Research On The Impact Of Digitalization And Innovation Input On Enterprise Performance

At the 14 th session of the National People’s Congress,the State Council proposed to reform the State Council’s institutions and set up a National Data Bureau to coordinate the promotion of digital infrastructure construction and the integration,sharing and exploitation of data resources.At present,the digital economy,with data resources as an important factor of production and digital transformation as a new driving force for development,is increasingly becoming a new dynamic of economic development.In the era of digital wave sweeping in,digital industry is developing rapidly,resulting in the digitalization of industry becoming the general trend.Enterprises have carried out digital transformation,introducing new digital technologies such as big data,the internet of things and artificial intelligence to promote technological innovation,business innovation and process innovation in order to nurture new momentum for development and gain new competitive advantages.For companies,innovation activities have always been an important driver for their long-term quality development and a key driver for improving their business performance.Therefore,studying the impact of digitalization and innovation investment on corporate performance will not only help to clarify the relationship between digitalization and corporate performance,but also help to explore the pathways and mechanisms through which digitalization has an impact on corporate performance.This paper takes the relevant data of Shanghai and Shenzhen A-share listed manufacturing enterprises from 2015-2021 as research samples,analyzes the intrinsic relationship between digitalization level,innovation input and enterprise performance through literature combing,and forms theoretical support with the help of signaling theory,resource-based view,dynamic capability theory and innovation theory.Considering the comprehensiveness of measurement indicators,this study divides corporate performance into two dimensions,namely financial performance and market performance,and empirically tests the impact of digitalization level and innovation input on corporate performance from different dimensions,as well as the mediating effect of innovation input in the impact of digitalization level on corporate performance,and ensures the reliability of the empirical results through robustness tests.In addition,in further analysis,the paper explores the lagged impact of digitalization level on the financial performance of firms and the impact of digitalization level on firm performance under different property rights nature.The results of the study show that: digitalization has a negative impact on the financial performance of enterprises in the short run,and this impact has a time lag effect;the positive impact of digitalization on the market performance of state-owned enterprises is more significant than that of non-state-owned enterprises;the increase of digitalization level can promote innovation investment;innovation investment has a negative impact on the financial performance of enterprises in the short run,and a positive impact on the market performance of enterprises,and innovation investment plays a mediating role in the impact of digitalization Innovation investment plays a mediating role in the influence of digitalization level on enterprise performance.In this paper,we put forward some suggestions for listed companies to improve their digitalization level from both government and enterprise levels,in order to provide some reference for manufacturing enterprises to actively carry out digital transformation and increase innovation investment to promote enterprise development,taking into account the actual situation of China’s enterprise digitalization development.