IDEAS home Printed from https://ideas.repec.org/a/gam/jmathe/v13y2025i5p815-d1602689.html
   My bibliography  Save this article

The Impact of Digital Transformation on High-Quality Development of Manufacturing Enterprises: An Integrated Perspective on Efficiency and Social Responsibility

Author

Listed:
  • Xing Liu

    (Dong Fureng Institute of Economic and Social Development, Wuhan University, Wuhan 430072, China)

  • Shaobo Hong

    (School of Statistics and Mathematics, Central University of Finance and Economics, Beijing 102206, China)

  • Zhi Su

    (School of Statistics and Mathematics, Central University of Finance and Economics, Beijing 102206, China)

  • Yuanren Zhou

    (School of Statistics and Mathematics, Central University of Finance and Economics, Beijing 102206, China)

Abstract

With the rise of a new wave of technological revolution and industrial transformation, digital technology has become a key force driving global economic and social development. Digital technology holds significant advantages in promoting industrial transformation and upgrading, as well as facilitating the high-quality development of manufacturing enterprises. This study selects 482 manufacturing enterprises in the Shanghai and Shenzhen A-share markets from 2010 to 2022 as samples and comprehensively measures the high-quality development level of enterprises from the two dimensions of production efficiency and social responsibility. Based on this, a two-way fixed effect model is used to test the impact of digital technology on the high-quality development of manufacturing enterprises. The results show that the digital transformation of manufacturing enterprises enhances their level of high-quality development by improving production efficiency and strengthening social responsibility. This conclusion remains robust after a series of robustness checks. The mechanism analysis reveals that digitalization influences the high-quality development of manufacturing enterprises by altering financing costs, innovation output, and human capital. The heterogeneity analysis indicates that this impact varies significantly across ownership types, industries, and regions. Therefore, further efforts should be made to promote the digital transformation of manufacturing enterprises, strengthen technological innovation, enhance talent cultivation, and promote industrial integration, thereby leveraging digital technology to significantly improve high-quality development levels.

Suggested Citation

  • Xing Liu & Shaobo Hong & Zhi Su & Yuanren Zhou, 2025. "The Impact of Digital Transformation on High-Quality Development of Manufacturing Enterprises: An Integrated Perspective on Efficiency and Social Responsibility," Mathematics, MDPI, vol. 13(5), pages 1-37, February.
  • Handle: RePEc:gam:jmathe:v:13:y:2025:i:5:p:815-:d:1602689
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7390/13/5/815/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2227-7390/13/5/815/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Guy Michaels & Ashwini Natraj & John Van Reenen, 2010. "Has ICT Polarized Skill Demand? Evidence from Eleven Countries over 25 Years," CEP Discussion Papers dp0987, Centre for Economic Performance, LSE.
    2. Li, Mengjie & Du, Weijian, 2021. "Can Internet development improve the energy efficiency of firms: Empirical evidence from China," Energy, Elsevier, vol. 237(C).
    3. Nollet, Joscha & Filis, George & Mitrokostas, Evangelos, 2016. "Corporate social responsibility and financial performance: A non-linear and disaggregated approach," Economic Modelling, Elsevier, vol. 52(PB), pages 400-407.
    4. Lina Ma & Tianci Wang, 2024. "The Impact of Digital Economy on the High Quality Development of Agricultural Enterprises: Evidence From Listed Agricultural Enterprises in China," SAGE Open, , vol. 14(2), pages 21582440241, June.
    5. Guan, Shu & Cheng, Liwei, 2020. "Does product complexity matter for firms' TFP?," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    6. Azar, José & Duro, Miguel & Kadach, Igor & Ormazabal, Gaizka, 2021. "The Big Three and corporate carbon emissions around the world," Journal of Financial Economics, Elsevier, vol. 142(2), pages 674-696.
    7. Bertani, Filippo & Ponta, Linda & Raberto, Marco & Teglio, Andrea & Cincotti, Silvano, 2021. "The complexity of the intangible digital economy: an agent-based model," Journal of Business Research, Elsevier, vol. 129(C), pages 527-540.
    8. Teece, David J., 2018. "Profiting from innovation in the digital economy: Enabling technologies, standards, and licensing models in the wireless world," Research Policy, Elsevier, vol. 47(8), pages 1367-1387.
    9. Li, Dongkun & Chen, Yufeng & Miao, Jiafeng, 2022. "Does ICT create a new driving force for manufacturing?—Evidence from Chinese manufacturing firms," Telecommunications Policy, Elsevier, vol. 46(1).
    10. Charles J. Hadlock & Joshua R. Pierce, 2010. "New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index," The Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 1909-1940.
    11. Jiaqi Chang & Qingxin Lan & Wan Tang & Hailong Chen & Jun Liu & Yunpeng Duan, 2023. "Research on the Impact of Digital Economy on Manufacturing Total Factor Productivity," Sustainability, MDPI, vol. 15(7), pages 1-21, March.
    12. Limin Zou & Wan Li & Hongyi Wu & Jiawen Liu & Peng Gao, 2024. "Measuring Corporate Digital Transformation: Methodology, Indicators and Applications," Sustainability, MDPI, vol. 16(10), pages 1-15, May.
    13. Daron Acemoglu & Pascual Restrepo, 2018. "The Race between Man and Machine: Implications of Technology for Growth, Factor Shares, and Employment," American Economic Review, American Economic Association, vol. 108(6), pages 1488-1542, June.
    14. Veronica Arioli & Giovanni Ruggeri & Roberto Sala & Fabiana Pirola & Giuditta Pezzotta, 2022. "A Methodology for the Design and Engineering of Smart Product Service Systems: An Application in the Manufacturing Sector," Sustainability, MDPI, vol. 15(1), pages 1-21, December.
    15. Gebauer, Heiko & Fleisch, Elgar & Lamprecht, Claudio & Wortmann, Felix, 2020. "Growth paths for overcoming the digitalization paradox," Business Horizons, Elsevier, vol. 63(3), pages 313-323.
    16. Joseph K. Nwankpa & Pratim Datta, 2017. "Balancing exploration and exploitation of IT resources: the influence of Digital Business Intensity on perceived organizational performance," European Journal of Information Systems, Taylor & Francis Journals, vol. 26(5), pages 469-488, September.
    17. Gruber, Harald, 2019. "Proposals for a digital industrial policy for Europe," Telecommunications Policy, Elsevier, vol. 43(2), pages 116-127.
    18. Verhoef, Peter C. & Broekhuizen, Thijs & Bart, Yakov & Bhattacharya, Abhi & Qi Dong, John & Fabian, Nicolai & Haenlein, Michael, 2021. "Digital transformation: A multidisciplinary reflection and research agenda," Journal of Business Research, Elsevier, vol. 122(C), pages 889-901.
    19. Kangyu Ren & Yuan Wang & Lulu Liu, 2023. "Impact of Traditional and Digital Financial Inclusion on Enterprise Innovation: Evidence from China," SAGE Open, , vol. 13(1), pages 21582440221, January.
    20. Mahmood Hajli & Julian M. Sims & Valisher Ibragimov, 2015. "Information technology (IT) productivity paradox in the 21st century," International Journal of Productivity and Performance Management, Emerald Group Publishing Limited, vol. 64(4), pages 457-478, April.
    21. Ferreira, João J.M. & Fernandes, Cristina I. & Ferreira, Fernando A.F., 2019. "To be or not to be digital, that is the question: Firm innovation and performance," Journal of Business Research, Elsevier, vol. 101(C), pages 583-590.
    22. Xiaodong Yang & Weilong Wang & Haitao Wu & Jianlong Wang & Qiying Ran & Siyu Ren, 2022. "The impact of the new energy demonstration city policy on the green total factor productivity of resource-based cities: empirical evidence from a quasi-natural experiment in China," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 66(2), pages 293-326, November.
    23. Guy Michaels & Ashwini Natraj & John Van Reenen, 2014. "Has ICT Polarized Skill Demand? Evidence from Eleven Countries over Twenty-Five Years," The Review of Economics and Statistics, MIT Press, vol. 96(1), pages 60-77, March.
    24. Jafari-Sadeghi, Vahid & Garcia-Perez, Alexeis & Candelo, Elena & Couturier, Jerome, 2021. "Exploring the impact of digital transformation on technology entrepreneurship and technological market expansion: The role of technology readiness, exploration and exploitation," Journal of Business Research, Elsevier, vol. 124(C), pages 100-111.
    25. Pan, Maomao & Bai, Min & Ren, Xiaoxiao, 2022. "Does internet convergence improve manufacturing enterprises’ competitive advantage? Empirical research based on the mediation effect model," Technology in Society, Elsevier, vol. 69(C).
    26. Song, Malin & Wang, Shuhong & Sun, Jing, 2018. "Environmental regulations, staff quality, green technology, R&D efficiency, and profit in manufacturing," Technological Forecasting and Social Change, Elsevier, vol. 133(C), pages 1-14.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cirillo, Valeria & Evangelista, Rinaldo & Guarascio, Dario & Sostero, Matteo, 2021. "Digitalization, routineness and employment: An exploration on Italian task-based data," Research Policy, Elsevier, vol. 50(7).
    2. Ke-Liang Wang & Ting-Ting Sun & Ru-Yu Xu, 2023. "The impact of artificial intelligence on total factor productivity: empirical evidence from China’s manufacturing enterprises," Economic Change and Restructuring, Springer, vol. 56(2), pages 1113-1146, April.
    3. Zahoor, Nadia & Zopiatis, Anastasios & Adomako, Samuel & Lamprinakos, Grigorios, 2023. "The micro-foundations of digitally transforming SMEs: How digital literacy and technology interact with managerial attributes," Journal of Business Research, Elsevier, vol. 159(C).
    4. Hua Zhang & Qiwang Zhang, 2023. "How Does Digital Transformation Facilitate Enterprise Total Factor Productivity? The Multiple Mediators of Supplier Concentration and Customer Concentration," Sustainability, MDPI, vol. 15(3), pages 1-18, January.
    5. Lionel Fontagné & Ariell Reshef & Gianluca Santoni & Giulio Vannelli, 2024. "Automation, global value chains and functional specialization," Review of International Economics, Wiley Blackwell, vol. 32(2), pages 662-691, May.
    6. David Kunst, 2019. "Deskilling among Manufacturing Production Workers," Tinbergen Institute Discussion Papers 19-050/VI, Tinbergen Institute, revised 30 Dec 2020.
    7. Li, Chengming & Huo, Peng & Wang, Zeyu & Zhang, Weiguang & Liang, Feiyan & Mardani, Abbas, 2023. "Digitalization generates equality? Enterprises’ digital transformation, financing constraints, and labor share in China," Journal of Business Research, Elsevier, vol. 163(C).
    8. Ying Wu & Yuanyue Deng, 2024. "Does digital transformation crowd out the employment of lower skill labor?," Bulletin of Economic Research, Wiley Blackwell, vol. 76(3), pages 726-748, July.
    9. Wang, Heting & Wang, Huijuan & Guan, Rong, 2024. "Digitalization of industries and labor mobility in China," China Economic Review, Elsevier, vol. 87(C).
    10. Clément Bosquet & Paul Maarek & Elliot Moiteaux, 2021. "Routine-biased technological change and wages by education level: Occupational downgrading and displacement effects," Working Papers hal-03270715, HAL.
    11. Harry Moroz & Mariana Viollaz, 2024. "The Future of Work in Central America and the Dominican Republic," World Bank Publications - Reports 42043, The World Bank Group.
    12. Jinkai Liang & Ke Du & Dandan Chen, 2023. "The Effect of Digitalization on Ambidextrous Innovation in Manufacturing Enterprises: A Perspective of Empowering and Enabling," Sustainability, MDPI, vol. 15(16), pages 1-23, August.
    13. Xu, Shengxiang & Chen, Hsinghung & Dong, Shuli & Guo, Zizheng, 2023. "Can upgrading information infrastructure improve the innovation ability of companies? Empirical evidence from China," Telecommunications Policy, Elsevier, vol. 47(6).
    14. Maarek, Paul & Moiteaux, Elliot, 2021. "Polarization, employment and the minimum wage: Evidence from European local labor markets," Labour Economics, Elsevier, vol. 73(C).
    15. Songqin Zhao & Diyun Peng & Huwei Wen & Huilin Song, 2022. "Does the Digital Economy Promote Upgrading the Industrial Structure of Chinese Cities?," Sustainability, MDPI, vol. 14(16), pages 1-19, August.
    16. Hong Cheng & Lukasz A. Drozd & Rahul Giri & Mathieu Taschereau-Dumouchel & Junjie Xia, 2021. "The Future of Labor: Automation and the Labor Share in the Second Machine Age," Working Papers 20-11, Federal Reserve Bank of Philadelphia.
    17. Jasmine Mondolo, 2022. "The composite link between technological change and employment: A survey of the literature," Journal of Economic Surveys, Wiley Blackwell, vol. 36(4), pages 1027-1068, September.
    18. Guarascio, Dario & Gualtieri, Valentina & Quaranta, Roberto, 2018. "Does routinization affect occupation dynamics? Evidence from the ‘Italian O*Net’ data," MPRA Paper 89585, University Library of Munich, Germany.
    19. Wang, Linhui & Wang, Hui & Cao, Zhanglu & He, Yongda & Dong, Zhiqing & Wang, Shixiang, 2022. "Can industrial intellectualization reduce carbon emissions? — Empirical evidence from the perspective of carbon total factor productivity in China," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    20. Wenbo Zhu, 2022. "Hollowing Out and Slowing Growth: the Role of Process Innovations," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 217-236, July.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jmathe:v:13:y:2025:i:5:p:815-:d:1602689. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.