Intelligent transformation is the key driving force to promote the digital-real integration and accelerate the development of manufacturing innovation.Based on the data of listed manufacturing enterprises in Shanghai and Shenzhen A-share markets from 2015 to 2022,this paper investigates the direct impact of intelligent transformation on manufacturing innovation,the indirect regulation mechanism of economic policy uncertainty and the multi-dimensional heterogeneity from the perspective of innovation motivation through theoretical analysis and empirical testing.The findings indicate that intelligent transformation promotes corporate innovation and has a stronger role in fostering substantive innovation.This conclusion is maintained after a series of robustness tests.Intelligent transformation is further analyzed by dividing it into the breadth and the depth of intelligent transformation.In addition,it is found that the former has a facilitating effect while the latter has an inhibiting effect.The mechanism analysis reveals that economic policy uncertainty has a moderating effect between intelligent transformation and enterprise innovation,weakening the facilitating effect of intelligent transformation on enterprise innovation in general;however,it enhances the facilitating effect of intelligent transformation on substantive innovation for enterprises seeking long-term competitive advantage instead.The heterogeneity analysis shows that the promoting effect of intelligent transformation on innovation is more significant for sample enterprises with high-level human capital structure and state-owned equity structure in the decline stage of the life cycle.In conclusion,enterprises should focus on the future and create long-term competitive advantages with substantive innovation.The government should stabilize policy expectations and create a good environment for enterprise innovation.At the same time,both government and enterprises should reach out to each other,to promote in-depth development of intelligent transformation in manufacturing.
intelligent transformationeconomic policy uncertaintyenterprise innovationmanufacturinghigh-quality development
NETL
NSTL
万方数据
