Digital transformation has become a new engine driving the development of enterprises. Based on the data of Chinese A-share listed manufacturing enterprises from 2008 to 2020, this paper measured the intensity of enterprise digital transformation with the help of machine learning method, and empirically investigated the impact mechanism of digital transformation on the quality of enterprise's internal control. It is found that digital transformation can significantly improve the quality of internal control. Mechanism analysis shows that digital transformation has a positive impact on the quality of internal control mainly by reducing agency costs and increasing the shareholding ratio of institutional investors. The results of heterogeneity analysis indicate that the promotion effect of digital transformation on the quality of internal control is more significant in enterprises with small scale and strong manager's ability. Digitization improves the total factor productivity of enterprises by promoting the quality of internal control.

Taking China's A-share listed manufacturing enterprises from 2014 to 2020 as objects, this paper discusses the impact and mechanism of corporate digital transformation on supply chain relationship transactions from the perspectives of information asymmetry and agency costs. The findings show that digital transformation significantly inhibits the supply chain relational transactions; the mechanism testing results reveal that digital transformation is conducive to the alleviation of information asymmetry and agency costs, which thereby reduces the degree of supply chain relational transactions; the regulatory effect analysis demonstrates that the impact of digital transformation on supply chain relationship transactions becomes more significant in non-high-tech enterprises and enterprises with less fierce industry competition. Finally, this paper confirms that a decline in the proportion of supply chain relationship transactions can significantly reduce the operational risk of enterprises.

Under the backdrop of the continuous escalation of the Sino—U.S. trade friction, China's industrial development environment in global value chains (GVCs) has further deteriorated, research on the improvement GVC status of the Chinese manufacturing industry has become the focus of attention for industry and academia. The direction of R&D inputs are of utmost importance to the improvement of GVC status. However, comparatively little attention has been paid to this topic in existing studies. Following the production activity decomposition framework and combining with the World Input-Output Tables, the action mechanism of R&D inputs on GVC status from two aspects of industrial value-added and embedding position were analyzed, the moderating effect of digital servitization was demonstrated. Results show that: The input of applied research has inverted U-shaped influence on the industrial value-added, while it has U-shaped influence on embedding position; The input of basic research has U-shaped influence on the industrial value-added, while it has inverted U-shaped influence on embedding position; The moderating effect of digital servitization between R&D inputs and GVC status is significant, in the short term, the digital servitization can not only magnify the promotion effect of the applied research inputs on GVC status, but also shorten the lag period of basic research inputs on GVC status. In the long run, the digital servitization can not only weaken the marginalization trend of the applied research inputs on GVC status, but also enhance the positive feedback effect of basic research inputs on GVC status. This study is important for China to improve the GVC status.