Intelligent Manufacturing and Value Creation in Enterprises: Lessons from a Quasi-Natural Experiment in a Chinese Demonstration Project

Zhao-Zhen Zhu, Yue Chen, Jiang Zhao () and Zhu-Ying Yu
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Zhao-Zhen Zhu: School of Accounting, Anhui University of Finance and Economics, Bengbu 233041, China
Yue Chen: School of Accounting, Anhui University of Finance and Economics, Bengbu 233041, China
Jiang Zhao: School of Business, Shaoxing University, Shaoxing 312010, China
Zhu-Ying Yu: School of Law, Nanjing Audit University, Nanjing 210017, China

Sustainability, 2023, vol. 15, issue 15, 1-17

Abstract: With the rapid advancement of contemporary information technologies, intelligent manufacturing has emerged as a pivotal direction in the global technological transformation. To empirically examine the impact of intelligent manufacturing on enterprise value creation, this article conducts quasi-natural experiments using Chinese intelligent manufacturing demonstration projects as a sample. Specifically, it focuses on Chinese A-share-listed manufacturing enterprises in Shanghai and Shenzhen from 2011 to 2020. According to the report, the implementation of intelligent manufacturing has a positive influence on enterprise value production. This conclusion remains robust even after undergoing a rigorous testing procedure. Mechanism analysis further reveals that alleviating financial constraints and fostering technological innovation are the two primary avenues through which intelligent manufacturing enhances enterprise value creation. Moreover, the study indicates that regions with favorable business environments experience a more conspicuous boost in enterprise value generation due to intelligent manufacturing. Additionally, businesses in the growth stage are more significantly affected by this phenomenon. Overall, this research not only contributes to the existing body of knowledge on this subject but also offers empirical evidence to support businesses in their endeavors to enhance value creation.

Keywords: intelligent manufacturing; enterprise value creation; financing constraints; technological innovation (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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