The impact of the digital economy on Chinese enterprise innovation based on intermediation models with financing constraints

Peng, Siying; Jiang, Xuchu; Li, Ying

doi:10.1016/j.heliyon.2023.e13961

Cited by 31 publications

(16 citation statements)

References 23 publications

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“…Based on panel data for 30 provinces in China from 2011 to 2020, Wu Jun et al measured the impact of the digital economy on the degree of sustainability of the double cycle, and the mechanism analysis revealed that the expansion of technological innovation capacity could amplify the effect of the digital economy on the double cycle [16]. To study the effects of the development of the digital economy on firm innovation, Peng Siying et al analyzed the data of 30 provinces from 2012 to 2020 and built fixed-effects and mediated-effects models; they discovered that the digital economy can drive firm innovation by reducing financing constraints [17]. Through the Moran index and panel regression models, Wang Qiong et al studied the effect of the digital economy on enterprise technological innovation from 2016 to 2020 using a sample of Chinese manufacturing enterprises.…”

Section: Literature Review 21 Related Literature On the Digital Economymentioning

confidence: 99%

Study on the Coupled and Coordinated Development and Evolution of Digital Economy and Green Technology Innovation

2023

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Green technology innovation offers a new dynamic support and realization path for the comprehensive transformation and upgrading of the digital economy and intensive development mode. The study of green technology’s coupled and coordinated development and evolution with the digital economy is conducive to promoting the quality and efficiency of the digital economy. With the aid of the coupling coordination degree, nuclear density, and the Gini coefficient, this paper develops a digital economy and green technology innovation evaluation index system based on the theoretical mechanism of coupling and coordination and empirically investigates the spatial and temporal evolution of the dynamic coupling and coordination of the digital economy and green technology innovation in Chinese regions from 2011 to 2021. The results show that there is an imbalance in the coupled and coordinated development of the regional digital economy and green technology innovation, and the overall strength needs to be improved; the empirical results of nuclear density show that the regional development gap is further revealed, and the driving mechanism needs to be optimized; the empirical results of Gini coefficient show that there are obvious differences in contribution rates between regions, and the coordination and collaboration mechanism needs to be improved. Finally, it is suggested that, in the future, green technology innovation capabilities should be comprehensively promoted, regional digital development drive mechanisms should be optimized, inter-regional coordination and regulatory mechanisms should be improved, and the coupled and coordinated development of the digital economy and green technology innovation at a higher level should be realized as soon as possible.

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Section: Literature Review 21 Related Literature On the Digital Economymentioning

confidence: 99%

Study on the Coupled and Coordinated Development and Evolution of Digital Economy and Green Technology Innovation

2023

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“…The main effects test results indicate that The digital economy plays a pivotal role in driving the synergistic improvement of GI&CV, as evidenced by research conducted by Peng et al (2023) [ 3 ], Huang et al (2023) [ 78 ], and Wang et al (2023) [ 79 ]. With the advancement of the digital economy, firms can effectively monitor and manage the allocation and utilization of green innovation resources, leading to optimal allocation and reduced negative environmental externalities.…”

Section: Discussionmentioning

confidence: 72%

“…The effects of digital technology on the economy are reflected not only in a single industry, but throughout the entire value chain [ 2 ], with significant implications for the entire economic system. The digital economy brings great innovation potential for enterprise development [ 3 ], and also promotes the exploitation of emerging green industries [ 4 ]. For example, the development of new energy, new materials, green environmental protection equipment and other fields make economic activities more efficient, intelligent and sustainable.…”

Section: Introductionmentioning

confidence: 99%

Can digital economy foster synergistic increases in green innovation and corporate value? Evidence from China

Song,

Wang,

Dong

2024

PLoS ONE

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The rapid evolution of the digital economy has significantly accelerated progress towards achieving green and sustainable processes, particularly in the field of green production. While existing research has delved into the effects of the digital economy on Green Innovation (GI) and the consequences of digital transformation on Corporate Value (CV), there remains a notable gap in the literature regarding the potential for synergistic enhancements in firms’ GI&CV through the ongoing digital revolution. This study utilizes an evolutionary game model and employs system dynamics methods to simulate the dynamic evolution trajectory of the influence of the digital economy on the synergy between GI&CV. Subsequently, it empirically assesses the interconnected synergies between GI&CV using a dataset comprising information from Chinese listed firms spanning from 2011 to 2020, examining the impact of the digital economy on these synergies. Moreover, the study delves into the analysis of the transmission mechanism and conducts an extended investigation to further explore this phenomenon. The findings of this paper including: (1) The digital economy acts as a driving force behind the synergistic enhancement of firm GI&CV. Moreover, this effect is further augmented by governmental environmental regulation and green subsidy policies. (2) Drawing upon the information asymmetry theory and the resource-based theory, the regional marketization level and firms’ digital transformation play intermediary roles. (3) The heterogeneity test indicate that firms situated in eastern regions and those classified as non-heavily polluted benefitted to a greater extent. This study sheds light on the incentive implications of digital economy for the synergistic upgrading of GI&CV, thereby extending the breadth of study on the consequences of digital economy. Moreover, it offers actionable suggestions for enterprises to leverage digital economy development towards achieving a synergistic improvement of GI&CV.

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“…In our analysis, we propose that bank digital transformation enhances the innovation performance of borrowing companies by mitigating their financing constraints and bolstering debt governance. Firstly, though earlier literature also hints at the role of regional digital economic development in alleviating financing constraints to enhance innovation [37,51], this effect is somewhat indirect. In contrast, our study places the spotlight on bank digital transformation, which offers a more direct avenue to alleviate financing constraints for borrowing companies since banks serve as the immediate fund providers.…”

Section: Discussionmentioning

confidence: 99%

Bank Digital Transformation and Enterprise Innovation—Evidence from China

Zhou,

2023

Sustainability

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With the rapid advancement of digital technology, the banking industry has embarked on a journey of digital transformation. While existing literature primarily examines how these changes impact the banks themselves, our study focuses on a relatively unexplored aspect: the direct influence of bank digital transformation on the performance and behavior of borrowing enterprises. The research objective of this study is to explore the influence of bank digital transformation on the innovation performance of borrowing enterprises and the underlying mechanisms. Leveraging data from Chinese listed companies and commercial banks, we find a positive effect of bank digital transformation on enterprise innovation output as measured by firms’ patent applications. The findings remain robust across alternative model specifications, controls for regional digital economy development levels, and bank financial performance, as well as alternative measures of bank digital transformation. Mechanism tests show that bank digital transformation contributes to corporate innovation by alleviating corporate financial constraints and improving corporate governance. Further research demonstrates that bank digital transformation also helps promote corporate innovation efficiency as measured by the proportion of patent output to total R&D input and corporate innovation output as measured by firms’ invention patent applications and patent grants. Additionally, borrowing firms’ own digital transformations may substitute for bank digital transformation in their effect on innovations.

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The impact of the digital economy on Chinese enterprise innovation based on intermediation models with financing constraints

Cited by 31 publications

References 23 publications

Study on the Coupled and Coordinated Development and Evolution of Digital Economy and Green Technology Innovation

Study on the Coupled and Coordinated Development and Evolution of Digital Economy and Green Technology Innovation

Can digital economy foster synergistic increases in green innovation and corporate value? Evidence from China

Bank Digital Transformation and Enterprise Innovation—Evidence from China

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