Research on the Economic Effects of Enterprise Digital Transformation Driven by Intelligent Upgrade of Value Chain under the Enabling Role of Artificial Intelligence

Abstract

With the rapid development of the digital economy, scholars have increasingly emphasized the role of digitalization in enhancing the value chain of enterprises. This paper takes manufacturing enterprises listed on the Shanghai and Shenzhen stock markets from 2014 to 2024 as the research sample to explore the impact of digital transformation enabled by artificial intelligence on the upgrading of the value chain of manufacturing enterprises, as well as the mechanism of the adjustment of human capital. The research finds that the effect of enterprise digital transformation on the intelligent upgrade of the enterprise value chain is significantly positive, with a stable coefficient, and has passed the robustness test. The mechanism test shows that enterprise digital transformation can promote the degree of intelligent upgrade of the value chain by optimizing human capital. Further heterogeneity analysis indicates that non-high-tech enterprises, large enterprises, industries with more intense competition, non-manufacturing industries, and enterprises in inland western regions and regions with higher development levels, have a greater and more significant effect on the value chain improvement through digital transformation. The promoting effect of digital transformation on the value chain upgrade of enterprises can effectively improve the business performance of enterprises. This research provides micro evidence from the perspective of the value chain for the integration effect of the digital economy and the real economy. The research conclusion has important policy implications for the formulation of digital policies and the breakthrough of China's manufacturing industry from the low-end lock of the global value chain.