制造业企业数字化投资与创新绩效:人力资本的中介作用

Digitalization Investment and Innovation Performance in the Manufacturing Enterprises: The Intermediary Role of Human Capital

制造企业实施数字化有利于提高运营绩效,促进转型升级。本文以2014-2019年121家实施数字化转型的沪深两市A股制造业上市公司作为研究样本,运用固定效应模型探讨了企业数字化软件、硬件投资和数字化投资总额对创新绩效的影响,以及人力资本的中介作用,并采用Sobel检验对中介效应进行了稳健性检验。研究结果表明:(1)企业数字化投资总额对企业创新绩效具有统计上显著的正向促进作用;(2)数字化软件投资对企业创新绩效具有显著的正向促进作用;(3)数字化软件投资对劳动密集型及资本密集型制造业企业的创新绩效均有显著的正向促进作用,数字化硬件投资对资本密集型制造业企业的创新绩效有显著的促进作用,而对劳动密集型制造业企业的创新绩效不具有显著影响(;4)数字化软件投资对技术密集型制造业企业的创新绩效有显著的促进作用,人力资本存在部分的中介作用。本文开展的实证研究,为学术界和企业界深入认识企业数字化投资、人力资本与创新绩效之间的关系提供了经验证据。

The implementation of digitalization in the manufacturing enterprises is conducive to improving operational performance and promoting transformation and upgrading. With 121 A-share listed manufacturing companies in Shanghai and Shenzhen stock markets that implemented digital transformation from 2014 to 2019 as research samples, the fixed effect model is used to explore the impacts of digital software and hardware investment and total digital investment on innovation performance, as well as the mediating role of human capital. And the Sobel test is used to test the robustness of the mediating effect. The results show that:(1)The total amount of digital investment has a statistically significant positive effect on innovation performance.(2) The digital software investment has a significant positive effect on innovation performance.(3)The digital software investment has a significant positive role in promoting the innovation performance of labor-intensive manufacturing enterprises and capital-intensive manufacturing enterprises. The digital hardware investment, while having a significant role in promoting the innovation performance of capital-intensive manufacturing enterprises, has no significant effect on that of labor-intensive manufacturing enterprises.(4)The digital software investment has a significant effect in promoting the innovation performance of technology-intensive manufacturing enterprises, and a partial mediating effect exists in the human capital.The empirical study in this paper provides some experiential evidence for the academic and business communities to deeply understand the relationship between the digital investment of enterprises, human capital and innovation performance.