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Keywords

digital infrastructure; digital technology innovation; broadband China' pilot policy; text analysis method

Abstract

Since the 20th National Congress of the Communist Party of China, as the micro subject of market economy and the behavior subject of technological innovation, enterprises have been endowed with more profound connotation of The Times in the cultivation of national competitiveness and the remodeling of global economic pattern. And with the accelerated evolution of the new generation of technological revolution and industrial paradigm transformation, the continuous penetration of digital technology has reconstructed the competition pattern of various industries and market segments, and triggered profound changes in the logic of enterprise value creation. Nowadays, while emphasizing the innovation-driven strategy, China not only focuses on the balanced distribution of innovation quantity and quality, but also constantly attaches importance to the understanding and application of digital technology innovation. With the gradual development of a new round of scientific and technological revolution and industrial transformation, digital infrastructure has become a priority for investment and development of new infrastructure construction. By the way, as the main indicator of economic and social development during the 14th Five-Year Plan period,it is also pointed out that the construction of digital infrastructure should be strengthened, the digital economy governance system should be improved, the innovation capacity of key technologies should be enhanced and the mechanism for the rapid transformation of innovation achievements should be optimized In the ‘ 14th Five-Year Plan’ Digital Economy Development Plan document. Therefore, how to give full play to China��s leading digital infrastructure advantage in the world is a primary issue that we needs to consider at present. By transforming the infrastructure advantages provided by the complete digital infrastructure in each region of China into the comparative advantages that local enterprises can obtain in the corresponding innovation fields, this reflects the role of digital infrastructure in promoting high-quality economic development and improving the innovation ability of enterprises in the context of the digital economy era. Further, this paper explores whether the infrastructure advantage with digital infrastructure as the core can radiate to the digital technology innovation field where enterprises gather the most innovation elements and have the widest application scope and what the specific mechanism of its realization is. This paper hopes to accurately identify the practical effect of China��s digital infrastructure in expanding the enabling channels of enterprise digital technology innovation and scientifically evaluate the enabling effect of digital infrastructure. By using the data of China��s A-share listed companies from 2008 to 2020,this paper examines the impact of digital infrastructure on enterprises digital technology innovation through the difference-in-difference model. It is found that digital infrastructure significantly promotes digital technology innovation of enterprises. The mechanism test shows that the improvement of enterprise investment decision-making quality and human capital level, the improvement of knowledge spillover environment and financing environment are the internal and external mechanism paths of digital infrastructure affecting enterprise digital technology innovation,while the market competition mechanism and management empowerment mechanism are not established at present. Further analysis shows that the effectiveness of digital infrastructure policies and the digital technology background of corporate executives are the potential factors for the failure of market competition mechanism and management empowerment mechanism, and the digital technology experience of executives in high-tech industries and state-owned enterprises makes digital infrastructure more conducive to the promotion of enterprise digital technology innovation.

DOI

10.16315/j.stm.2024.02.008

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