Abstract
In the digital economy era, digital technologies such as cloud computing and artificial intelligence have brought both opportunities and challenges to enterprises. Understanding how digital transformation impacts business operations and the specific mechanisms involved is of great reference significance for companies. This study, based on a panel data of A-share listed manufacturing companies from 2010 to 2020 and adopting a deleveraging perspective, proposes hypotheses, constructs regression models, and conducts empirical analysis. The findings confirm that digital transformation in manufacturing can effectively enhance corporate performance. In this process, enterprise leverage plays an intermediary role. By leveraging digital technologies, manufacturing companies can effectively mitigate information asymmetry, improve information utilization efficiency and operational efficiency, and reduce risks through deleveraging, thereby enhancing their overall performance.
Published Version
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