【摘要】 数字赋能重构企业价值创造的基本逻辑，但企业的策略性行为对企业创新产出存在影响。这一因素引发我们思考：数字赋能能否突破传统创新瓶颈重塑企业创新路径？本文扩展了Bustos(2011)的技术选择模型，基于2012—2022年中国上市公司数据，运用面板固定效应模型与中介效应模型进行实证检验。研究表明，数字赋能一方面促进产业链整合，通过专业化分工深化纵向整合与增强市场势力强化横向整合的战略组合，引导企业增加长期创新投入；另一方面有效抑制研发操纵行为，通过加大研发投入提升创新产出。从创新产出看，数字赋能显著提高了企业创新产出。进一步分析显示，考虑产权性质、市场化程度和行业性质，非国有企业、企业所在市场化程度高的地区和低技术行业数字赋能企业提高创新产出水平的作用更加显著。本研究为企业通过数字赋能促进产业链整合和规范研发操纵行为以及提高企业创新产出水平提供了经验证据和理论指导。更多还原

【Abstract】 Digital empowerment reconfigures the fundamental logic of value creation for enterprises,but strategic behaviors of enterprises have an impact on their innovation output.This factor prompts us to consider whether digital empowerment can break through traditional innovation bottlenecks and reshape the innovation path of enterprises. This paper extends the technology choice model of Bustos(2011),and based on the data of Chinese listed companies from 2012 to 2022,uses the panel fixed effect model and the mediation effect model for empirical tests. The research finds that digital empowerment,on the one hand,promotes the integration of the industrial chain,through the strategic combination of deepening vertical integration through specialized division of labor and strengthening horizontal integration by enhancing market power,guiding enterprises to increase long-term innovation investment;on the other hand,effectively curbs R&D manipulation behavior,and improves innovation quality by standardizing R&D investment. From the perspective of innovation output,digital empowerment increases the innovation output of enterprises. Further analysis shows that considering the nature of property rights,the degree of marketization and the nature of the industry,the promoting effect of digital empowerment on the innovation of non-state-owned enterprises,enterprises located in regions with a higher degree of marketization,and low-tech industries is more significant. This study provides empirical evidence and theoretical guidance for enterprises to promote industrial chain integration and avoid R&D manipulation through digital empowerment,thereby enhancing their innovation capabilities.更多还原