Digital Transformation of Enterprises and Global Value Chain Embeddedness: Theory and Evidence
Xu Xiaohui1, Tu Chengcheng1, Huang Xianhai2
1.School of Economics and Management, Zhejiang Sci-tech University, Hangzhou 310018, China 2.School of Economic, Zhejiang University, Hangzhou 310058, China
Abstract：Since the reform and opening policy, China has made great achievements in the economic development by integrating itself into the global industrial system dominated by the developed countries, but it is also facing the increasingly severe dilemma of “low-end locking” in the global value chain. At the 19th National Congress of the Communist Party of China, it was clearly stated by the central government that it was imperative to facilitate the deep integration of the Internet, big data, artificial intelligence, and the real economy, as well as strengthening the empowerment of digital elements to the supply-side structural reforms, accelerating digital transformation of the enterprises throughout the time. There will be profound changes in how companies participate in the global value chains as a result of the changes in production methods. Despite this, there are few studies that analyse examine the impact of digital transformation on the embeddedness of enterprises within global value chains.Consequently, in this paper, we will explore whether and how digital transformation will affect the embeddedness of enterprises in the global value chains. Firstly, this paper introduced the theoretical framework of Hallak et al. for creating a heterogeneity model of global value chains to theoretically analyze the impact of enterprises’ digital transformation on embeddedness in the global value chain. Secondly, this paper creates an index of enterprises’ digital transformations by using web crawlers and textual analysis methods, and employs a panel fixed effect model to conduct empirical tests.The baseline results indicate that digital transformation of enterprises enhances the embedding of enterprises in the global value chain. A variety of model settings support this baseline conclusion. Additionally, this paper adopts mediation models to examine how digital transformation of enterprises improves the embeddedness of enterprises in the global value chain. The results show that reducing operating costs, expanding trade networks, and improving export product quality are the main channels through which digital transformation of enterprises enhances the embeddedness of enterprises in the global value chain. Finally, we empirically test the heterogeneity impact of enterprises’ digital transformation on their embeddedness of global value chains. It shows that the positive effect of digital transformation on the embeddedness of global value chains is significant only when the enterprises are supported by internal and external talent supply and well-equipped with digital infrastructure. Moreover, the positive effect of digital transformation on the embeddedness of global value chains is only pronounced for small scale firms; for private firms; for technology-intensive firms; for firms at growth stage; and for firms in the downstream of the industrial chain.Consequently, the digital transformation of enterprises plays a significant role in enhancing international competitiveness of enterprises. Government policies should be developed to promote the digital transformation of enterprises at a multi-level and in a systematic manner. On the one hand, while promoting the digital transformation of enterprises, the development of digital talents and digital infrastructure should also be strengthened, and a situation of coordinated promotion of various policies should be established so that the degree of digital transformation and the economic benefits of enterprises are effectively increased. On the other hand, it is also necessary to formulate and implement differentiated policies according to the needs of each enterprise. In accordance with the development characteristics of enterprises, we should formulate and implement differential policies for the digital transformation and global value chain embedding, and improve the efficiency with which policies are implemented and the accuracy with which they are implemented.
徐晓慧, 涂成程, 黄先海. 企业数字化转型与全球价值链嵌入度：理论与实证[J]. 浙江大学学报(人文社会科学版), 2023, 53(10): 51-68.
Xu Xiaohui, Tu Chengcheng, Huang Xianhai. Digital Transformation of Enterprises and Global Value Chain Embeddedness: Theory and Evidence. JOURNAL OF ZHEJIANG UNIVERSITY, 2023, 53(10): 51-68.
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