and identifies crucial factors for SRDI ‘"little giant" enterprises at different levels of digital maturity, offering valuable insights for policy optimization.