Can digital innovation improve firm performance: Evidence from digital patents of Chinese listed firms
基于2016-2021年中国A股上市公司数据，研究发现数字创新通过提高劳动生产率、降低运营成本和增强竞争优势来提升企业绩效，且在高市场化、大规模、国有企业和市场化程度高的地区效果更显著。
Within the context of the digital economy, digital innovation has emerged as a significance driving force to enhance firm value. This paper uses the A-share listed companies in Shanghai and Shenzhen from 2016 to 2021 as a sample to test the impact of digital innovation on corporate performance and its mechanism. We find that digital innovation can positively improve firm performance by improving labor productivity, reducing operating costs and enhancing competitive advantage. Further research shows that digital innovation is more likely to improve firm performance in high-market, large-scale, state-owned enterprises and regions with high marketization . Digital industrialization can strengthen the positive correlation between digital innovation and firm performance. Industries involved of digital product manufacturing and digital technology application play a greater role in the economic effect of digital innovation. Finally, location-oriented policies promote digital innovation. This paper contributes to the research on the measurement of digital innovation and its economic consequences, constructs a framework for the impact of digital innovation on the economic effect of microenterprises , and provides reliable empirical evidence for the development of digital innovation.