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Keywords

digital transformation, social capital, enterprise ennovation performance, mesomeric effect

Abstract

With the rapid iteration of digital technology, how to guide enterprises to carry out digital transformation to achieve enterprise-level innovation and promote industrial upgrade has become an important issue of concern in the industry. Based on the resource-based theory, taking social capital as the entry point, and based on the balanced panel data of China's A-share listed companies from 2010 to 2021, this paper adopts text analysis, multiple regression analysis, intermediary effect test, Boostrap test and Sobel test to study and test the impact mechanism of digital transformation on enterprise innovation performance. The study found that: Digital transformation has a significant effect on enterprise innovation performance. After a series of robustness tests, such as replacing the explained variable, processing the explained variable with a one-stage lag, and introducing the dual fixed effect of time and industry, these values do not change the previous conclusion on the positive relationship between digital transformation and enterprise innovation performance, which further verifies the robustness of the empirical conclu- sion. And the positive promoting effect in state-owned enterprises and high-tech enterprises is more significant. The specific influencing mechanism is that enterprises obtain more social capital stock (regional social capital, corporate social capital, and individual social capital) through digital transformation to improve enterprise innovation performance, and this intermediary effect belongs to a partial intermediary effect. In the three sub-dimensions of social cap- ital, the intermediary effect of enterprise social capital is the strongest, followed by regional social capital, and in- dividual social capital is the weakest. In order to further explore the differences in the mediating effect of the three sub-dimensions of social capital, a heterogeneity analysis was conducted, and it was found that the mediating effect of the overall social capital was more prominent in state-owned enterprises and high-tech enterprises. Further analy- sis found that the three sub-social capital had different impacts on the innovation performance of enterprises with different property rights during digital transformation. The mediating effect of corporate social capital is more significant in private enterprises. Similarly, compared with state-owned enterprises, the mediating effect of regional social capital is more significant in private enterprises, while the mediating effect of individual social capital is not signifi- cant in both state-owned enterprises and private enterprises. The three sub-social capital have different influences on the innovation performance of enterprises with different technological attributes in digital transformation. Compared with non-high-tech enterprises, the mediating effect of corporate social capital is more significant in high-tech enterprises. On the contrary, compared with high-tech enterprises, the mediating effect of regional social capital is more significant in non-high-tech enterprises. However, the intermediary effect of individual social capital in high- tech enterprises and non-high-tech enterprises is not significant. For the first time, this paper studies the impact of digital transformation on enterprise innovation performance from the perspective of social capital, an informal insti- tution, which will be conducive to subsequent research on the impact of other social norms and social culture on digital transformation and enterprise innovation, which has important theoretical and practical significance.

DOI

10.16315/j.stm.2024.01.002

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