Comprehensive pilot zones for cross-border E-commerce propel the digital transformation of manufacturing enterprises: new evidence from China

Digital transformation has become a crucial strategy for enhancing the core competitiveness of enterprises, and the policy of comprehensive pilot zones for cross-border E-commerce in China plays a significant role in accelerating this process. Based on data from Chinese listed companies from 2012 to 2021, this study employs the difference-in-differences approach to examine the positive impact of this policy on the digital transformation of local manufacturing enterprises and its operational mechanisms. The results indicate that the establishment of comprehensive pilot zones positively fosters the digital transformation of local manufacturing enterprises, providing a replicable and referable successful experience for accelerating digital transformation regionally. Moreover, the heterogeneity analysis reveals that the pilot zones in the northern and eastern regions are more effective in promoting digital transformation, and the pilot policy exerts a more pronounced driving effect on large, private, and highly innovative enterprises. Further analysis of mediation mechanisms shows that the comprehensive pilot zones facilitate in-depth digital transformation of enterprises by capitalizing on three major effects: accumulation of human capital, alleviation of capital constraints, and intensification of market competition. The successful implementation of China’s Cross-border E-commerce Comprehensive Pilot Zones serves as an important model for promoting the deep integration of the digital economy with the real economy on a global scale.