The Impact of Digital Infrastructure Construction on Enterprise Innovation

Liming Guo; Yibing Xie; Jun Zhong

doi:10.54097/t09efq67

Authors

Liming Guo
Yibing Xie
Jun Zhong

DOI:

https://doi.org/10.54097/t09efq67

Keywords:

Digital Infrastructure; Enterprise Innovation; Financing Constraints; Aggregation of Innovation Elements.

Abstract

By enhancing the efficiency of enterprise innovation, information acquisition and sharing, and collaborative capabilities, digital infrastructure increasingly amplifies and energizes enterprise innovation. Based on data from China’s A-share listed companies from 2008 to 2021, this paper uses a bidirectional fixed effect model to empirically investigate the impact and mechanism of digital infrastructure on enterprise innovation. The study finds that digital infrastructure significantly promotes enterprise innovation, with the conclusions still holding after a series of robustness tests. Furthermore, mechanism analysis indicates that digital infrastructure primarily influences enterprise innovation through the dual paths of financing constraints and the aggregation of innovation elements. Additionally, both corporate ownership structure and digital infrastructure have a positive and significant impact on enterprise innovation and are substitutes for each other. Heterogeneity analysis reveals that digital infrastructure in the western region significantly affects its enterprise innovation, whereas the other three regions do not show significant effects. Similarly, digital infrastructure significantly impacts innovation in medium-sized enterprises, but not in large-scale or small-scale enterprises.

Downloads

Download data is not yet available.

References

[1] He Jun, Ren Xiaocong, Zheng Wei. An Empirical Study on the Impact of Internal Governance Structure on Corporate Performance: A Case Study of A-Share Listed Companies in China's Manufacturing Industry [J]. Journal of the Party School of the CPC Hangzhou Municipal Committee, 2016(5):74-80.

[2] Wu Yuankai, Huang Ziming. A Review of the Impact of Executive Incentives on Corporate Innovation [J]. Modern Business, 2024(10):129-132.

[3] Han Li, Cao Junyong, He Jiancheng. The Internal Logic and Implementation Path of Digital Economy Empowering Urban-Rural Integration [J]. Southwest Finance, 2024(6):42-53.

[4] Xiu Guangli. Digital Infrastructure, Innovation Factor Agglomeration, and Total Factor Productivity of Enterprises [J]. Research on Technology Economy and Management, 2024(6):22-27.

[5] Guo Feng, Yang Shangguang, Jin Huan. The Impact of Digital Economy on Total Factor Productivity of Enterprises and Its Mechanism [J]. Modern Finance (Journal of Tianjin University of Finance and Economics), 2022, 42(9):20-36.

[6] Guo Jinhua, Zhu Chengliang. Research on the Impact of Digital Infrastructure Construction on Innovation of Chinese Enterprises: Mechanism and Effect Test [J]. Modern Finance (Journal of Tianjin University of Finance and Economics), 2023, 43(10):39-55.

[7] Yu Liufang, Tang Mengting. Corporate ESG Performance, Financing Costs, and Green Technology Innovation [J]. Journal of Harbin University of Commerce (Social Science Edition), 2024,(03):64-79.

[8] Chen Fang. Analysis of the Relationship Between Probability of Successful Innovation, R&D Costs, and Corporate Competition [J]. Modern Industrial Economy and Informatization, 2024, 14(03).

[9] Ding Yufang, Ayiniger·Kurban. The Impact of Corporate ESG Performance on Innovation Performance: Based on the Mediation of R&D Investment [J]. Business Observation, 2024, 10(20):94-98.

[10] Liu Zhenhua, Xiu Haoxin, Yang Hanbo. Research on the Impact of Customer Stability on Corporate Innovation [J]. Future and Development, 2024, 48(5):70-76.

[11] Wu Weihong, Liu Ying, Zhang Aimei. Can Equity Incentives Promote Corporate Innovation: From the Perspective of Heterogeneity of Incentive Objects and Models [J]. Accounting Research, 2024(04).

[12] Yu Minggui, He Mengmeng, Zhang Mengmeng. Talent Introduction Policy, Labor Optimization, and Intelligent Manufacturing [J/OL]. China Industrial Economics, 2024,(05):116-134[2024-11-20].

[13] Li Qirong, Wang Chunmiao, Wang Han, et al. Research on the Impact of Digital Infrastructure Construction on Regional Entrepreneurial Activity [J]. Journal of Management, 2024, 21(08).

[14] Hua Yun. Can the Wings of Digitalization Help Increase and Improve Corporate Innovation: Based on the Moderating Effect of Digital Subsidies [J]. Management and Management, 2024,(07):67-83.

[15] Wang Fang, Shi Xin, Zhao Yulin. "Internet+" Strategy, Corporate Heterogeneity, and R&D Investment [J]. Research and Development Management, 2020, 32(04):124-135.

[16] Huang Qunhui, Yu Yongze, Zhang Songlin. Internet Development and Manufacturing Productivity Improvement: Internal Mechanism and Chinese Experience [J]. China Industrial Economics, 2019,(08):5-23.

[17] Lu Yahe, The Impact of Digital Economy Development on Logistics Efficiency Improvement: Based on Transaction Cost Analysis [J]. Business Economics Research, 2021,(16):99-103.

[18] Yang Zhian, Meng Siyu. Empirical Test of the Impact of Digital Infrastructure Construction on Innovation Performance of High-Tech Industries [J]. Statistics and Decision, 2024, 40(5):73-78.

[19] Mou Bin, Huang Hao. Digital Infrastructure and Digital Innovation Orientation of Commercial and Trade Circulation Enterprises: Based on the Analysis of Knowledge Breadth and Financing Constraints [J]. Business Economics Research, 2024(9):5-8.

[20] Yang Xiaomei, Pang Qiannan. Research on the Impact of Network Infrastructure Construction on Corporate Financing Constraints: Based on the Quasi-Natural Experiment of "Broadband China" [J]. Journal of Leshan Normal University, 2023, 38(4):85-98.

[21] Zhao Ti, Has the Agglomeration of Innovation Factors Promoted the Embedding of the Digital Global Value Chain? [J]. Enterprise Economy, 2024, 43(02).

[22] Xue Cheng, Meng Qingxi, He Xianjie. Network Infrastructure Construction and Corporate Technology Knowledge Diffusion: A Quasi-Natural Experiment from the "Broadband China" Strategy [J]. Financial Research, 2020, 46(04).

[23] Zhang Qing, Li Xi, Zhou Zhen. Innovation Factor Agglomeration, Fiscal and Tax Incentives, and High-Quality Development of Manufacturing Industry [J]. Journal of Xi'an Jiaotong University, 2024.

[24] Tu Lei, Wang Jianxin, Li Donghai. Digital Transformation, Innovation Factor Agglomeration, and Manufacturing Productivity [J]. Frontiers of Engineering Management and Technology, 2023.

[25] Xia Dong, An Empirical Study on the Role of Ownership Structure in Technological Innovation of Chinese Enterprises [J]. Science and Technology Progress and Policy, 2008,(11):121-124.

[26] Xu Ziyue, Research on the Impact of Ownership Structure on Corporate Innovation Behavior [D]. Nanjing University of Information Science and Technology, 2020.

[27] Guo Jinhua, Guo Mengnan, Guo Shufen, et al. Can China's Innovation Policy Pilots Effectively Drive Corporate Innovation? Empirical Evidence Based on the Construction of National Independent Innovation Demonstration Zones [J]. Industrial Economics Research, 2021,(02):56-70.

[28] Wang Qin, Li Jing, Ding Keke, et al. Digital Infrastructure, Factor Allocation Efficiency, and Urban-Rural Income Gap [J]. Statistics and Decision, 2023, 39(09):29-34.

[29] Whited T M, Wu G. Financial Constraints Risk [J]. The Review of Financial Studies, 2006, 19(2): 531-559.