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.

通讯作者：赵江，绍兴文理学院商学院副教授，研究方向：电子商务、企业创新。

该成果以“Intelligent Manufacturing and Value Creation in Enterprises Lessons from a Quasi-Natural Experiment in a Chinese Demonstration Project”为题，2023年8月刊发于《Sustainability》杂志，系浙江省高校重大人文社科攻关计划项目（2023QN040）的阶段性成果。