Research on Digital Transformation to Help Manufacturing Companies Get Out of Financial Trouble——Evidence from China's Shanghai and Shenzhen A-share Manufacturing Listed Companies from 2011 to 2020
Taking China's Shanghai and Shenzhen A-share listed companies in the manufacturing in-dustry from 2011 to 2020 as a sample,this study use Word2Vec neural network model and text analysis to construct digital transformation indicators and explore the impact of digital transformation on the financial distress of enterprises.The study shows that digital transformation of manufacturing enterprises helps to al-leviate their financial distress,and the conclusion still holds after the robustness test.The path test finds that digital transformation reduces the risk of financial distress by improving corporate governance,cost management efficiency,and easing external financing constraints.In terms of heterogeneity,if the manu-facturing firms have been established for a longer period of time,are larger in scale,are located in the south,and are privately owned,the digital transformation can significantly alleviate the financial distress of these enterprises.The above significant relationship still holds during the period of rising economic poli-cy uncertainty,and it is mainly manifested in the digital transformation of modern information networks and intelligent manufacturing dimensions.Therefore,the government should actively promote the digital trans-formation of manufacturing enterprises to empower financial management.
NETL
NSTL
万方数据
