The Role of Digital Transformation in the Relationship between Industrial Policies and Technological Innovation Performance: Evidence from the Listed Wind Power Enterprises in China

With the trend of innovation-driven development and the deepening application of digital technology, the role of digital transformation in the relationship between industrial policies and enterprise innovation is becoming increasingly significant, but it has rarely been analyzed in previous studies. In order to fill this research gap, this study takes listed wind power enterprises in China from 2007 to 2021 as a sample, and it combines a large number of relevant policy documents issued by the State Council, the Ministry of Industry and Information Technology, the National Energy Administration, and other government departments to investigate the impact of digital transformation on the relationship between industrial policies and enterprise technological innovation performance. This study found that both demand-side policy and supply-side policy have significantly promoted the technological innovation performance of enterprises. There is a synergistic effect between demand-side policy and supply-side policy, and demand-side policy strengthens the promotional effect of supply-side policy on technological innovation performance. Moreover, digital transformation can promote the technological innovation performance of enterprises. Further research has found that digital transformation can strengthen the synergistic effect between demand-side policy and supply-side policy and strengthen the positive impact of demand-side policy on technological innovation performance, but that it has weakened the incentive role of supply-side policy.