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| The Influence Mechanism and Empirical Research of Internet on Innovation of Manufacturing Enterprises |
| Luo Chaoping1,2,Hu Meng1 |
| (1.College of Economics and Management, Southwest University, Chongqing 400715, China;2.Institute of Intelligent Finance and Platform Economics, Southwest University, Chongqing 400715, China) |
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Abstract China's economy is in a critical period of transformation from high-speed growth to high-quality development. Realizing the transformation and upgrading of manufacturing industry, development model innovation and format innovation is of great significance to enhance the development vitality, innovation and competitiveness of China's manufacturing industry and promote the high-quality development of China's manufacturing industry. To this end, in recent years, China has deeply implemented the innovation driven development strategy, promoted the deep integration of the Internet domestic manufacturing industry, promoted the innovative development of manufacturing enterprises, and continued to promote the leap of China's manufacturing industry from "made in China" to "created in China". #br#However, as major countries in the world have promoted the integrated development of Internet technology and manufacturing. In the context of the Internet, global technological and industrial changes will not only reshape the global economic structure, but also subvert the business model and value creation mode of enterprises, and become an important driving force for the innovation and development of enterprises. It has become a widespread concern of all sectors of society if Chinese manufacturing enterprises can seize the opportunity of Internet development, break through bottlenecks, actively innovate and achieve high-quality development . Then, can the integrated development of the Internet and manufacturing enterprises significantly promote the innovation of manufacturing enterprises? What is the mechanism for the Internet to promote the innovation of manufacturing enterprises? In order to answer these questions, this paper constructs the theoretical analysis framework of Internet promoting manufacturing enterprises' innovation, and uses the mediation effect model to reveal the mechanism of Internet promoting manufacturing enterprises' innovation. Specifically, this paper combines the Internet with the micro factors of cost and human capital that affect enterprise innovation to empirically test the impact of the Internet on manufacturing enterprise innovation. Further, the mediation effect model is used to analyze the internal mechanism of Internet promoting manufacturing enterprises' innovation through reducing transaction cost, agency cost, governance cost and accelerating human capital accumulation, namely, reducing cost and accelerating human capital accumulation are important mediating variables of Internet promoting manufacturing enterprises' innovation.#br#This paper selects Chinese listed manufacturing companies in Shanghai and Shenzhen stock markets from 2015 to 2018 as the research object. In order to make the research results more robust, in the empirical analysis, this paper excludes the data of overseas stocks, Hong Kong stocks, incomplete data and non-manufacturing listed companies, and finally obtains the panel data of 163 listed manufacturing companies in 4 years. It finds that firstly the Internet has a significant role in promoting the innovation of manufacturing enterprises. Secondly, the mechanism test shows that the Internet can promote the innovation of manufacturing enterprises through the intermediary variables of cost and human capital, that is, the Internet can become an important driving force for the innovation of manufacturing enterprises by accelerating the accumulation of human capital and reducing transaction costs, agency and governance costs; Third, in the expansionary analysis, the financing constraints faced by manufacturing enterprises and traditional corporate governance significantly negatively regulate the promoting effect of the Internet on the innovation of manufacturing enterprises. This paper explains how the Internet stimulates the innovation vitality of manufacturing enterprises from two aspects of reducing costs and accelerating the accumulation of human capital, which provides a new perspective for analyzing the "black box" of Internet promoting innovation mechanism of manufacturing enterprises, and also provides a theoretical reference for manufacturing enterprises how to efficiently use the Internet. At the same time, the financing constraints faced by manufacturing enterprises and traditional corporate governance significantly negatively moderated the promotion effect of Internet on manufacturing enterprises' innovation, highlighting the timeliness and importance of the Chinese government's measures to actively promote financial support for the development of real economy and deepen organizational reform and innovation of enterprises.#br#
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Received: 22 December 2020
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