Abstract: Based on the perspective of value co-creation and element aggregation, this paper selects the A-share traditional manufacturing listed enterprises from 2011 to 2019 as empirical samples to verify whether intelligent transformation improves the performance of traditional manufacturing enterprises, and also discuss the moderating effect of cost stickiness through using the text mining methods. The empirical results show that, intelligent transformation has a significant positive impact on the performance of traditional manufacturing enterprises. That is, intelligent transformation of traditional manufacturing enterprises can achieve "intelligence" to win, and intelligent transformation can improve enterprise performance by reducing cost stickiness. Also, considering the heterogeneous characteristics of enterprises, compared with non-state-owned enterprises, intelligent transformation of State Owned Enterprises（SOEs）has a more obvious impact on reducing cost stickiness and improving enterprise performance; compared with capital-intensive manufacturing enterprises, intelligent transformation of labor-intensive manufacturing enterprises is also easier to reduce cost stickiness and achieve the improvement of enterprise performance. This paper provides the useful reference for promoting intelligent transformation of traditional manufacturing enterprises and improving enterprise cost management.

摘要： 基于价值共创和要素集聚视角，采用文本挖掘方法，以2011-2019年沪深A股上市公司中的传统制造企业为样本，验证智能化转型是否提升了传统制造企业绩效，同时探讨成本粘性在智能化转型与传统制造企业绩效之间的中介效应。研究发现，智能化转型对传统制造企业的绩效水平具有显著的正向作用，且智能化转型能够通过降低成本粘性提升传统制造企业的绩效水平。当考虑企业异质性特征时，与资本密集型企业相比，劳动密集型企业的智能化转型更易降低成本粘性、实现企业绩效提升；与非国有企业相比，国有企业进行智能化转型对降低成本粘性、提升企业绩效的影响更明显。研究结论为推动我国传统制造企业智能化转型、改善企业成本管理提供理论借鉴。