数字经济发展对企业创新绩效的影响——基于我国上市公司的经验证据

以2015—2018年中国A股上市公司为样本,研究了城市数字经济发展对企业创新绩效的影响。结果显示,数字经济的发展促进了企业的高质量创新,但对低质量创新没有显著影响,且在考虑内生性、替换关键变量和固定效应之后结论依然成立。机制检验表明,数字经济通过研发投入扩张效应、沉淀冗余扩大效应和人力资本升级效应提高了创新绩效。进一步地,相较于企业单独的创新行为,数字经济对企业间的合作创新的促进作用更大;企业资本密集度越高,数字经济对创新的促进程度越大;数字经济对拥有海外市场的企业的促进作用低于只拥有国内市场的企业。研究揭示了数字技术在企业创新中的重要作用,丰富并扩展了数字技术的效应研究,同时对进一步深化数字经济与促进企业创新都具有一定的积极意义。

The Effect of Digital Economic Development on the Enterprise Innovative Performance: Based on the Empirical Evidence of Listed Companies in China

Based on the sample of Chinese A-share listed companies from 2015 to 2018, this paper studies the effect of urban digital economy development on enterprise innovation performance. The results show that the development of digital economy promotes high-quality innovation, but has no significant effect on low-quality innovation, and the conclusion still holds after taking into account endogeneity and substitution for key variables and fixed effects.The mechanism test shows that digital economy improves innovation performance through the expansion effect of R&D investment, the expansion effect of precipitation redundancy and the upgrade effect of human capital. Furthermore, compared with the independent innovation act of enterprises, digital economy has a greater role in promoting the cooperative innovation among enterprises. The higher the capital intensity of enterprises, the greater the promotion role of digital economy in innovation. The promotion effect of digital economy on companies with overseas markets is lower than those only with domestic markets. The research not only reveals the important role of digital technology in enterprise innovation, but also enriches and expands the research on the effect of digital technology. Meanwhile, it is of certain positive significance to the further deepening of the digital economy and the promotion of enterprise innovation.