Research On The Impact Of Digital Transformation On Technological Innovation Of Chinese Listed Firms

At a time when the overall situation of the strategy for the great rejuvenation of the Chinese nation,the frequent changes in the world situation and the trend of the information revolution are at a historic convergence,digital technology represented by artificial intelligence,big data and cloud computing has become new elements to fuel economic development and social progress,providing a new focus point for innovation-driven organic economic growth.The Communist Party of China and governments at all different levels,different industries and enterprises have all attached great importance to digital transformation.Enterprises,as the microscopic mainstay of a country’s economy,are the most dynamic and promising mainstay at the critical moment of adhering to the innovation-driven development strategy.Therefore,empowering technological innovation with digital transformation is a proposition that enterprises should practice.In the context of the digital economy reshaping the logic of social development and the deep implication of digital transformation,the original purpose of this paper is to explore the impact of digital transformation on the enhancement of enterprises’ technological innovation capability,explain its internal mechanism of action,expand and deepen the theory of enterprise digital innovation ecosystem,and provide theoretical basis and empirical support for promoting enterprises to better utilize digital transformation to enhance technological innovation capability.On the basis of defining the connotation of enterprise digital transformation and technological innovation,this thesis elaborates the transformative impact of digital transformation on enterprise technological innovation in the context of the current environment.Further,this thesis analyzes the internal and external dilemmas faced by enterprise technological innovation and constructs a multidimensional mechanism model of digital transformation affecting technological innovation.Firstly,we aim to explore the impact of digital transformation on technological innovation and the positive amplification of the enterprise’s own knowledge base in this impact process;secondly,we aim to explore the internal path of digital transformation acting on technological innovation starting from internal organizational resilience and external financing constraints.Based on the data from 2015-2021,this thesis uses Python and text analysis methods to extract the key words related to "digital transformation" from the annual reports of listed enterprises to construct the word spectrum of digital transformation for measuring the level of digital transformation of enterprises.On the basis of above analysis,the fixed effect,moderating effect and mediating effect models are used to empirically examine the impact and path of digital transformation on technological innovation,and further explore the heterogeneity of factors such as macro-geographic location,industry and micro-enterprise ownership attributes.The findings of the study show that:(1)the coefficient of the implication of digital transformation on enterprise technology innovation is 3.528 and it passes the significance level test of 5%.The economic implication is that for every 1% increase in the degree of digital transformation,the level of enterprise technological innovation will increase by 3.528%.(2)After adding the moderating variable of knowledge base,the regression coefficient of digital transformation increases from 3.528 to 5.416,and the significance level also increases significantly,which fully indicates that the more solid the enterprises’ own knowledge base is,the more obvious the driving effect of digital transformation on technological innovation.(3)From the perspective of geographical location,digital transformation has a very significant incentive effect on enterprise technological innovation in the eastern region,while the coefficients in the central-western and northeastern regions are not significant.From the viewpoint of the industries to which they belong,the incentive effect of digital transformation on technological innovation of enterprises in high-tech industries is significantly higher than that of enterprises in non-high-tech industries.In terms of enterprise ownership,the pull utility of digital transformation is more prominent for state-owned enterprises compared with non-state-owned enterprises.(4)By embedding digital technology within the organization and internalizing and applying it,it helps to enhance organizational resilience and thus promote enterprise technological innovation.(5)Through digital transformation,enterprises can relax financing constraints and provide stable and sufficient financial support for their technological R&D activities,thus promoting the enhancement of technological innovation capability.Through the in-depth discussion of the above research variables and the empirical testing of the research hypotheses,targeted countermeasures for enterprises to practice digital transformation to promote technological innovation are proposed based on the research findings.Finally,the research shortcomings of this thesis and the outlook for future research are pointed out.