Digital Transformation,Analyst Focus,and Firm Innovation Performance
Digital transformation is an important trend in enterprise development.Based on the data of A-share manufacturing listed enterprises from 2008 to 2020,this paper studies the impact of digital transformation on enterprise innovation performance and its mechanism from the perspective of analysts'attention.The results show that digital transformation significantly promotes enterprise innovation performance;digital transformation can improve enterprise innovation performance by increasing analysts'attention and reducing their information search costs.At the micro level,digital transformation has a more positive effect on improving the innovation performance of enterprises with overseas backgrounds.At the medium level,the incentive effect of digital transformation on enterprise innovation performance is weaker for enterprises with high supply chain concentration and labor-intensive industries.At the macro level,digital transformation contributes more to improving innovation performance for enterprises in the eastern region with lower environmental uncertainty.This paper expands the existing research on the relationship between digital transformation and enterprise innovation.It provides empirical evidence for the government to promote the innovation-driven development strategy and the construction of modern industrial system by improving the intermediary market of financial market.
digital transformationanalyst focuscost of analyst information retrievalenterprise innovationtext analysis
NETL
NSTL
万方数据
