According to the World Intellectual Property Organization (WIPO), the number of patent applications in China has ranked first in the past decade, but the problems of the "patent bubble" and "innovation illusion" are prominent. The proportion of high-quality patents needs to be improved, and the strength of support provided by patents for industrial transformation and the coupling effect on the real economy are not obvious. Therefore, how to effectively boost the digital economy to achieve high-quality innovation for enterprises has been discussed in the academic community and industry in recent years.
The existing literature provides a theoretical reference for this study, and the relevant theories cover the micro-effect of the digital economy and the factors of enterprise innovation quality,but they lack research from the perspective of innovation quality, and rarely discuss its impact mechanism. Patent application may be the choice of enterprises to cater to government subsidies and preferential policies, and enterprises may blindly pursue innovation quantity, leading to the phenomenon of "patent bubble" .
Instead of using the invention patent quantity to measure innovation quality, this paper adopts the patent knowledge-width as the agent index of enterprise innovation quality, and builds the index that makes a more comprehensive reflection of enterprise innovation quality for the subsequent evaluation of enterprise innovation quality and economic effect.
Against the backdrop of building the digital economy development system, this paper uses the sample the Chinese listed companies between 2011 and 2021 to analyze the influence of the digital economy on enterprise innovation quality. It is found that the firstly digital economy has improved enterprise innovation quality; secondly, external media attention, redundant resources and executive R&D experience will strengthen the positive relationship between the digital economy and enterprise innovation quality; further, the incentive effect of digital economy on enterprise innovation quality benefits from the upgrading of enterprise human capital and the improvement of research and development ability, and the heterogeneity analysis shows that the above relationship is more significant in the samples of non-state-owned enterprises and enterprises in the high-tech industry; finally, high-quality enterprise innovation can not only improve total factor productivity, but also improve enterprise value.
The deep integration of digital technology and the real economy is an inevitable trend for developing the digital economy in the future. Thus, the government should accelerate the formulation of reasonable policies for enterprise digital development, and effectively solve the problems of weak digital capabilities and high costs for enterprises.While for enterprises, it is necessary to make full use of the advantages of digital technology in allocating organizational resources, reduce costs and improve the human capital level, expand and strengthen patent R&D capability and technology supply, build a digital technology quality assessment system, and improve quality review standards to avoid “technology bubble”. The contribution of this paper is multi-fold. First, the paper enriches the research framework of the digital economy. This study makes an analysis of the influence mechanism and economic consequences of the digital economy on the innovation quality of enterprises from a multidimensional perspective, providing a new perspective for understanding digital innovation and releasing digital dividends. Second, it systematically discusses the internal influence of the digital economy on the quality of enterprise innovation in China, and unveils the mystery of innovation development driven by digital technology. Third, by clarifying the internal logic of the digital economy affecting enterprise innovation and development , the study is beneficial to reflect on the problems brought by the phenomenon of "bubble patent", so as to implement the diversified integration of digital technology and enterprise innovation, and then realize the strategic goal of innovation-driven development in China.
To sum up, this paper uses the width of patent knowledge to deepen the relationship between the digital economy and the two qualities of enterprise innovation, and complements the research framework of the influencing factors of enterprise innovation quality. It clarifies how the digital economy enables enterprises to achieve high-quality development and find answers to development dilemmas. The research provides some suggestions for promoting the development of enterprise innovation strategies and improving the quality and efficiency of the enabling economy.
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