Abstract: Digital transformation (DT) is an inevitable trend for high-quality development of enterprises in the digital era. Looking at DT processes more holistically in a dual perspectives of technology and market beyond?the narrow prism of technology as the main influencing factor, we argue that DT is the deliberate and ongoing digital evolution of manufacturing and business model. Data of 527 enterprises’ DT are analyzed using the layer-by-layer regression modeling to verify whether digital transformation strategy (DTS) could improve the financial performance and investigates the moderating role of the two organizational contingency factors of organizational change agility (OCA) and technology embedding adaptability (TEA) between DTS and performance. The results show that the DT of business model has a significant positive impact on financial performance, and the OCA acts as a positive moderator. But the adaptability of digital technology embedding has no significant impact. DT of manufacturing positively influences financial performance, and TEA promotes the relationship between the two. But the more agile organizational change is, the more the positive relationship between digital manufacturing and financial performance will be weakened. Based on the above conclusions, the paper gives different digital transformation strategies for different states of enterprises, which has some theoretical and practical implications for companies to success in digitally transforming.

摘要： 数字化转型是数字经济背景下企业高质量发展的必然趋势。研究尝试基于“技术-市场”耦合框架，将数字化转型分为制造过程数字化和商业模式数字化，弥补以往技术研究单一视角的不足。本文收集了527家企业数字化转型情况数据，采用逐层回归模型检验数字化转型战略更新对企业发展的影响，并探讨了变革敏捷性和技术嵌入适应能力这两个组织权变因素在数字化转型实施过程中的作用。研究结果表明：商业模式数字化对企业财务绩效具有促进作用，且组织变革敏捷性会加强这种促进作用，但技术嵌入适应性对两者关系没有起到调节作用；制造过程数字化对企业财务绩效具有推动作用，同时技术嵌入适应性增强了这种关系，但组织变革敏捷性会减弱这种促进作用。本文依据上述结论针对企业不同的状态提出相应的数字化转型策略，对理论研究和管理实践具有一定的启示意义。