The Impact of Digital Transformation on the Innovation Performance of Specialized and Sophisticated Small and Medium-Sized Enterprises
The impact of digital transformation on the innovation performance of specialized and sophisticated small-and medium-sized enterprises(SMEs)is studied with the sample of China's A-share specialized and sophisticated listed companies from 2011 to 2021.The study finds:Digital transformation can enhance the innovation performance of specialized and sophisticated SMEs,and this conclusion still holds after considering endogeneity and a series of robustness tests;The heterogeneity results show that specialized and sophisticated firms with internationalization strategies,in high-tech industries,and located in the pilot cities of the broadband China strategy and the cities of the pilot free-trade zones are more obviously promoted by digital transformation;And the mechanism analysis suggests that digital transformation can enhance their innovation performance through human capital accumulation effect,information effect and customer diversification effect.Further research finds that digital transformation helps to enhance the substantive innovation of such enterprises.
digital transformationspecialized and sophisticatedinnovation performancesubstantive innovation
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