实数融合与企业创新商业价值实现

Physical-Digital Integration and the Realization of Business Value through Enterprise Innovation

摘要:

基于创新价值链的思想，通过随机前沿模型衡量企业创新商业价值实现，并以2013年—2023年中国A股上市公司为研究对象，实证检验实数融合对企业创新商业价值实现的影响。研究结果表明，实数融合显著推动企业创新商业价值实现。机制分析表明，实数融合通过提高市场竞争、优化供应链效率以及提升创新质量来促进企业创新商业价值实现。异质性分析发现，在高新技术行业、知识产权保护水平较好、数字基础设施建设水平较高以及营商环境较好地区，实数融合对企业创新商业价值实现的促进作用更加显著。以上结论对如何通过实数融合促进企业创新商业价值实现提供了理论支持与政策启示。

Abstract:

Based on the concept of the innovation value chain, this study employs the Stochastic Frontier Model to measure the realization of corporate innovation commercial value. Using Chinese A-share listed companies from 2013 to 2023 as the research sample, it empirically examines the impact of Integration of the real economy and the digital economy on the realization of corporate innovation commercial value. The findings indicate that Integration of the real economy and the digital economy significantly promotes the realization of corporate innovation commercial value. Mechanism analysis reveals that Integration of the real economy and the digital economy enhances innovation commercial value realization by intensifying market competition, optimizing supply chain efficiency, and improving innovation quality. Heterogeneity analysis further indicates that this effect is more pronounced in high-tech industries, regions with robust intellectual property protection, advanced digital infrastructure, and favorable business environments. These findings provide theoretical support and policy implications for leveraging Integration of the real economy and the digital economy to advance innovation commercial value realization.