创新科技2025，Vol.25Issue(7)：58-77,20.DOI:10.19345/j.cxkj.1671-0037.2025.7.5
数字化转型、创新能力与企业绩效
Digital Transformation,Innovation Capability,and Enterprise Performance
摘要
Abstract
Digital transformation(DT)has emerged as a critical driver for high-quality devel-opment in manufacturing enterprises,yet its complex impact on enterprise performance remains a subject of ongoing debate in academic and business circles.This study empirically examines the nonlinear relationship between DT and enterprise performance,with a focus on the mediating role of innovation capability,using panel data from China's A-share manufacturing listed enter-prises(2011-2023).A two-way fixed-effects model and hierarchical regression analysis are employed to test hypotheses,while heterogeneity analysis explores variations across ownership types and enterprise sizes.The key findings reveal several important insights:First,the study confirms an inverted U-shaped relationship between DT and enterprise performance,demon-strating that while moderate levels of digital transformation significantly enhance organizational performance,excessive investment beyond an optimal threshold leads to diminishing returns and potential negative impacts.This critical finding underscores the paramount importance of care-fully optimizing DT intensity and strategically managing digital investment portfolios.Second,the research establishes that innovation capability serves as a significant partial mediator in this relationship,operating through three distinct pathways:①R&D investment functions as the fun-damental material foundation for innovation activities,effectively transmitting the positive effects of DT.②In the context of ambidextrous innovation,the analysis shows that radical innovation demonstrates greater responsiveness to DT initiatives,while incremental innovation contributes more substantially to short-term performance improvements.③Within the domain of green inno-vation,collaborative efforts among enterprises prove substantially more effective than indepen-dent initiatives in generating performance enhancements.Third,heterogeneity analysis reveals two findings:①state-owned enterprises exhibit a stronger inverted U-curve due to their re-source and policy advantages;②large enterprises achieve more significant performance gains from DT compared to SMEs,primarily constrained by the latter's limited resources.The theoreti-cal contributions of this study are twofold.First,it reveals the nonlinear impact of digital transfor-mation on corporate performance,expanding the application of resource-based view and dy-namic capability theory in digital contexts.Second,by deconstructing innovation capabilities through multidimensional analysis,it establishes a theoretical framework of"digital transformation-innovation capability-corporate performance",offering a fresh perspective for un-derstanding value creation mechanisms in digitalization.Practically,the research recommends that enterprises formulate scientific digital transformation strategies to avoid blind investments while focusing on synergistic enhancement of innovation capabilities,particularly through opti-mizing resource allocation via green innovation and dual innovation collaboration.Additionally,government agencies should implement differentiated policies tailored to enterprise characteris-tics to facilitate deep integration between the digital economy and real economy.关键词
数字化转型/创新能力/企业绩效/倒"U"形关系/制造业Key words
digital transformation/innovation capability/enterprise performance/inverted U-shaped relationship/manufacturing enterprises分类
管理科学引用本文复制引用
温兴琦,李修齐..数字化转型、创新能力与企业绩效[J].创新科技,2025,25(7):58-77,20.基金项目
国家社会科学基金项目"企业主导的产学研深度融合机制与路径研究"(23BGL062) （23BGL062）
2022年度湖北省教育厅哲学社会科学研究项目"新形势下湖北省新型研发机构发展路径与发展生态研究"(22G0022). （22G0022）
