Digital transformation, dynamic capabilities and new quality productive forces: Empirical data from listed Chinese manufacturing companies

In the context of the rapid growth of the digital economy, it is of great significance to explore how digital transformation can promote the development of new quality productive forces (Nqpf). Drawing on data from A share manufacturing listed companies in Shanghai and Shenzhen between 2011 and 2022, this study empirically analyzes the effect of digital transformation in the manufacturing industry on emerging Nqpf. The results reveal that digital transformation in the manufacturing industry has a significant positive impact on enhancing the level of Nqpf. Mechanism tests show that digital transformation in the manufacturing industry can promote the growth of Nqpf by strengthening companies' innovation, absorptive, and adaptive capabilities. Heterogeneity tests further indicate that the influence of digital transformation on advancing Nqpf is particularly pronounced in Non-state-owned, High-tech, and Growth stage manufacturing companies. The research results uncover the underlying mechanisms through which digital transformation in the manufacturing industry influences Nqpf, and offering valuable theoretical and practical insights for manufacturing companies on how to leverage digital transformation to promote the development of Nqpf.