Breaking barriers to innovation: The power of digital transformation

被引：153

作者：

Niu, Yuhao ^{[1
]}

Wen, Wen ^{[1
]}

Wang, Sai ^{[1
]}

Li, Sifei ^{[1
]}

机构：

[1] Beijing Foreign Studies Univ, Int Business Sch, 19 North Xisanhuan Rd, Beijing, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 51卷

基金：

中国国家自然科学基金;

关键词：

Digital transformation; Corporate innovation; Financial constraints; Corporate governance; Industry heterogeneity;

D O I：

10.1016/j.frl.2022.103457

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study analyzes the impact of digital transformation on corporate innovation. Based on a sample of Chinese listed companies during 2007-2019, we find that digital transformation has a positive impact on corporate innovation. Mechanism tests show that digital transformation helps alleviate corporate financial constraints and improve corporate governance, thus breaks barriers to corporate innovation. Heterogeneity analysis reveals that the positive impact of digital transformation on corporate innovation is more pronounced in high-tech industries and in industries with more intense competition. These findings enrich the growing literature on the economic consequences of digital transformation and have policy implications for promoting corporate innovation.

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