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4212At present, China’s economic development has stepped into a high-quality development stage from high-speed growth. Breaking through the core and key technology has become a key problem to be solved urgently in China’s economic development. In the context of digital revolution, as the main front of the development of digital economy, the technological innovation effect of industrial digitalization has attracted much attention. Based on this, this paper focuses on the technological innovation effect of industrial digitalization. On the one hand, this paper introduces the digitalization process and the selection behavior of enterprise innovation into the heterogeneous enterprise technology selection model, in order to analyze the impact effect and mechanism of industrial digitalization on enterprise innovation from mathematics. On the other hand, based on the machine learning and text analysis, this paper constructs the digital index of listed companies in Chinese traditional industries from 2008 to 2020, and carries out empirical investigation by using the two-way fixed effect model, the instrumental variable method and other measurement methods.
The study finds that industrial digitalization significantly promotes the technological innovation of enterprises. Further mechanism tests show that industrial digitalization improves the supply efficiency and use efficiency of R&D funds, which has become an important path for industrial digitalization promoting enterprise innovation. Heterogeneity analysis finds that the promotion effect of industrial digitalization on enterprise innovation will be affected by multiple external and internal factors. On the one hand, the higher the development level of digital economy in the region where the enterprise is located, the more industrial digitalization can promote enterprise innovation. On the other hand, compared with non-capital intensive enterprises, industrial digitalization has a stronger innovation effect on capital intensive enterprises. Finally, the economic consequence test shows that industrial digitalization can expand the domestic demand market of enterprises and improve the export quality of enterprises by promoting innovation, which provides evidence for industrial digitalization promoting the construction of the new development pattern of “dual circulation” relying on technological innovation.
This study reveals the impact effect and mechanism of industrial digitalization on enterprise innovation, complements the theoretical framework to explain the impact of industrial digitalization on enterprise innovation, and enriches the construction ideas of digital index system at the micro enterprise level. At the same time, this study has distinct policy implications, which provides a policy basis for the digital economy to promote the construction of new development pattern through the integration with the real economy.
