城市数字经济发展对实体企业技术创新的影响研究:来自上市公司的证据

推动数字经济与实体经济融合发展，充分释放数字经济对实体经济发展的放大、叠加、倍增作用，是实现经济高质量发展目标的重要政策着力点。在此背景下，本文基于新华三集团发布的2016—2019年城市数字经济指数和沪深A股实体上市公司数据，实证检验了数字经济发展对实体企业创新的影响效应。研究结果表明:数字经济发展显著促进了实体企业创新，且对企业实质性创新的促进作用大于对策略性创新的促进作用。进一步研究发现，数字经济发展主要通过提升吸收能力和缓解融资约束两条渠道促进实体企业创新。异质性分析结果显示，数字经济发展对已经实现数字化转型的实体企业和规模较大的实体企业的创新驱动效应更大。

Research on the Impact of Urban Digital Economy Development on Technological Innovation of Entity Enterprises: Evidence from Listed Companies

Promoting the integrated development of the digital economy and the real economy and fully releasing the amplification, superposition, and multiplication of digital economy to the development of real economy are the important policy points to achieve the goal of high-quality economic development. In this context, matching the urban digital economy index from 2016 to 2019 released by H3C with the data of Shanghai and Shenzhen A-share entity listed companies, and empirically tests the impact of digital economy development on the innovation of entity enterprises. The results show that the development of digital economy significantly promotes the innovation of real enterprises, and the promotion effect on the substantive innovation of enterprises is greater than the strategic innovation. Further research finds that the development of digital economy mainly promotes the innovation of real enterprises through two channels: improving absorptive capacity of financing and easing financing constraints. The results of heterogeneity analysis show that the development of digital economy has a greater innovation-driven effect on entity enterprises that have achieved digital transformation and large-scale entity enterprises.