Amidst the dual backdrop of profound global economic restructuring and the pursuit of high-quality development objectives, the digital transformation of the manufacturing sector has emerged as a critical driver for enhancing industrial resilience and national competitiveness. As a crucial policy intervention instrument, the mechanisms and efficacy of government subsidies in addressing the challenges faced by manufacturing enterprises during digital transformation and fostering transformative momentum warrant in-depth investigation. Utilizing a sample of Chinese A-share listed manufacturing enterprises from 2012 to 2022, this study systematically investigates the impact of government subsidies on corporate digital transformation and its underlying mechanisms. Empirical results demonstrate that government subsidies significantly advance the digital transformation process within manufacturing enterprises. This effect operates primarily through two core channels: alleviating financing constraints and stimulating corporate technological innovation. This research not only contributes to the theoretical literature on government intervention and corporate digital transformation but also offers crucial empirical evidence and policy guidance for the formulation and implementation of more targeted and effective subsidy policies aimed at accelerating the digital upgrade of the manufacturing sector.

Wenhao Pei. The Impact of Government Subsidies on the Digital Transformation of Manufacturing Enterprises: An Empirical Study Based on Listed Companies in China. Academic Journal of Business & Management (2025), Vol. 7, Issue 8: 57-64. https://doi.org/10.25236/AJBM.2025.070808.

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