The impact of digital transformation and technological upgrading on corporate efficiency: evidence from Chinese agricultural processing companies

Анотація

Purpose. The purpose of this study is to empirically assess the impact of digital transformation (DT) on corporate efficiency in China’s agricultural processing industry; to identify the masking effect of technological upgrading (TeUp) in the DT-performance nexus; and to clarify the moderating role of ownership structure (state, private, foreign) in the these relationships. Methodology. This study adopts a fixed-effects model to conduct an empirical analysis using a balanced panel dataset of 1376 Chinese agricultural processing firms spanning the period from 2019 to 2024. Stepwise regression combined with the Sobel test is used to verify the masking effect of TeUp. Grouped regression and the Chow test are applied to analyse ownership heterogeneity. Endogeneity and robustness are tested via lagged regression and variable substitution. Results. DT exerts a significant positive impact on the performance of agricultural processing enterprises, with a 1-unit increase in DT index raising Tobin’s Q by 1.6%. TeUp presents a significant masking effect: DT suppresses R&D input in the short term, whereas long-term R&D accumulation significantly enhances performance. The performance-enhancing effect of DT follows the order of foreign-owned > private > state-owned enterprises, with private firms demonstrating the most pronounced TeUp-driven performance conversion. The above conclusions are verified to be robust via endogeneity and robustness tests. Originality. This study focuses on the agricultural processing industry, unlike previous approaches that centred on the manufacturing sector as a whole. For the first time, it verifies the masking effect of TeUp in the DT-performance nexus of agricultural processing firms. Furthermore, it systematically examines the heterogeneous effects across three ownership structures and reveals the supply chain resilience value of DT during the pandemic period. Practical implications. The study proposes differentiated digital transformation strategies for agricultural processing firms of different ownership types; offers empirical evidence for the precise formulation of agricultural industrial digitalisation policies under China’s Rural Revitalisation Strategy; provides guidance for these firms to balance resource allocation between digital transformation and R&D investment; and serves as a reference for improving the digital infrastructure and digital supervision system within the agricultural processing industry.

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