新创企业数智化发展与创新产出——基于制度环境的调节作用

The Development of Digitalization and Intelligentization and Innovation Output in Start-Ups—Based on the Moderation Effect of Institutional Environment

摘要: 在数智经济时代，推动新创企业加速数智化转型、提升创新能力，已成为驱动企业发展的核心因素。本文以2013~2022年创业板企业为样本，采用文本分析法测算数智化发展程度，基于竞争理论、资源编排理论、制度理论，探究新创企业数智化发展对创新产出的影响及其作用机理，研究结果表明：新创企业数智化发展能够显著提升创新产出，在考虑内生性等问题后，这一结果依然显著，并在进行一系列稳健性检验后结论仍然成立。在作用机理方面，良好的制度环境对新创企业数智化发展与创新产出之间的关系起到了正向调节作用。基于异质性研究发现，新创企业数智化发展对创新产出的促进作用在大规模企业、非国有企业、处于数字基础设施较完善的地区的企业中更为显著。本研究为推动新创企业数智化以及提高企业创新产出提供了有益的理论支持和政策建议。

Abstract: In the era of digital and intellectual economy, it has become a core factor to drive the development of enterprises to accelerate the digital and intellectual transformation and enhance the innovation capability of start-ups. Taking a dataset from companies listed on the Growth Enterprise Market (GEM) of China from 2013 to 2022 as the research sample, this article adopted textual analysis to measure the degree of digitalization and intelligentization development, and based on competition theory, resource orchestration theory and institutional theory, it explored the impact of digitalization and intelligentization development of start-ups on innovation output and its mechanism of action. The empirical results of the study show that the development of digitalization and intelligentization in start-ups can significantly enhance innovation output, which remains significant after considering issues such as endogeneity, and the conclusions continue to hold after a series of robustness tests. In terms of the mechanism of action, a favorable institutional environment positively moderates the relationship between the development of digitalization and intelligentization and innovation output of start-ups. Based on the heterogeneity study, it is found that the promotion of innovation output by the development of digitalization and intelligentization in start-ups is more significant among large-scale enterprises, non-state-owned enterprises, and enterprises in regions with better digital infrastructure. This article provides useful theoretical support and policy recommendations to promote the digitalization and intelligentization of start-ups as well as to improve enterprises’ innovation output.