数字化转型、创新投资和质量

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-02-08 DOI:10.1016/j.frl.2025.106901

Fei Li , Nana Zhang

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引用次数: 0

摘要

本文利用2011 - 2022年中国a股上市公司的面板数据，研究了数字化转型对双向创新投资和创新质量的影响。通过应用固定效应回归并进行稳健内生性检验（包括差异中差异（DID）、倾向得分匹配（PSM）和工具变量（IV）方法），研究结果表明，DT促进了剥削性创新，同时抑制了探索性创新。两种创新形式之间的差异与创新质量呈倒u型关系。机制分析表明，创新创新增加了行业竞争，降低了风险承受能力，导致企业优先考虑剥削性创新。这种效应在DT水平较高的企业中更为明显，在非国有企业、小型企业和非知识密集型产业中更为明显。该研究为寻求在数字时代优化其创新战略的企业提供了战略见解。

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Digital transformation, innovation investment and quality

This study investigates the impact of digital transformation (DT) on ambidextrous innovation investment and innovation quality, using panel data from Chinese A-share listed companies between 2011 and 2022. By applying fixed-effects regression and conducting robust endogeneity tests—including Difference-in-Differences (DID), Propensity Score Matching (PSM), and Instrumental Variable (IV) methods—the findings reveal that DT promotes exploitative innovation while suppressing exploratory innovation. Moreover, the disparity between these two forms of innovation follows an inverted U-shaped relationship with innovation quality. Mechanism analysis shows that DT increases industry competition and reduces risk tolerance, leading firms to prioritize exploitative innovation. This effect is more pronounced in firms with higher DT levels and is stronger in non-state-owned, smaller firms, and those in non-knowledge-intensive industries. The study provides strategic insights for firms looking to optimize their innovation strategies in the digital era.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance