Abstract:    Accelerating the digital transformation of traditional manufacturing enterprises is a crucial initiative to promote the deep integration of digital economy and real economy. This paper adopted the A-share listed traditional manufacturing enterprises in China as a sample from 2011 to 2022, measured the digital transformation level of their production, marketing and service value chain links through text analysis, and analyzed the influencing factors and contribution degree of digital transformation of each link by using the Shapley value decomposition method based on regression analysis. The research found that the overall digital transformation level of traditional manufacturing enterprises is on the rise, but the development of digital transformation in various links of the value chain is uneven, which is manifested in the fact that the production link is ahead of the marketing link, and the marketing link is better than the service link. The endogenous factors such as enterprise size, enterprise age, and executive cognition, as well as the exogenous factors such as industry growth and the scale of digital transformation in the industry, have varying degrees of marginal impact on the digital transformation of value chain links. Among them, the level of digital transformation of peer enterprises and the scale of digital transformation of the industry make the most significant contribution to the digital transformation of value chain links, reflecting the prominent "demonstration effect" and "followthewind effect" of the digital transformation of traditional manufacturing enterprises. However, in the initial stage of digital development and in the regions with a low degree of marketization, endogenous factors, such as the attributes, resource base and dynamic capabilities of enterprises, play a vital role in the digital transformation of the production link. This paper has discussed the influencing factors of digital transformation and their relative importance from the perspective of value chain, and expanded and enriched the theoretical framework of digital transformation research, and it will be of great practical significance to promote the digital transformation in the traditional manufacturing industry.

Key words: value chain, digital transformation, influencing factor, contribution degree, Shapley value decomposition method