数字经济对企业创新的影响
The Impact of Digital Economy on Enterprise Innovation

数字经济作为信息技术革新推动的新经济形态，对微观企业技术创新以及宏观经济发展均产生了重大影响。本文根据2011~2017年沪深两市A股上市公司数据，研究了数字经济对企业创新的影响以及其内在机理。实证结果表明，数字经济发展显著促进了企业技术创新。机制分析表明，数字经济对企业创新的作用主要受到企业融资环境、财务风险以及企业数据管理能力的影响。具体而言，数字经济通过改善公司融资约束状况，驱动企业去杠杆、稳定财务状况，提高公司内部数据管理能力等路径促进企业创新产出。本文的研究推动了对数字经济发展以及数字经济驱动企业创新的效应和机制的理解。
As a new economic form promoted by information technology innovation, digital economy has a great impact on the technological innovation of micro-enterprises and even the development of macro-economy. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2017, this paper explores the impact of digital economy on enterprise innovation and its internal mechanism. The empirical results show that the development of digital economy has significantly promoted the technological innovation of enterprises. Mechanism analysis shows that the effect of digital economy on enterprise innovation is affected by enterprise financing environment, financial risk and enterprise data management ability. To be specific, digital economy promotes enterprise innovation output by improving corporate financing constraints, driving enterprises to deleverage, stabilizing financial conditions, and improving the company’s internal data management ability. The research of this paper promotes the understanding of the development of digital economy and the effect and mechanism of digital economy driving enterprise innovation.