In order to clarify the effect and mechanism of servitization level and digital transformation on the performance of listed sporting goods manufacturing enterprises in China, the index of the degree of digital transformation is constructed based on the data of 31 sporting goods manufacturing enterprises listed on Shanghai and Shenzhen A shares and the New OTC Market in China, taking the proportion of service business income in enterprise operating income as the index of servitization level, by analyzing the semantic expression of national policy related to digital economy and collecting "digital" category keywords in enterprise annual report with the help of crawler technology, then, the influence of servitization level and digital transformation on enterprise performance is discussed, and whether digital transformation plays a moderating effect between servitization and enterprise performance is tested. The results show that the servitization level suppresses the performance of listed sporting goods manufacturing enterprises, and there is a "Servitization Paradox" phenomenon. The degree of digital transformation has a positive U-shaped impact on enterprise performance, and at the same time, digital transformation has a weak positive moderating effect on servitization level and enterprise performance.

This paper selects Chinese A-share listed manufacturing companies from 2011 to 2020 as a research sample and analyzes the impact of economic policy uncertainty on business performance. We find that economic policy uncertainty is detrimental to the improvement of business performance; service transformation can significantly offset the adverse effect of economic policy uncertainty on business performance, and this positive effect will increase with the depth of service transformation, Furthermore, embedded service transformation is more effective than mixed service transformation in weaking the adverse effects of economic policy uncertainty on business performance. The results of the heterogeneity test show that the negative relationship between economic policy uncertainty and firm business performance, as well as the positive effect of servitization transformation, is more noticeable in non-state-owned enterprises and low sale growth firms. The results are robust after various specifications of variables, possible endogeneity issues, and more control variables are considered.