Does Trade Friction Promote Digital Transformation?Micro-level Evidence from China Manufacturing Industry
Research on the external environment and digital transformation of enterprises primarily emphasizes positive incentives,such as financial marketization reform,business environment,digital finance development and government policies.However,there is limited literature exploring the pressures that drive enterprise digital transformation,notably the potential impact of the China-US trade friction on the transformation.This paper examines the impact of the China-US trade friction on the digital transformation of enterprises using data from manufacturing companies listed on the A-share market between 2012 and 2021.By employing the difference-in-differences method,the study finds that companies affected by the trade friction have shown a significant improve-ment in their level of digital transformation.Moreover,this positive effect remains robust even after conducting various tests.Het-erogeneity analysis reveals that the impact of the China-US trade friction on enterprise digital transformation exhibits both pressure effects and resource effects.Specifically,the trade friction significantly stimulates the digital transformation of companies facing higher competitive pressure and greater export reliance,indicating pressure effects.Furthermore,the trade friction has a greater enhancing effect on digital transformation for companies with lower financial constraints and those in more mature-stage enterpri-ses,indicating resource effects.Further investigation indicates that digital transformation helps companies address information and cost needs arising from the trade friction.Additionally,digital transformation helps impacted enterprises elevate their level of sub-stantive innovation,while having no impact on strategic innovation.This paper provides valuable insights for Chinese companies in effectively navigating China-US trade friction.
NETL
NSTL
万方数据
