摘要
Abstract
In the context of rapid digital technological development and frequent international trade frictions,Chinese enterprises are facing increasing risks in innovation activities.Enterprise innovation resilience captures enterprises'capacity to actively adapt to changes in the external environment,reduce innovation disruptions,and maintain the stable operation of innovation systems.Meanwhile,the joint implementation of the"Broadband China"and"Smart City"pilot policies not only improves information infrastructure but also promotes the deep integration of digital technologies into urban operation and administration.To some extent,this can optimize the external technological conditions and governance environment for enterprise innovation,thereby reducing innovation risks and enhancing enterprise innovation resilience.However,existing research mainly focuses on the effects of either policy on enterprises'innovation output,while few studies investigate the synergy effect of both policies on enterprise innovation resilience.
This paper employs a multi-period difference-in-differences model using panel data from A-share listed companies in China from 2010 to 2023 to examine the impact of the double pilot policy—"Broadband China"and"Smart City"—on enterprise innovation resilience and its underlying mechanisms.The results show that the double pilot policy enhances enterprise innovation resilience,primarily through two indirect channels:mitigating information asymmetry and optimizing resource allocation.Moreover,higher levels of urban financial development and enterprise human capital further reinforce the positive impact of the double pilot policy.This positive impact is more pronounced in state-owned enterprises,enterprises in highly competitive industries,mature enterprises,and those located in eastern and high-tier cities.The double pilot policy demonstrates synergy effects.In addition,the strategy of implementing the"Smart City"policy first,followed by the"Broadband China"policy,proves more effective at enhancing enterprise innovation resilience.
The marginal contributions of this paper are as follows.First,from a policy synergy perspective,it systematically examines the impact of the double pilot policy on enterprise innovation resilience,thereby providing firm-level empirical evidence on how a macro-level policy portfolio impacts innovation resilience.Second,it conducts mechanism analysis from two dimensions,revealing the micro-level channels through which the double pilot policy enhances enterprise innovation resilience.Third,it investigates the heterogeneous effects of the double pilot policy on enterprise innovation resilience across different types of cities and enterprises.This not only enriches the theoretical understanding of how the double pilot policy impacts enterprise innovation resilience but also offers decision-making support for the precise use of policy instruments to foster such resilience.关键词
企业创新韧性/宽带中国/智慧城市/双试点政策/信息不对称/政策协同Key words
enterprise innovation resilience/Broadband China/Smart City/double pilot policy/information asymmetry/policy synergy分类
管理科学
