How Does the Pilot Construction of Innovative Cities Affect Digital Technology Innovation?
Digital technology innovation is crucial for promoting the high-quality development of enterprises and advancing transformation in the in-novation,industrial and governance systems.Based on the panel data of listed companies in China's A-share market from 2004 to 2020,this paper constructs a multi-temporal double-difference(DID)model,and systematically examines the effect of the pilot construction of innova-tive cities on enterprises'digital technology innovation and its intrinsic mechanisms.The study finds that the pilot construction of innovative cities significantly promotes enterprises'digital technology innovation.Mechanism analysis shows that the pilot construction of innovative cities enhances enterprises'digital technology innovation mainly through three intermediate channels:alleviating financing constraints,promoting talent aggregation and promoting digital infrastructure construction.Heterogeneity analysis finds that the digital technology innovation effect of innovative city pilot policy is more pronounced for private enterprises,small-scale enterprises,high-tech enterprises and manufacturing enter-prises.Further research finds that innovative city pilot construction not only improves the level of enterprise digital technology innovation,but also promotes the quality improvement of such innovation.Additionally,the policy stimulates the technological innovation within enterprises,yet it has little significant effect on non-digital technological innovation.Finally,this paper extends the analysis of the impact of innovative city pilot construction on digital technology innovation,and finds that the innovation spurred by construction further promotes the digital trans-formation of enterprises.The research of this paper not only objectively evaluates the policy effects of of innovative cities pilot construction,but also holds significant practical importance for promoting digital technology innovation and achieving the development of the digital econo-my.
NETL
NSTL
万方数据
