Enterprise digital transformation, innovation and performance: an empirical study based on China’s manufacturing sector

Purpose This study aims to explore the interactive mechanisms and transmission paths between digital transformation and corporate performance in Chinese manufacturing enterprises. Design/methodology/approach This study conducts theoretical research through a literature review and proposes research hypotheses. In the empirical study, statistical data from Chinese A-share manufacturing enterprises from 2014 to 2021 are selected as the sample, and a multiple regression model is constructed to test the hypotheses. Through descriptive analysis, regression analysis and correlation analysis, the relationship between enterprise digital transformation and enterprise performance is determined as well as the mediating role of enterprise innovation. Finally, robustness analysis is used to validate the research results. Findings Research has found that digital transformation can significantly improve corporate performance: innovation plays an intermediary role between digital transformation and corporate performance. It is worth noting that the mediating effect of innovation output has a lag period of about two years. In addition, property rights significantly moderate the effects of digital transformation. The Szfix regression coefficient of non-SOEs is much lower than that of SOEs, and digital transformation has a more significant impact on the performance of SOEs. Originality/value Compared with existing literature, the innovation of this study lies in the introduction of the concept of “enterprise innovation,” which not only expanded the scope of research on the impact of digital transformation on enterprise performance but also provides strong empirical evidence for the cyclical characteristics of innovation outcome conversion. In addition, this study also considers different types of enterprise property rights.