Research on the impact of digital technology innovation on the market value of manufacturing enterprises

He Yun, Yang Yangdan

Science Research Management ›› 2026, Vol. 47 ›› Issue (7) : 88-96.

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Science Research Management ›› 2026, Vol. 47 ›› Issue (7) : 88-96. DOI: 10.19571/j.cnki.1000-2995.2026.07.009  CSTR: 32148.14.kygl.2026.07.009

Research on the impact of digital technology innovation on the market value of manufacturing enterprises

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Abstract

Promoting the deep integration of the digital economy and the real economy is gradually becoming a new growth driver for China’s economy. This study focuses on A-share listed manufacturing enterprises in China, analyzing corporate patent texts to identify digital patents, thereby constructing a digital technology innovation indicator and examining its impact on corporate market value.The empirical results show that digital technology innovation significantly enhances the market value of manufacturing enterprises, and this conclusion remains valid after endogeneity and robustness tests. The positive effect is more pronounced in high-tech enterprises, labor-intensive enterprises, private enterprises, and large companies. Mechanism tests indicate that digital technology innovation affects market value through three channels: reducing production costs, optimizing labor resource structures, and improving innovation efficiency. This study validates the role of digital technology innovation in boosting the value growth of the real economy, providing reference for policy design related to digital technology in China and offering empirical evidence and recommendations for promoting the digital transformation of real enterprises.

Key words

digital technology / market value / text analysis / real economy / digital economy

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He Yun , Yang Yangdan. Research on the impact of digital technology innovation on the market value of manufacturing enterprises[J]. Science Research Management. 2026, 47(7): 88-96 https://doi.org/10.19571/j.cnki.1000-2995.2026.07.009

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