Research on the Impact of Digital Economy Development on Enterprise Innovation from the Perspective of Financing Constraints

Junyue Zhou () and Qi Qiu ()
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Junyue Zhou: Beijing Jiaotong University
Qi Qiu: Beijing Jiaotong University

A chapter in LISS 2022, 2023, pp 435-450 from Springer

Abstract: Abstract The digital economy has flourished in China in recent years, and it has played an important role in stimulating consumption, stimulating investment, and creating jobs. At present, digital technology has become a key driving force to achieve high-quality economic development. With the rapid rise of emerging technologies represented by digitization and intelligence, the digital economy has achieved effective penetration into the traditional economy with its unique means of information transmission, promoted the reform of enterprise management concepts, and injected strong vitality into the innovation development of enterprises. This article focuses on the relationship between the digital economy and enterprise innovation, explores the impact of the digital economy on enterprise innovation, and analyzes its impact mechanism from the perspective of financing constraints. Based on the data of China's A-share listed companies from 2014 to 2020, regression analysis and mediation effect model are applied to empirical research, and heterogeneity analysis is carried out for different industries, regions and enterprise types. The research results show that the digital economy can significantly promote enterprise innovation, and financing constraints play an intermediary role. The digital economy can alleviate financing constraints thereby provide vitality for enterprise innovation. The digital economy has a more significant role in promoting the innovation of non-state-owned enterprises and large enterprises, and has a greater role in driving innovation in enterprises in the eastern and central regions and enterprises in the primary industry. The research enriches the literature on the digital economy and enterprise innovation, providing theoretical support for the necessity of developing the digital economy, which has implications for the high-quality development of the digital economy and the enhancement of enterprise innovation capabilities.

Keywords: Digital economy; Enterprise innovation; Mediation effect; Financing constraints (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnopch:978-981-99-2625-1_34

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DOI: 10.1007/978-981-99-2625-1_34

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