| The digital age has arrived,which combine intelligence,information technology and data as the core has developed rapidly,this take the economic and social innovation new impetus to development.Enterprises are the subject of digital and technological innovation,technology innovation is a driver for sustainable development,and digital transformation is an important pathway for technological innovation in enterprises.This paper selects listed companies from2011-2019 to study and analyze the effect of digital transformation of companies on their own technological innovation,which is of great research importance.This thesis consists of two parts: theory analysis and demonstration analysis.In the theoretical analysis,this paper takes Schumpeterian innovation theory,transaction cost theory and information asymmetry theory as the theoretical basis,on which the impact of digital transformation of enterprises on the development of technological innovation is studied,and it is found that digital transformation of enterprises can promote technological innovation of enterprises through reducing enterprise transaction costs,improving internal incentive mechanisms,strengthening collaborative innovation and reducing financing pressure.In the empirical analysis,the paper firstly constructs a fixed-effects model to analyze the impact of digital transformation on technological innovation,and conducts robustness tests on the baseline empirical results by replacing explanatory variables,testing different calibres of digital transformation,time lag test,antecedent test,sample replacement time test and instrumental variables method.Secondly,an extended analysis is conducted,including heterogeneity and intrinsic mechanism tests.In this paper,heterogeneity is analyzed in three aspects,namely regional heterogeneity,heterogeneity in the nature of equity and heterogeneity in the technological attributes of enterprises;finally,a mechanism test is conducted to investigate how digital transformation affects the technological innovation level of enterprises through three mechanisms: operating cost,information transparency and financing cost pressure.Through a series of analyses and tests,the main conclusions are as follows: First of all,the digital transition helps to enhance the ability of technology innovation,while the digital transition has a lasting impact on technology innovation.Second,depending on the region where the enterprises are located,the east enterprise digital transformation is more effective than the middle and west regions in promoting technology innovation,and compared to private companies and non-high-tech companies,digital transformation can promote innovation activities of state and new technology enterprises and promote the technology innovation of enterprises.Thirdly,digital transformation can influence the level of innovation by reducing the cost of doing business,improving the transparency of information and relieving the pressure of financing costs.On the basis of the above research results,the following policy recommendations are put forward: Firstly,government departments should actively promote the construction of digital infrastructure and strengthen enterprises to carry out digital transformation and innovation reform.Secondly,government departments should pay attention to institutional development in the area of digital elements,build a digital technology exchange platform and introduce digital talents.Thirdly,national policies should be universal in nature,meaning that all market players should be treated equally. |
