Li Tinghui, Wen Jieying, Zeng Danwei, Liu Ke
School of Economics and Statistics, Guangzhou University, Guangzhou 510006, China.
Math Biosci Eng. 2022 Aug 30;19(12):12632-12654. doi: 10.3934/mbe.2022590.
Digital transformation is a new driving force of enterprise efficiency reform. Enterprises' digital transformation can effectively improve their technological innovation efficiency, thereby promoting their high-quality development. Using the panel data of 930 Chinese A-share listed companies from 2015 to 2020, we have studied the impact and heterogeneity of digital transformation on enterprise technological innovation efficiency with a panel data model. Further, a mediating effect model and a moderating effect model were constructed to study the mechanism of digital transformation affecting the efficiency of enterprise technological innovation. The conclusions are as follows. First, enterprise digital transformation significantly improves the efficiency of enterprise technological innovation. Second, the impact of digital transformation on the efficiency of enterprise technological innovation is heterogeneous, which is reflected in two aspects: the factor intensity and the nature of ownership. Third, financing constraints and equity concentration play a mediating and a moderating role, respectively, in the impact of digital transformation on the efficiency of enterprise technological innovation.
数字化转型是企业效率改革的新动力。企业的数字化转型能够有效提高其技术创新效率，从而推动其高质量发展。利用2015年至2020年930家中国A股上市公司的面板数据，我们运用面板数据模型研究了数字化转型对企业技术创新效率的影响及异质性。进一步地，构建了中介效应模型和调节效应模型来研究数字化转型影响企业技术创新效率的机制。研究结论如下。第一，企业数字化转型显著提高了企业技术创新效率。第二，数字化转型对企业技术创新效率的影响具有异质性，这体现在要素密集度和所有制性质两个方面。第三，融资约束和股权集中度在数字化转型对企业技术创新效率的影响中分别起到中介和调节作用。
