Digital Transformation and R&D Manipulation of Manufacturing Enterprises—Restrain or Intensify R&D Manipulation?

Abstract

Abstract: In the process of accelerating digital transformation, enterprises may go to two extremes: one is to restrain R&D manipulation by using data advantages to alleviate information asymmetry and the other is to intensify R&D manipulation by worsening information asymmetry. Based on the data of China’s A-share listed manufacturing companies from 2012 to 2020, this paper examines the effect of digital transformation on R&D manipulation and the mechanism underlying the effect. The results show that the digital transformation of manufacturing enterprises can effectively restrain R&D manipulation, as evidenced by s significant decrease in their abnormal R&D investment. The mechanism test shows that digital transformation can exert “information effect” and “signal effect” to optimize information supply and strengthen market supervision, alleviate information asymmetry from inside and outside, and then restrain R&D manipulation; Heterogeneity analysis finds that this restraining effect is more significant in state-owned enterprises and high-tech enterprises where innovation information is highly asymmetric and enterprises whose executives have R&D background. Digital transformation can help manufacturing enterprises improve innovation quality by restrain R&D manipulation. This study enriches the understanding of the microeconomic results of digital transformation, and provides a reference for the government to better implement industrial policies to stimulate enterprise innovation.

Key words: digital transformation, R&D manipulation, information effect, signal effect, R&D performance

Zhu Hao, Li Lin, Cai Dan, He Jianhong. Digital Transformation and R&D Manipulation of Manufacturing Enterprises—Restrain or Intensify R&D Manipulation?[J]. Management Review, 2025, 37(3): 123-135.

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