Impact of State-owned Capital's Entry on Digital Innovation of Private Enterprises:Mechanism of a New System for Mobilizing the Resources Nationwide
A new system for mobilizing the resources nationwide is the institutional foundation for China to achieve scientific and technological self-reliance and self-strengthening at higher level.By leveraging the role of promising government during market failures,it assists enterprises in adapting to the changes of tradi-tional technological innovation paradigms and action logics brought by digital innovation.Using the data of pri-vate enterprises listed in A-shares from 2012 to 2022,this paper studies the impact and mechanism of state-owned capital on corporate digital innovation under a new system for mobilizing the resources nationwide.The research finds that the digital innovation community,formed by the participation of state-owned capital,is an effective governance arrangement to promote the digital innovation of private enterprises under a new system for mobilizing the resources nationwide.The results of the mechanism test show that state-owned capital partic-ipation promotes digital innovation of private enterprises by exerting resource,governance and demonstration effect.This promotion effect is more pronounced in areas with strategic state-owned capital participation,high industry competition,and poor digital infrastructure construction.Therefore,it is necessary to make full use of the institutional advantages of the organic combination of promising government and efficient market under a new system for mobilizing the resources nationwide,give full play to the government's ability of overall coordi-nation,resource empowerment and organizational mobilization in scientific and technological innovation,and build a digital innovation model in which innovation subjects cooperate with each other,in order to realize the high-quality development of private enterprises.
State-owned capitalDigital innovationA new system for mobilizing the resources nation-wideLevel of industry competitionDigital infrastructure
万方数据
