数字经济和实体经济深度融合不仅表现为企业数字化转型的程度深化,还体现在结构优化,如何以企业高质量转型推动经济高质量发展的问题在数字经济时代被赋予新意义。本文利用沪深A股上市公司2007—2021年数据,探究企业数字化转型结构对创新策略的影响。研究发现:(1)企业数字化转型结构向技术端优化显著促进创新策略倾向实质性创新,并且自主创新能力提升、人力资本再升级和经营成本降低是重要的作用渠道。(2)当企业所属行业创新竞争和所在区域劳动力供给质量较低以及获得创新激励政策支持较少时,数字化转型结构优化对创新策略的促进作用更明显。(3)细分数字技术结构对创新策略的影响兼具共性和特性,数字化转型结构优化促使创新领域集中和创新溢出强化。本文从结构的视角丰富了企业数字化转型研究,为如何缓解创新“重数量、轻质量”问题提供解决思路,对企业选择数字化转型路径和政府设计数字经济政策具有启示。

The deep integration of digital economy and real economy is not only reflected in the deepening of enterprise digital transformation, but also in its structural optimization. How to promote high-quality economic development with high-quality transformation has been given new significance in digital economy. This paper used the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2021 to explore the impact of enterprise digital transformation structure on innovation strategy. We found that: (1) the enterprise digital structural optimization significantly promotes the innovation strategy to substantive innovation, and independent innovation ability enhancement, human capital re-upgrading, operating cost reduction are important channels; (2) when the degree of innovation competition in the industry, the quality of labor supply in the region and the support from innovation incentive policies is lower, the digital structural optimization has a more obvious promoting effect; and (3) the impact of subdivided digital technology structures on innovation strategy has both commonalities and characteristics, and the digital structural optimization promotes the concentration of innovation fields and the strengthening of innovation spillovers. From the perspective of structure, this paper has enriched the research on enterprise digital transformation, and it will provide solutions for how to alleviate the problem of "valuing quantity over quality" in innovation, thus having implications for enterprises to choose digital transformation paths and governments to design digital economic policies.