数字经济发展对企业创新能力的影响——基于我国A股上市公司的经验证据

The Impact of the Development of Digital Economy on the Innovation Ability of Enterprises:Based on the Empirical Evidence of China's A-share Listed Companies

选取2013—2020年中国A股上市公司的样本数据,实证检验数字经济发展对上市公司创新水平的影响以及内在作用机制。研究发现:数字经济的发展显著促进了企业的创新活动,对创新数量和创新质量的影响均非常显著。同时,数字经济的发展不仅促进了企业单独的创新活动,也提升了企业间联合创新的水平。且在考虑稳健性与内生性后结果依然显著成立。机制分析发现,数字经济主要通过增加研发投入和缓解融资约束两种渠道来促进企业创新。进一步研究发现,数字经济对民营企业的创新促进作用优于国有企业;数字经济对制造业行业的创新质量和创新数量的提升都起到了显著的促进作用,而对其他行业的促进效果不显著;相比于大型企业,数字经济对中小型企业创新质量的促进作用更为明显。

This paper uses the sample data of China's A-share listed companies during 2013 to 2020 to empirically test the impact of the development of digital economy on the innovation level of listed companies and the internal mechanism.It is found that the development of digital economy has a significant role in promoting the innovation activities of enterprises,and has a significant impact on the quantity and quality of innovation.At the same time,the development of the digital economy not only promotes the independent innovation activities of enterprises,but also enhances the level of joint innovation among enterprises.The results were still valid after considering the robustness and endogeneity.Mechanism analysis shows that the digital economy mainly promotes enterprise innovation through the increase of R&D investment and the channels to ease financing constraints.Further research shows that the digital economy is better than state-owned enterprises fostering innovation within private enterprises;The digital economy has played a significant role in promoting the innovation quality and quantity of manufacturing enterprises,while the promotion effect of other industries is not significant,Compared with large enterprises,the digital economy plays a more significant role in promoting the innovation quality of smes.