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Digital transformation and the development of servitized manufacturing in China: An asset specificity perspective

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  • Ni, Yunsong
  • Sun, Jiaqi

Abstract

This study examines data from Chinese listed companies between 2010 and 2023 and divides servitized manufacturing into high- and mid-/low-level segments. It finds that digital transformation exerts positive effects on overall and high-level servitized manufacturing, while showing no significant influence on mid-/low-level servitized manufacturing. From an asset specificity perspective, the study reveals that digital transformation facilitates the development of overall and high-level servitized manufacturing by reducing fixed asset ratio and the non-debt tax shield. Heterogeneity analysis indicates that digital transformation exerts a stronger boosting effect on overall and high-level servitized manufacturing among small-sized enterprises and in highly competitive industries.

Suggested Citation

  • Ni, Yunsong & Sun, Jiaqi, 2025. "Digital transformation and the development of servitized manufacturing in China: An asset specificity perspective," Finance Research Letters, Elsevier, vol. 85(PB).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pb:s1544612325012978
    DOI: 10.1016/j.frl.2025.108039
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    1. Fang, Guangliang & Wang, Zizhen & Zheng, Jianwen & Pan, Xia, 2026. "Criminal shadows on digital finance: Organized crime and digital finance inclusion in China," Finance Research Letters, Elsevier, vol. 87(C).

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