Digital transformation and technology innovation: evidence from Chinese manufacturing listed enterprises

The listed A-share manufacturing enterprises in China from 2010 to 2019 serve as the research samples in this study. Moreover, the influence mechanism and effect of digital transformation of enterprises on technology innovation are studied at the micro level. The digital transformation of enterprises can facilitate technology innovation, and this effect continues to be significant after a series of endogenous and robustness tests are performed, as indicated by the results of this study. For mechanism, digital transformation is capable of indirectly affecting technology innovation via three channels, including reducing costs, elevating the efficiency of human capital, and deepening R&D collaboration among enterprises. In-depth analysis suggests that the effect of digital transformation on technology innovation exhibits certain heterogeneity in the development level of regional digital economy and the capital intensity of enterprises. Furthermore, enterprises in areas with higher development level of digital economy and those exhibiting higher capital intensity better enjoy the stimulating effect of digital transformation on technology innovation.