The impact of A firm's intelligent manufacturing level on operational risk: empirical evidence from China's A-share manufacturing firms

Abstract

Intelligent manufacturing is an important development direction of China's manufacturing industry, is the main direction of the construction of manufacturing power, but there are some enterprises in the development of our country in the process of intelligent manufacturing transformation has not been substantive. Based on this, this paper selects China's A-share listed companies from 2006 to 2019 as the research sample, and empirically tests the impact of intelligent manufacturing level on enterprise business risk. It is found that the level of intelligent manufacturing will significantly reduce the business risk of enterprises. Mechanism analysis shows that the level of enterprise intelligent manufacturing will affect enterprise operating risk through two paths: improving enterprise innovation level and alleviating enterprise agency conflict. The extended research finds that the inhibitory effect of manufacturing level on enterprise operating risk is more obvious in enterprises with greater external competition, stronger profitability and larger scale. The conclusion of this paper provides a new reference and basis for accelerating the construction of China's manufacturing power, promoting the establishment of modern industrial system and consolidating the foundation of the real economy.