数字技术对突破性创新的赋能效应及机制研究——基于制造业上市公司的经验证据  

The Empowering Effect and Mechanism of Digital Technology on Breakthrough Innovation:Empirical Evidence based on Listed Manufacturing Companies

作　　者：郭亮 GUO Liang(School of Economics and Management,Harbin University of Science and Technology,Harbin Heilongjiang 150080,China)

机构地区：[1]哈尔滨理工大学经济与管理学院,黑龙江哈尔滨150080

出　　处：《技术经济与管理研究》2025年第2期16-23,共8页Journal of Technical Economics & Management

基　　金：黑龙江省哲学社会科学研究规划项目(20JYE278);黑龙江省博士后科研启动基金(LBH-Q21100);国家社会科学基金项目“双循环新发展格局下中国高端装备制造业双链协同升级机理、模式与策略研究”(22BJL117)。

摘　　要：通过数字技术促进突破性创新是新发展格局下培育企业新质生产力的关键,对推进企业高质量发展意义重大。选取2013—2022年中国A股制造业上市公司数据,采用文本挖掘法对数字技术水平进行测度,并通过构建固定效应模型、中介效应模型和门槛效应模型进行检验,揭示数字技术对企业突破性创新的影响机制及传导路径。研究发现:数字技术对企业突破性创新存在显著的正向影响,且数字技术赋能效应在不同地区、企业规模及生命周期阶段上具有差异性;数字技术通过债权融资和股权融资两种融资渠道对企业突破性创新产生影响,但作用路径有所不同,具体表现为数字技术通过对债权融资的影响抑制突破性创新,而通过对股权融资的影响促进突破性创新;数字技术对企业突破性创新的影响存在着显著的市场化双门槛效应。研究结论为数字化情境下企业突破性创新的实现提供理论依据和决策参考。Promoting breakthrough innovation through digital technology is the key to driving high-quality development of enterprises under the new development pattern.Select the data of A-share manufacturing listed companies nationwide from 2013 to 2022,this paper measures the level of digital technology by using the text-mining method,and reveals the influence mechanism and transmission path of digital technology on enterprise breakthrough innovation through the construction and test of the fixed effect model,mediating effect model and threshold effect model.Research shows:Digital technology significantly fosters breakthrough innovation in enterprises,and the facilitating effect of digital technology exhibits heterogeneous characteristics according to region,enterprise size,and life cycle.Digital technology affects the breakthrough innovation of enterprises through two financing channels,namely debt financing and equity financing,but the paths of action are different.Specifically,digital technologies inhibit breakthrough innovation through the impact of debt financing,while promote breakthrough innovation through the impact of equity financing.The impact of digital technology on breakthrough innovation in enterprises exhibits a significant dual threshold effect related to marketization.The research findings provide a theoretical foundation and decision-making reference for the formulation of breakthrough innovation strategies by enterprises in a digital context.

关 键 词：数字技术 突破性创新 外源融资 股权融资 债券融资 

分 类 号：F272.3[经济管理—企业管理]