数字化转型对企业创新绩效的影响——基于资源和效率的传导效应分析

The Impact of Digital Transformation on Enterprise Innovation Performance—An Analysis Based on the Transmission Effects of Resources and Efficiency

摘要: 数字技术与实体经济的深度融合已成为驱动企业高质量发展的核心引擎。本文立足于数字经济蓬勃发展的时代背景，利用2011~2024年中国A股上市公司面板数据，实证检验了数字化转型对企业创新绩效的赋能效应及其微观传导机制。研究发现：数字化转型对企业创新绩效具有显著的正向促进作用，该结论在经过一系列稳健性检验及内生性处理后依然稳固。机制分析表明，数字化转型主要通过“资源集聚效应”与“配置效率提升”双重路径驱动创新，即一方面通过缓解融资约束、增加研发要素投入，另一方面通过优化创新流程、提高全要素生产率。异质性分析进一步显示，这种创新驱动效应在处于生命周期前端的新创企业以及ESG表现优异的企业中更为显著。本研究不仅厘清了数字化转型驱动企业创新的内在逻辑，也为从微观层面推动数字经济与创新驱动发展战略的深度融合提供了经验证据与政策启示。

Abstract: The deep integration of digital technology and the real economy has become a core engine driving the high-quality development of enterprises. Against the backdrop of the booming digital economy, this paper utilizes panel data of China’s A-share listed companies from 2011 to 2024 to empirically examine the enabling effect of digital transformation on corporate innovation performance and its underlying micro-mechanisms. The findings indicate that digital transformation significantly enhances corporate innovation performance, a conclusion that remains robust after a series of robustness checks and endogeneity tests. Mechanism analysis reveals that digital transformation drives innovation through dual paths: the “resource aggregation effect” and “allocation efficiency improvement”. Specifically, it fosters innovation by alleviating financing constraints and increasing R&D factor inputs on the one hand, and by optimizing innovation processes and improving total factor productivity (TFP) on the other. Further heterogeneity analysis shows that this innovation-driving effect is more pronounced in early-stage enterprises and firms with superior ESG performance. This study not only clarifies the internal logic by which digital transformation drives corporate innovation but also provides empirical evidence and policy implications for promoting the deep integration of the digital economy and innovation-driven development strategies at the micro level.