Research On Influence Of The Digital Technology On The Enterprise Innovation Performance

With the advent of the digital age,China has gradually entered the transformation period of high-quality development based on the new development stage.On the one hand,digital construction should be promoted to realize the deep integration of digital technology and real economy to enable the transformation and upgrading of traditional industries.On the other hand,China should implement the innovation-driven strategy and improve its capacity for independent innovation.As the vitality source and backbone force for the realization of high-quality economic development in the country,the degree of digital development for enterprises will not only affect their own innovation performance and benefits,but also affect the value co-creation of the whole national industrial chain.Therefore,it is an important topic to explore the influence mechanism of the digital technology application level on the enterprise innovation performance.Based on the innovation theory,dual innovation theory,and high-level ladder theory,after clarifying relevant concepts and measurement methods for the digital technology,enterprise innovation performance,manager risk preference,and dual innovation,this paper establishes a fixed effect model of panel data using the sample data of China’s A-share listed companies from 2014 to 2019 to study the influence path and mechanism of the digital technology on the enterprise innovation performance.The study finds that,firstly,there is a positive correlation between the digital technology and the enterprise innovation performance.The higher the application level of digital technology,the greater the improvement of enterprise innovation performance.Secondly,the manager risk preference plays a positive role in promoting the relationship between the digital technology and the enterprise innovation performance,that is,the higher the manager risk preference,the more willing they are to carry out enterprise digital transformation for the promotion of the enterprise innovation performance.Thirdly,by introducing the exploratory innovation and exploitative innovation,it is found that the dual innovation has indirect conduction effect between the digital technology and the enterprise innovation performance.Fourthly,the heterogeneity of the digital technology on the enterprise innovation performance is further analyzed from the perspectives of the nature of property right,firm size,and precipitated redundant resources.Specifically,compared with non-state-owned enterprises,the application level of digital technology in state-owned enterprises can significantly boost the enterprise innovation performance.Compared with small and medium-sized enterprises,the application level of digital technology in large enterprises can significantly boost the enterprise innovation performance.Compared with the enterprises with scarce precipitated redundant resources,the application level of digital technology in the enterprises with abundant precipitated redundant resources play a more significant role in promoting the enterprise innovation performance.Finally,the robustness test for the main regression model is conducted respectively by the replaced explained variables,hysteresis effect,and PSM test,which shows that the empirical results are reliable and reasonable.The paper studies the relationship between the digital technology and the enterprise innovation performance,enriching the theoretical research on digital technology and innovation performance,and providing a reference for enterprises to promote the deep integration of digital economy and technological innovation as well as to formulate reasonable digital transformation strategy and innovation performance policy.Additionally,from the perspective of the manager risk preference and the dual innovation,the influence path of the digital technology on the enterprise innovation performance get innovative exploration,which provides feasible ideas for enterprises to pay attention to managers’psychological characteristics and strengthen the dual innovation investment in the process of digital transformation.