Using administrative universal business registration data as well as primary offline and online surveys of small businesses (including unregistered self-employments) in China, we examine (i) whether digitization helps small and medium enterprises (SMEs) better cope with the COVID-19 pandemic, and (ii) whether the pandemic has spurred digital technology adoption. We document significant economic benefits of digitization in increasing SMEs' resilience against such a large shock, as seen through mitigated demand decline, sustainable cash flow, ability to quickly reopen, and positive outlook for growth. Post the January 2020 lockdown, firm entries exhibited a V-shaped pattern, with entries of e-commerce firms experiencing a less pronounced immediate drop and a quicker rebound. Moreover, the pandemic has accelerated the digital transformation of existing firms and the industry in multiple dimensions (e.g., altering operation scope to include e-commerce, allowing remote work, and adopting electronic information systems). The effect persists more than one year after reopening, and is more pronounced for certain sectors, firms in industrial clusters, and areas with more digital inclusion but less financial efficiency, constituting initial evidence for the long-term impact of the pandemic and the supposedly transitory mitigation policies.

Establishing a comprehensive risk management system and establishing a sound and effective internal control mechanism are important conditions for the survival and healthy development of enterprises. Enterprises should continue to innovate their internal control mechanisms, continuously improve and strengthen their internal control and risk management functions, continuously improve their internal control effectiveness, and assist in high-quality development of enterprises. The article elaborates that the digital transformation of auditing helps to achieve internal audit goals and improve the effectiveness of internal control; Blockchain technology, due to its excellent characteristics of distributed decentralization, authenticity, transparency, and tamper resistance, will help transform the methods of financial and accounting business and audit supervision; The application of blockchain technology in the field of auditing will inevitably lead to the reshaping of audit work models; Blockchain technology will become a trigger point for the audit revolution, comprehensively empowering audit and risk management work. The article introduces JD's blockchain ABS standardization solution, while Tencent and TCL Group's industrial blockchain solve the reliable transmission of trust and value at low cost, confirming that the close combination of blockchain technology with enterprise finance and auditing can assist internal control and play an important risk prevention and control role in enterprise operations. The "blockchain+audit" can achieve online real-time audit, risk assessment and warning, and data analysis becomes the core of audit content; Blockchain+auditing will become an important tool for internal control and risk management in enterprises.

Audit digitalization is the organic integration of digital technology and audit work; Internal audit digital intelligence is a collective term for internal audit digitalization and internal audit intelligence. This paper systematically expounds that the digital transformation of audit is conducive to achieving internal audit goals, giving full play to the internal audit function, and improving the efficiency of internal audit. The main paths and key points of the digital transformation of enterprise audit are introduced, and it is pointed out that intelligent audit is a major trend in the future development of auditing. The three types of intelligent audit and the application of digital twin in commercial bank audit are introduced. A brief introduction to Bank of Jiangsu's research-based audit and its achievements. It is pointed out that the digital transformation of audit is also the upgrading and transformation of organizations and talents, and it is necessary to vigorously cultivate and introduce audit professionals to support the smooth achievement of digital transformation of auditing

The improvement of production efficiency and the change of business model brought about by the deep integration of the digital economy and the real economy have become an important driving force for industrial transformation and upgrading. This paper explains the necessity of digital transformation of manufacturing, the trends, paths and six technologies of financial digital transformation. In the digital era, relying on data, scenarios, and algorithms to explore the essential logic of business, make predictions and decisions based on business insights, and put forward higher requirements for financial empowerment business. As an important way for enterprise management transformation and upgrading, the core goal of financial digital transformation is to take "data-driven" as the main line, promote transformation based on the two principles of industry-finance integration and in-depth scenarios, and build "value-creating" finance, that is, based on the integrated application of digital technology, so that finance can expand the functions of supporting strategy, assisting decision-making, empowering business, preventing and controlling risks, lean management, operational excellence, quality and efficiency, compliance supervision and other functions on the basis of basic transaction accounting functions, and promote and even lead the value creation functions of enterprises. The article points out that the manufacturing industry should take enhancing competitiveness as the direction, financial management as the center, and improving quality and efficiency as the goal to accelerate digital transformation. Introduced Midea Group's financial digital transformation practices and results. It is proposed that enterprises should vigorously promote the deep integration of big data, Internet, cloud computing, Internet of Things, artificial intelligence, blockchain and the real economy, accelerate the digital transformation of finance, and inject new impetus into the high-quality development of enterprises.

The improvement of production efficiency and changes in business models brought about by the deep integration of the digital economy and the real economy have become an important driving force for industrial transformation and upgrading. This paper expounds the necessity of digital transformation of manufacturing industry and its path selection. The important role of industrial Internet and Internet platforms is pointed out, and the characteristics of industrial Internet platforms such as Midea Group and Siemens MindSphere and their effects on industrial transformation are analyzed. Enterprises should vigorously promote the deep integration of big data, the Internet, cloud computing, the Internet of Things, artificial intelligence, blockchain and the real economy, accelerate the digital transformation of the manufacturing industry, and inject new impetus into the high-quality development of the manufacturing industry.

In the metaverse era，the digital transformation of manufacturing is an inevitable requirement to reshape the manufacturing value chain and enhance industrial competitiveness. The Industrial Metaverse combines digital technology with real industries， promotes the efficient development of physical industries， and builds a new manufacturing and service system covering the entire industry chain and value chain. Metaverse is a more concrete complex of the digital future， and a new area of digital economic innovation and industrial chain expansion. The Industrial Metaverse is a work platform that combines real employees and virtual employees， completes the industrial manufacturing value chain cycle， enables virtual digital technology to empower the real world， and realizes the symbiosis and integrated development of the real world and the digital world. Copy and change the real world in the digital world， and realize intelligent， humanized and crowd-innovative innovation management. The paper expounds that digital transformation is the only way for high-quality development of enterprises， and the industrial metaverse is a new time and space for the transformation and rebirth of manufacturing，and an important driving force for the future industry. The machine vision measurement of GETECH.CN and the digital twin solutions of SIEMENS and GE were briefly introduced and their effects.

Establishing a comprehensive risk management system and establishing a sound and effective internal control mechanism are important conditions for the survival and healthy development of financial enterprises. This paper analyzes the lessons of Société Générale's financial shock in Europe in 2008 due to the serious lack of internal control mechanism; Elaborated on the influencing factors and implementation paths of internal control in the digital intelligence era, pointed out the key points of constructing an internal control system under risk management in the digital intelligence era, and proposed the main methods and six major technologies of internal control in the digital intelligence era; This paper expounds that the audit Digital transformation is conducive to the realization of internal audit objectives and the improvement of internal audit efficiency. This paper introduces the main paths and key points of audit Digital transformation, and points out that intelligent audit is the major trend of future audit development; Introduced the application of digital twins in commercial bank auditing. It points out that the Digital transformation of audit is also the upgrading and transformation of organizations and talents, and it needs to vigorously cultivate and introduce audit professionals to support the smooth completion of the Digital transformation of audit. Financial enterprises should continue to innovate their internal control mechanisms, continuously improve and strengthen their internal control and risk management functions, continuously improve the effectiveness of internal control, and assist in the high-quality development of enterprises.

This study investigates the effect of enterprise digital transformation on stock price crash risk using a sample of Chinese listed companies during the period 2007-2020. We find that the digital transformation of enterprises can significantly reduce stock price crash risk, and shows a certain structural heterogeneity. The above conclusions still hold after a series of robustness tests. Further, we identify that the relationship is more pronounced in high-tech enterprises and economically developed regions. Overall, the paper can provide empirical evidence for understanding how to reduce stock price crash risk in the capital market, and provide relevant implications for better driving the digital transformation of enterprises.