Research On The Impact Of Digital Technology On The Innovation Performance Of Cultural Enterprises

Digital technology has greatly promoted the development of the cultural industry,and the cultural industry has also become one of the most important application areas of digital technology.So how does digital technology promote the development of cultural industries? In order to answer the above question,this paper takes cultural enterprises as the research object,and studies the impact of digital technology on the innovation performance of cultural enterprises through empirical methods under the support of relevant theories.Based on the 2010-2017 annual reports of cultural enterprises and the China Stock Market & Accounting Research Database(CSMAR),this paper constructs indicators to measure the innovation performance of digital technology and cultural enterprises respectively,and conducts regression analysis on the two.Through basic regression,this paper finds that digital technology has a very significant positive impact on the innovation performance of cultural enterprises.Enterprises that use more digital technology,that is,pay more attention to digital technology,have higher innovation performance and are more willing to innovate.In addition,this paper also verifies other factors involved in the existing literature that may affect the innovation performance of enterprises.Under the premise of keeping other variables unchanged,factors such as enterprise age,scale,growth,asset-liability ratio,equity concentration,separation of two rights,and nature of equity have a significant impact on the innovation performance of cultural enterprises.Some literatures have the same conclusion.Further,this paper conducts mechanism analysis,robustness test,endogeneity discussion,and heterogeneity analysis on the above empirical results.First,in the mechanism analysis,this paper selects the ratio of the number of undergraduates or above to the total number of people in the enterprise as a proxy variable for measuring human capital,and the investment and cash flow sensitivity coefficient(KZ index)as a proxy variable for financing constraints.The method is used to test the intermediary mechanism model to verify whether human capital and financing constraints have an intermediary role between digital technology and cultural enterprise innovation performance.The results show that digital technology improves enterprise human capital accumulation,thereby improving enterprise innovation performance;on the other hand,digital technology has effectively eased the financing constraints of cultural enterprises,making it easier for enterprises to obtain investment,thereby improving the innovation performance of enterprises.Secondly,the robustness test is carried out by replacing the explained variable and the explanatory variable.The results show that the regression coefficient and significance of each variable are basically consistent with the benchmark regression.At the same time,according to the difference in the nature of ownership,the sample is divided into state-owned enterprises and non-state-owned enterprises,and the heterogeneity of innovation performance of digital technology in enterprises of different natures is examined.The results show that digital technology can effectively improve the innovation performance of non-state-owned enterprises,but not significant for state-owned enterprises.Finally,this paper discusses the possible endogeneity problems in the regression.The instrumental variable regression method is used to test the endogeneity,and the two-stage least squares(2SLS)method is used for the regression.The regression results show that the endogeneity problem does not cause serious problems in this paper.The results of this paper show that:(1)The application of digital technology is conducive to improving the innovation performance of cultural enterprises,and this conclusion still holds when the explained variables are replaced and the explanatory variables are tested for robustness;(2)Digital technology can improve the human resources of cultural enterprises by improving the capital accumulation,alleviating financing constraints,and improving their innovation performance;(3)The difference in the nature of different equity ownership will have an impact on the effect of innovation performance.Compared with state-owned enterprises,digital technology effectively improves the innovation performance of non-state-owned enterprises,but it is not significant for state-owned enterprises.There are two main innovations in this paper: The first is to study the impact of digital technology on the innovation performance of cultural enterprises from the micro level,which enriches the previous literature on the innovation performance of cultural enterprises,and provides new ideas for studying the innovation performance of cultural enterprises from the perspective of digital technology.Second,the existing literature research on digital technology and cultural industry innovation performance focuses on theoretical aspects,with more qualitative analysis and less quantitative analysis.The empirical analysis of “Technology + Cultural Enterprises” provides the basis.