Research On The Impact Mechanism Of Digital Technology Innovation On Enterprise Performance In The "Dual Circulation" Of Chinese Enterprises

With the rise of a new round of scientific and technological revolution,the global economy has entered a "digital" era,and the application of digital technology has provided new impetus for building a "dual circulation" new development pattern.However,the domestic and international economic and trade environment is turbulent under the impact of epidemic situation and the change of rules,and the digital technology innovation of enterprises in China faces many bottlenecks,with increased uncertainty and risks.At present,the existing research has a relatively blank understanding of the micro-impact mechanism of digital technology innovation on domestic and foreign circulation.Therefore,in the "new normal" period,how China digital enterprises grasp digital technology innovation and its heterogeneity,make full use of digital capabilities to drive the improvement of domestic and foreign business income,and achieve a balance in the "double cycle" of domestic and global technological innovation is the key to remoulding their core values and enhancing their competitive advantages,which is worthy of in-depth discussion.Based on the perspective of technology heterogeneity,this paper studies the influence mechanism of digital technology innovation in the"double cycle" of China enterprises by theoretical analysis and empirical analysis.First,by combing the relevant literature,the meaning and characteristics of digital technology,the form of action and the empowerment mechanism of digital ability are summarized.Secondly,from the perspective of dynamic game and dynamic capability theory,this paper puts forward the theoretical hypothesis that the level of digital technology innovation affects the internal and external performance of enterprises.Then,based on the digital core technology patents of Shanghai and Shenzhen A-share listed companies belonging to the digital economy industry from 2013 to 2019,this paper uses the panel data model to test the influence path of digital technology innovation on the domestic and international performance of enterprises,and verifies whether digital technology innovation with four characteristics promotes the domestic and international performance of enterprises based on the perspective of technical heterogeneity,and at the same time,uses the mediation effect model to investigate the intermediary influence mechanism of digital capabilities.The results show that the adoption of digital technology significantly promotes the domestic performance of enterprises,but there is a "U"relationship with the international performance.The complexity,openness,location-universality and generativity of digital technology show different paths to the domestic performance of enterprises.Digital technology innovation can improve the domestic performance of enterprises by enhancing the digital capability,but it plays a negative mediating role between digital technology innovation and the international performance of enterprises.In addition,this paper also distinguishes the influence of industry attributes and ownership properties on the estimation results.Finally,combined with the relationship and degree of each influencing factor,the paper puts forward feasible suggestions and countermeasures from the aspects of improving the supporting measures of targeted innovation by the government,improving the innovation ecology,strengthening support by "ciassified guidance",carrying out targeted reform and transformation of digital enterprises,enhancing the application breadth and depth of digital capabilities,and strengthening confidence to tide over the "innovation turning point",so as to inject new vitality into the high-quality development and stability of China’s economy.