数字化转型能提升企业创新投资效率吗?

Can Digital Transformation Boost theEfficiency of Companies′ Investment in Innovation?

文章以沪深A股公司2015—2020年数据为基础,经数据包络分析(Data envelopment analysis,以下简称DEA)模型测量创新投资效率,实证检验了数字化转型对创新投资效率的影响机制。结果表明,我国上市公司当前的数字化水平整体偏低,数字化转型与创新投资效率负相关。剖其原因,数字化转型加大了企业创新投资,但并未提高创新产出水平,故高投入而非高产出导致创新投资效率低下。深入研究,该影响在国有企业和高管兼任的企业中更为显著,组织冗余发挥了部分中介效应,区域教育水平高能够在一定程度上弱化数字化转型对创新投资效率的负向关系。文章从创新投资效率的视角为数字化转型的价值提供了新的证据。

Based on the data of Shanghai and Shenzhen A-share companies from 2015—2020,this paper empirically examines the impact mechanism of digital transformation on the efficiency of innovation investment by measuring the efficiency of R&D investment through the DEA model.The results show that the current digitalization level of listed companies in China is low overall,and digital transformation is negatively correlated with innovation investment efficiency.The reason for this is that digital transformation has increased innovation investment but the level of innovation output,leading to the low efficiency of innovation investment through high input rather than output.Further study shows that the effect is more pronounced in state-owned enterprises and firms with part-time executives.Organizational slack plays a part in mediating the effect.Regional education level can weaken the negative relationship of digital transformation on innovation investment efficiency to some extent.This study provides new evidence of the value of digital transformation from the perspective of innovation investment efficiency.