A Study on the Impact of Digital Transformation on Manufacturing Enterprise Performance
The evolution of the manufacturing industry is marked by trends of high-end,intelligent,and green transformation.Drawing on annual reports from 100 manufacturing companies listed on the Shang-hai and Shenzhen Stock Exchanges between 2019 and 2021,this article employs text analysis to quantify the extent of digital transformation and utilizes the DEA method to evaluate enterprise performance.It al-so empirically investigates the mechanisms and effects of digital transformation on enterprise perfor-mance.The research reveals that,at the current stage,digital transformation significantly negatively im-pacts manufacturing enterprise performance.Mechanism testing indicates that adaptive capability serves as a mediating factor in the process of digital transformation influencing enterprise performance.Hetero-geneity testing shows that the adverse effects of digital transformation on enterprise performance are more pronounced for non-state-owned manufacturing enterprises.Finally,the article offers relevant counter-measures and recommendations based on the research findings.