Digital Economy and Corporate Innovation: Evidence from China

Ping Zhang, Yaqi Wang, Qi Qin and Hui Jia

Emerging Markets Finance and Trade, 2025, vol. 61, issue 13, 4180-4205

Abstract: The rapid advancement of information technology, big data, blockchain, and cloud computing has propelled the digital economy to the forefront of China’s economic development. In this paper, we investigate the impact of the digital economy on corporate innovation and its internal mechanisms. Our findings show that the digital economy significantly promotes corporate innovation. The mechanism analysis shows that the digital economy promotes corporate innovation by promoting IT capability, mitigating financing constraints, and reducing financial distress risk. Moreover, we demonstrate that the digital economy not only stimulates quantity but also enhances the quality of corporate innovation.

Date: 2025
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DOI: 10.1080/1540496X.2025.2503932

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