数字基础设施建设对中国企业创新影响研究——作用机制与效应检验

Research on the Impact of Digital Infrastructure Construction on Enterprise Innovation in China:Mechanism and Effect Test

当前数字基础设施建设对微观企业创新的赋能效应日益凸显,逐步成为促进企业创新的重要力量。本文基于2010—2020年中国沪深A股上市公司数据,运用双重差分模型,实证考察了数字基础设施建设对企业创新的影响效应及作用机制。研究发现:数字基础设施建设对企业创新具有明显的赋能效应,进一步地,数字基础设施建设显著促进了企业创新提质增效。机制分析表明,数字基础设施建设主要通过强化企业数字化投资和数字技术应用双重路径促进企业创新;且企业人力资本水平越高越有利于发挥数字基础设施建设对企业创新的促进作用,而企业融资约束水平越高越不利于发挥数字基础设施建设对企业创新的促进作用。异质性检验发现,数字基础设施建设促进了制造业企业创新提质增效和非制造业企业创新增效;数字基础设施建设促进了成熟期企业创新提质增效,而对初创期和成长期企业创新提质增效的影响不显著。研究结论拓展了数字基础设施微观经济后果的相关研究,对加快推进数字基础设施建设,充分发挥其对企业创新提质增效的赋能效应具有启示意义。

At present,the enabling effect of digital infrastructure construction on the innovation of micro enterprises has become increasingly prominent,gradually becoming an important force to promote enterprise innovation.Based on the data of the Shanghai and Shenzhen A-share listed companies in China from 2010 to 2020,this paper builds a dual difference model to test the impact and mechanism of digital infrastructure construction on enterprise innovation.The study finds that:the construction of digital infrastructure has an obvious enabling effect on enterprise innovation.Furthermore,the construction of digital infrastructure significantly promotes the quality and efficiency of enterprise innovation.Mechanism analysis shows that digital infrastructure mainly improves corporate innovation performance by strengthening the dual path of corporate digital investment and digital technology application.And the higher the human capital level,the more conducive digital infrastructure construction is to enterprise innovation,while the higher the financing constraint level,the less conducive digital infrastructure construction is to enterprise innovation.The heterogeneity test shows that,digital infrastructure construction improves innovation quality and efficiency of manufacturing enterprises,and improves innovation efficiency of non-manufacturing enterprises;digital infrastructure construction improves the quality and efficiency of enterprise innovation in the mature stage,but has no obvious effect on the quality and efficiency of enterprise innovation in the start-up and growth stage.The findings expand research into the microeconomic consequences of digital infrastructure,and it has enlightenment significance for accelerating the construction of digital infrastructure and giving full play to its enabling effect on improving the quality and efficiency of enterprise innovation.