Solar power, as an important part of renewable energy, has become one of the main choices for countries around the world in their energy strategic layout due to its cleanliness, renewability, and distributed attributes. In the context of the booming photovoltaic industry, China has emerged a large number of excellent photovoltaic companies, driving the whole industry to reduce costs and increase efficiency, making many contributions to the grid parity of photovoltaic power generation. In the development lifecycle of the photovoltaic industry, various companies choose different competitive strategies to deal with industry cyclical changes and external uncertainty based on their core competitiveness and market opportunities. Vertical integration is one of the strategic paths chosen by many photovoltaic companies. Therefore, it is an important issue to explore the impact of vertical integration on the development of Chinese photovoltaic companies.Based on the data of China's A-share listed photovoltaic companies from 2018 to 2022, this paper uses panel fixed effect model to empirically test the impact of vertical integration on corporate valuation, explores its influencing mechanism, and further analyzes the moderating effect of enterprise heterogeneity factors. The research in this paper shows that: (1) under other conditions unchanged, vertical integration significantly improves the valuation level of enterprises, and this positive impact will not change with the measurement method of enterprise valuation level. This is because the higher the vertical integration degree of enterprises, the stronger their ability to respond to external uncertainty. The more enterprises can obtain capital market preferences, the higher the enterprise valuation will be. This also means that the higher the vertical integration degree of photovoltaic enterprises, the higher their market share is, and they are more able to avoid the impact of external uncertainty, thus obtaining a higher valuation level in the secondary market. (2) The intermediary effect test shows that the channel for vertical integration of photovoltaic enterprises to affect enterprise valuation levels is to increase their market share. (3) Further heterogeneity analysis shows that enterprise profitability and enterprise size positively regulate the impact of vertical integration on enterprise valuation, while enterprise management shareholding ratio and enterprise operating cost ratio will weaken the positive promotion effect of vertical integration. The research conclusions of this paper provide micro-empirical evidence for how photovoltaic companies can improve their enterprise valuation, and also provide some management references for other unlisted companies in the same industry. Keywords: Photovoltaic enterprises; Vertical integration; Corporate valuation; Fixed effect model

Manufacturing enterprises are generally aware of the importance of digital transformation. However, how to achieve digital transformation troubles traditional manufacturing enterprises. The textile printing and dyeing industry started from early 1980s onwards China's reform and opening up. The industry has reached a stage of high production capacity and is facing significant pressure for transformation and upgrading. Many business operators are struggling to explore and seek to achieve cost reduction and efficiency increase through digital transformation, thereby accelerating industrial innovation and transformation. In order to alleviate the pressure of sharply rising labor, environmental and energy costs, and build a medium to long-term competitive advantage. Printing and dyeing enterprises need to use digital methods to empower and upgrade their previous operational processes from top to bottom, from inside to outside, and reshape new driving forces and advantages through digital transformation throughout the entire process, scenario, touch point, and lifecycle. This article focuses on the digital transformation investment, studies its determining factors and economic consequences from the perspectives of production process performance and overall enterprise performance .It has found that: (1) transformation factors, transformation direction, and transformation cognition all positively affect digital investment, but only the transformation direction has significant impact; (2) Digital investment has promoted the improvement of production process efficiency, and this promotion is significant at the 1% significance level; (3) Digital investment significantly promotes the overall efficiency; (4) The improvement of production process efficiency positively promotes the relationship between digital investment and enterprise efficiency, but this impact is not statistically significant. In other words, the positive correlation between digital investment and enterprise efficiency does not change statistically due to differences in enterprise production process efficiency. This inspires dyeing enterprises to allocate resources reasonably when undergoing digital transformation. Blindly invest in the production process digitization and neglecting the coordinated development of other aspects in digitalization can lead to unreasonable resource allocation, resulting in waste of resources.