With the accelerated evolution of a new generation of digital technologies represented by artificial intelligence，blockchain，cloud computing，and big data，new business forms，new organizations，new models of the digital economy are booming around the world. The Chinese government has attached great importance to the cultivation and development of the digital economy in recent years. #br#The development and expansion of the digital economy and the promotion of the digital transformation of market entities have become an unstoppable development trend. Since the 13th Five-Year Plan，the Chinese government has successively introduced and implemented a package of policies and measures aimed at promoting digital transformation，such as the Internet Power，Broadband China，and the "Internet +" Action Plan，big data，artificial intelligence and blockchain. Especially the 14th Five-Year Plan for the National Economic and Social Development of the Republic of China and the Outline of the 2035 Vision Goal focuses on promoting the deep integration of the digital economy and the real economy and creating a good digital ecology. This shows that digitalization is playing an irreplaceable role in building a new power engine and promoting industrial transformation and upgrading. As the most representative micro-subjects in the economic system，enterprises play an important mission in promoting digital industrialization and industrial digitization. For this reason，it is worth asking how much market value companies can create by implementing costly digital transformation strategies，and whether there are differences in the value created by companies with different attributes through digital transformation. Can digital transformation affect enterprise value creation through indirect mechanisms such as backfeeding technological innovation，improving the allocation of factors，and reducing business risks? It is necessary to systematically analyze and discuss all the above-mentioned issues to objectively judge the pros and cons of the digital transformation of enterprises. In view of this，this article takes Shanghai and Shenzhen listed companies as the research object，clarifies the internal relationship between digital transformation and corporate risk taking through a combination of theoretical analysis and empirical testing. It explores the heterogeneous characteristics and mechanisms of digital transformation affecting corporate risk taking so as to deepen the theoretical understanding of the economic consequences of the digital transformation of micro entities under the background of the Chinese system，and provide a scientific reference for mobilizing the enthusiasm of enterprises for digital transformation and stimulating the vitality of market entities.#br#Based on literature and theoretical analysis，this article starts with the digital transformation of micro-economic entities，examines the mechanism path through which digital transformation affects corporate risk-taking. Based on the data of Chinese listed enterprises from 2007 to 2019，this paper collects the key words of "digital transformation" in the enterprise annual report with the help of crawler technology，creatively depicts the intensity of enterprise digital transformation，and empirically tests the impact of digital transformation on enterprise risk taking and its channel mechanism. It is found that the digital transformation of enterprises has an important impact on the level of enterprise risk. Specifically，the digital transformation of enterprises can significantly increase the level of risk-taking，and achieve an increase in their own financial stability. The heterogeneity test results show that the digital transformation of enterprises has a significant effect on the risk-taking level of state-owned enterprises and non-state-owned enterprises，especially for state-owned enterprises，and it also has a significant positive effect on the improvement of financial stability. It does not show the characteristics of differentiation; while the digital transformation of enterprises has a significant role in promoting the level of risk-taking of high-tech companies，but does not have a statistically significant impact on the level of risk-taking of non-high-tech companies; digital transformation has a positive effect on the financial stability of these two types of companies，but it has not shown significant asymmetric effects. From the perspective of channel mechanism identification and inspection，the digital transformation of enterprises can effectively improve the level of internal control of the enterprise，reduce the environmental uncertainty faced by the enterprise，and improve the profitability of the enterprise. The above findings and conclusions help enterprises improve the level of enterprise risk acceptance，and at the same time improve their financial stability. It is suggested that future research should further find out the more direct and effective mdiated variables connecting the application of digital technology and the level of enterprise risk taking to open the black box between the two，and conduct deeper research on the transmission mechanism.#br#

Since state-owned enterprises are usually large in scale and play a pivotal role in the industry chain, their digital transformation will involve a wide range of factors. Therefore, it is a key issue of how to choose an appropriate transformation model for properly promoting the digital transformation of state-owned enterprises and reducing transformation risks. However, the research objects of mainstream research are mostly private enterprises and manufacturing enterprises; the purpose of these studies is to explore the mechanism and path to promote the digital transformation of enterprises by enhancing market competitiveness as a driving force. In contrast, the research on state-owned enterprises has not been fully carried out.#br#Therefore this study makes a qualitative text analysis to study the process and mechanism of digital transformation of Chinese state-owned enterprises. It builds a qualitative text database based on the case text database of 50 state-owned enterprises' digital transformation processes publicly released by the SASAC. In addition, this paper describes the digital transformation process of state-owned enterprises with the dual integration theory of "technology-management". Moreover, taking "driving factors-behavioral logic-transitional outcomes" as the logical framework, this paper analyzes the qualitative data following the general steps of grounded theory for qualitative material analysis. Finally, it analyzes the driving factors for the digital transformation of state-owned enterprises, and presents the types of digital transformation paths conditioned by different combinations of driving forces.#br#The research conclusion shows that the digital transformation of state-owned enterprises is a strategic transformation process,by which it means the transformation starts with the integration of new digital technologies and digital infrastructure, takes the "digital technology integration-organization management reform" dual "ripple" interactive promotion and integration as the path, and finally realizes the holistic transformation of corporate strategy. The internal driving force of the digital transformation of state-owned enterprises includes the scene innovation power, leadership for strategic transformation and the resource integration power. Among them, the "minor innovation" of each scene is the basis for business process reengineering and digital upgrade of management modules; leadership for strategic transformation is the glue that integrates the various isolated business management modules of state-owned enterprises, thereby effectively promoting the dual integration of "technology-management"; while resource integration power is the driving force that transforms data into production factors and enables data elements and other production factors to synergize to create value. More specifically, when the combined driving force of the digital transformation of state-owned enterprises is different, the transformation paths are different, and three models can be summarized, including the digital technology-driven model, the strategic leadership-driven model, and the digital capability-cultivating model. Among them, for enterprises that promote digital transformation in a digital technology-driven model, the penetration and integration of digital technology first acts on the micro-scenario of the organization, and the enterprises will start the digital technology-driven business process and realize the digital transformation "from the bottom up"; for enterprises that promote digital transformation with a model driven by strategic leadership, their "first-order change" begins with macro-strategic planning; enterprises that promote digital transformation with a digital capability-cultivation model occupy the mainstream. At the beginning of the transformation, there is usually no obvious sequence of synergies between technology and management. However, with the continuous penetration of digital technology in micro-scenarios, senior managers are simultaneously carrying out meaning construction, structural transformation, and organizational resource integration in implementing the mission of state-owned enterprises. These enterprises will gradually cultivate their digital capabilities, build an integrated digital management platform, and finally realize the transformation of core capabilities.#br#For state-owned enterprises that are still in the digital technology-driven mode to carry out digital transformation,it is suggested that they take the path of technology-driven management change and promote digitalization to achieve strategic transformation. For state-owned enterprises that are already undergoing leadership-driven transformation, digital transformation can be further promoted through the scenario-deepening digital transformation path. Finally, for state-owned enterprises that promote digital transformation through digital capability cultivation, they can take a resource-enabled digital transformation path. By breaking the data isolated islands of internal modules, it is expected to realize the empowerment of data resources for digital transformation and go through the key turning area of S-shaped strategic transformation.#br#

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.

Scholars believe that it can effectively promote the growth of enterprises by embedding them in the global value chain (GVC). However, with the trend of anti-globalization thought in some developed countries, more and more enterprises are encountering with difficulties of growth. Developing countries seek to integrate into the global division of labor to achieve continuous economic growth, followed by the suppression and blockade of large international enterprises. The income is plundered by price discrimination from leading enterprises, and thus local enterprises are locked in the low-end link of the value chain because their labor, knowledge and other factors have not been improved. Therefore, it is worthy of research on how to build a dual value chain between GVC and regional-value chain(RVC) with effective coupling, and balance participation in global division of labor and regional development to achieve innovative growth. Based on this, the paper takes the representative enterprises of the digital economy as research objects and focuses on the action mechanism of value chain embedding in innovation from the perspective of digitization. Then it explores the role of enterprise digitization in this path and offers proposals such as building collaborative networks and improving innovation performance for enterprises.#br#The data are mainly derived from a questionnaire. The research group visited and investigated representative enterprises of the digital economy in Xi 'an City, including Shaanxi Blower (Group) Co., Ltd., Xi 'an Samsung Electronics Research Institute, Xi 'an AJU Grain and Oil Industry Group, and Dongling Group Research objects are concentrated in high-tech enterprises in Shaanxi Province, involving aerospace, high-end equipment manufacturing, non-ferrous metal smelting, new energy, new materials, etc.#br#On the basis of 208 valid questionnaires, this study completes the empirical analysis and finds that, firstly, enterprises embedded into the value chain and innovation are not simply linear. It can realize the sudden increase in innovation in the short term by absorbing spillover effects and obtaining innovation resources in the value chain. However, it will inhibit enterprise innovation and even lead to its stagnation by relying only on the value chain in the long term. Secondly, enterprises embed themselves into the value chain to share technology spillovers and knowledge spillovers, gather innovation elements and realize that technology upgrading will induce frequent "free riding" behavior in the long run, resulting in the stagnation of enterprise informatization, digitization and intelligence. Thirdly, the cultivation of an enterprise digital capability system promotes enterprises to identify transformation opportunities, integrate digital resources. And then, it finally realizes the significant compression of risks and costs, so as to enhance the success rate of innovation. Fourthly, enterprise digitization acts as an mediator between value chain embedding and innovation, presenting the mediation mechanism of value chain embedding, enterprise digitization and innovation performance. Fifthly, organizational resilience plays a moderating effect among value chain embedding, enterprise digitization and innovation performance. Enterprises should pay more attention to the cultivation of organizational resilience, learn from risks and identify growth opportunities, so as to promote the improvement of enterprise innovation quality.#br#The study makes the following contribution. First, the existing research on value chain embedding focuses on the discussion of a single embedded value chain. While this study focuses on the impact of enterprises’ embedding into the dual value chain at the global and regional levels on innovation performance from the digital perspective. It not only enriches the innovation path of enterprises in the digital context, but also has guiding significance for enterprises to build a collaborative network to promote the digital process. Second, the three sub-dimensions of digital connection, data integration and intelligent decision-making are incorporated into the enterprise digital capability system, so as to promote enterprises to use digital technology and cultivate digital capability systems in the digital context, identify opportunities and integrate digital resources, and improve the success rate and transformation rate of innovation. In addition, it also discusses the moderating role of organizational resilience in value chain embedding, enterprise digitization and innovation performance. Organizational resilience helps enterprises improve their crisis response abilities, actively participate in the digitization process, and finally improve the quality of enterprise innovation in the complex, dynamic and rapidly changing environment under the impact of digitization.#br#

With the strategic goals of "carbon neutrality and carbon peaking", green transformation and upgrading is critical for the fundamental transformation of economic development. The technological dividend brought by the development of the digital economy provides an important opportunity for the green transformation and upgrading of the manufacturing industry, and gradually becomes the core element driving the green transformation and upgrading of the manufacturing industry. New digital models such as smart manufacturing and industrial Internet emerge one after another to accelerate the integration and innovation of the modern manufacturing industry, and help to solve the sore points in the green transformation and upgrading of China's manufacturing industry.#br#Most of the existing research on the digital economy and the green transformation and upgrading of the manufacturing industry has analyzed the role of the digital economy in enabling industrial upgrading and promoting high-quality development from the macro level, but the synergistic enabling mechanism of the digital economy in the macro environment and the micro organization has not been tapped; the mechanism of the role of the digital economy on the green transformation and upgrading of the manufacturing industry is still in a black box. Therefore, it is necessary to explore the influence mechanism of digital economy on the green transformation and upgrading of the manufacturing industry from the internal and external perspectives of enterprises, and put forward effective ways and government intervention strategies to realize the green transformation and upgrading of the manufacturing industry.#br#This paper incorporates industrial digitalization and digital governance into the same analytical framework from the dual perspectives of resource empowerment and structural empowerment based on digital empowerment theory and the combination of dynamic capability theory, green innovation theory and resource-based view, and introduces green process innovation. Using the Super-SBM model, GML index model, text mining method and fixed effects model, it conducts an empirical study on the mechanism of the role of digital economy in empowering green transformation and upgrading of manufacturing industry, with the research samples from 311 listed manufacturing companies from 2015 to 2020.#br#　　The research results show that (1) after taking into account the non-desired outputs such as energy inputs and pollutant emissions, the overall level of green transformation and upgrading in China's manufacturing industry is on an upward trend, but the space for green development needs to be further expanded through technological progress; (2) digital technology transformation in enterprises achieves an improved factor allocation efficiency and generates technological iteration effects in manufacturing enterprises, significantly improving their green transformation and upgrading level; (3) as the two dimensions of green process innovation, cleaner production technology innovation and end-treatment technology innovation play significant mediating roles in the impact of digital technology transformation on the green transformation and upgrading of manufacturing industry; (4) digital governance capability of the government, as a new form of governance, positively moderates the promotion effect of digital technology transformation on green transformation and upgrading in manufacturing. By identifying the situational factors of the digital economy empowering the green transformation and upgrading of the manufacturing industry, it helps the manufacturing industry to achieve sustainable development and provides an important basis for the effective implementation of ecological civilization construction strategy and digital construction in China.#br#　　The paper provides theoretical and practical contributions. By exploring the mechanism of the digital economy enabling green transformation and upgrading of the manufacturing industry from the perspective of the internal and external collaboration of enterprises, this paper enriches the theoretical research on the digital economy and green transformation and upgrading of the manufacturing industry. Meanwhile, on the basis of analyzing the current situation of green transformation and upgrading of the manufacturing industry, this paper explores the strategies from the perspective of the role mechanism of the digital economy in enabling green transformation and upgrading of the manufacturing industry, and provides suggestions for improving the practice of green transformation and upgrading of the manufacturing industry and guiding the government to improve its governance capability.#br#

In recent years, with the rise of the Industrial Internet, various industrial Internet platforms have emerged, such as Alibaba supET platform, Aerospace Cloud Network and Genyun. There are currently more than 70 platforms. As an important industrial infrastructure, the industrial Internet platform enables the digital transformation of manufacturing enterprises. As the core of resource empowerment in empowerment theory, data empowerment based on the industrial Internet platform ( platform data empowerment) has become an important driving force for the digital transformation of traditional manufacturing enterprises. Platform data empowerment means that the industrial Internet platform provides intelligent data support for manufacturing enterprises by collecting a large amount of operational data and using new-generation digital technologies such as big data and cloud computing. However, what is the internal mechanism of platform data empowerment acting on the digital transformation of manufacturing enterprises? So far, this question has rarely been touched. Therefore, based on the empowerment theory and absorptive capacity, this paper creatively incorporates platform data empowerment into the factors affecting the digital transformation of enterprises.#br#This study selects the traditional manufacturing enterprises in the Pearl River Delta, the Yangtze River Delta, Shandong Peninsula and Guizhou as the research objects, and obtains 239 valid questionnaires. It constructs a multiple linear regression model and uses the structural equation software MPLUS7.0 to verify the hypothesis.#br#The results show that the three sub-dimensions of platform data empowerment,i.e.,platform connection capability, platform intelligence capability and platform analysis capability all have significant positive impacts on the digital transformation of manufacturing enterprises. Absorptive capacity mediates the relationship between platform connection ability, platform intelligence ability, platform analysis ability and the digital transformation of manufacturing enterprises; digital orientation positively regulates the relationship between absorptive capacity and digital transformation of manufacturing enterprises; digital orientation positively regulates the relationship between platform connectivity and digital transformation of manufacturing enterprises, but the moderating role in the relationship among platform intelligence capabilities, platform analysis capabilities and digital transformation of manufacturing enterprises is not significant; digital orientation positively regulates the promotion effect of platform connection ability on the digital transformation of manufacturing enterprises through absorptive capacity, but the moderating effect of platform intelligence ability and analytical ability on the promotion of enterprise digital transformation through absorptive capacity is not significant.#br#Different from the previous literature, this study innovatively extends the empowerment theory to the new situation of digital transformation of manufacturing enterprises for theoretical and empirical analysis, and discusses platform data empowerment and its sub-dimensions (platform connection capability, platform intelligence capability, platform analysis capability). It is found that they have positive impacts on the digital transformation of manufacturing enterprises, thus further enriching the research on the antecedents of the digital transformation of manufacturing enterprises. By introducing the intermediary mechanism of absorptive capacity, this study discusses the role of platform data empowerment and its sub-dimensions in the digital transformation of enterprises, and empirically finds that absorptive capacity plays an important intermediary role in the relationship between platform data empowerment and enterprise digital transformation. A theoretical explanation is given on the path mechanism of platform data empowerment acting on the digital transformation of enterprises. Therefore it is suggested that manufacturing enterprises should incorporate industrial Internet platform into their enterprise development plans to enable the digital transformation of enterprises, speed up their adaptation to the specific requirements of industrial Internet platforms, and support corresponding digital infrastructure and related data resources to accelerate enterprise digital transformation. Meanwhile whether the conclusions are also applicable to all manufacturing enterprises with digital transformation needs to be verified and amended by future research. It is also suggested that future study could incorporate organizational agility, utilization learning, failure learning, utilization innovation, value co creation and other variables into the research model to explore the mechanism and boundary conditions of platform data empowerment on the digital transformation of manufacturing enterprises from a more comprehensive perspective.#br#

High-quality development occupies an important role in the digital era, and promotes technologies including big data and artificial intelligence to be integrated with economic development closely. Following the research logic of “theoretical basis—logical system—practical problems—practical strategies”, the internal mechanism and path selection of digital technology's promotion on high-quality development are comprehensively discussed.#br#On the basis of the theoretical analysis of the connotation and nature of high-quality development of digital empowerment and digital technology empowering for development, this paper clearly explains the digital technology's important functions in high-quality development. Along with Chinese economy upgrading to a high-quality development phase from a high-speed growth phase, there is a fundamental requirement for formulating development thinking, enforcing economic policies, and implementing macro-controls by promoting high-quality development. High-quality development refers to stable economic growth, balanced development between urban and rural region, innovative driving force and green environment, so that the citizens can benefit from the economic development more equitably. Development balance, growth stability, environmental sustainability and social fairness together constitute the critical characteristics of high-quality development. Correspondingly digital technology, presenting the characteristics of diversified service objects, virtual roles, collaborative practical operations and organizational ecosystems, can provide intelligent decision-making service for multiple parties at the same time. The efficiency of resource allocation and total factor productivity can be improved by digital technology with the functions of promoting the traditional industries and optimizing people's consumption experience, for it could inject sustainable and abundant vitality into high-quality development. The typical digital technologies like big data, cloud computing and artificial intelligence play practical roles in data identification and mining, extraction and integration, and human-computer interaction. High-quality development implies the transformation of development mode, the optimization of economic structure, the innovation of growth momentum and the improvement of total factor productivity through the implementation of the new development concepts. Digital technology promotes the quality and efficiency of development by promoting the efficient flow of resources and reducing factor costs, thus creating a high level of supply and demand balance.#br#With the dissection of the fundamental logic in which digital technology promotes high-quality development from the perspectives of comprehensive and rapid changes, economic transformation and upgrading, subversion of development methods and innovative support, the study confirms that digital technology optimizes the development process in rapid iterative updating, creates development opportunities in the innovation paradigm, and subverts the development mode in extensive integration; moreover it is conducive to production cycle and value realization, and can provide huge possibilities for innovation and development. Besides in the digital age, the advanced digital technologies also help market players to improve the level of innovation and development, and provide diversified innovative support and strategic opportunities for high-quality development by the effects of expanding knowledge spillover.#br#This study deconstructs the difficult and complex environment, various barriers and new contradictions in the high-quality development facilitated by digital technology. It is found that some of the prominent problems in China's efforts to break through technology bottlenecks are the overemphasis on quantitative growth and the ignorance of ecological environment and people's livelihood. Moreover, the digital transformation of market entities faces multiple obstacles due to the imbalance and inadequacy of the original development. Thus there are complex and diverse challenges in the promotion of digital technology for high-quality development. The specific strategies to promote high-quality development in the new stage are proposed. This paper holds that the development should be optimized from the perspectives of digital technology innovation,a modern economic system, new development concepts, supply-side structural reforms, efficient markets and promising government coordination. It is important to focus on strengthening the original and independent innovation of digital technology, provide potent support for the construction of a modern economic system, and accelerate the digital transformation of industries under the guidance of new development concepts. In addition it is essential to build a reasonable and effective digital empowerment development pattern in the process of continuously optimizing the relations between effective market and well-functioning government, and further execute supply-side structural reform and resolve contradictions.#br#

The digitalization of enterprises is a micro-expression of the integration of the digital economy and the real economy. The Chinese government is endeavoring to accelerate the development of the digital economy, and promote the deep integration of the digital economy and the real economy. Policies are issued across the country to support enterprise digitalization. In recent years, the proportion of the digital economy in China has been increased year by year, and the proportion of enterprise digitalization is continuously and steadily increasing. Digitalization is becoming an increasingly powerful driving force for corporate innovation and growth. Therefore, the digitalization of enterprises can affect the enterprise's internal and external operations. Current research is focused on the impact of enterprise digitalization on the enterprise itself. They affirm the positive impact of the digitalization of enterprises on the enterprise itself. Digital transformation of enterprises can improve the overall input in innovation, the level of specialization of enterprises, the quantity of patent applications and the risk-taking level, et al. However, they fail to consider the impact of the digitalization of enterprises on the external environment of enterprises. In economic activities, firms may refer to the information disclosure of their peers when making decisions such as input. Unlike ordinary fixed asset input or stock input, innovation input is characterized by high risk, high input and long periods. Enterprises tend to consider various factors more carefully when they are making decisions. For example, they may refer to peers' innovation input behaviors or the innovation input information disclosed by peers. There is a certain degree of peer effect. Thus, the role of peer digitalization in the innovative inputs of target firms has become a question worth researching. What is the impact of peer digitization on enterprises' innovation input? In the process of influencing enterprises' innovation input, can internal and external factors influence the digitalization of peers?#br#This paper uses the panel data from listed companies from 2007 to 2021. The theoretical analysis and empirical tests are made on the effects of peer digitization on target enterprises' innovation input. The results show that peer digitalization has both a direct and a mediating effect on the innovation input of target enterprises. Peer digitization can directly boost the innovative inputs of target companies. The positive spillover effect remains even after endogenous tests using instrumental variables and residuals, as well as the robustness test using replaced independent variables or dependent variables. In the mediating path, peer digitization enhances the innovation input of target enterprises by increasing the degree of competition in the industry. This study also examines the moderating effects of managerial ability and financing constraints. The managerial ability of target firms can inhibit the direct and indirect effects of peer digitization on their innovation input. It appears that managerial ability has a more significant inhibitory effect on the second half of the path (industry competition-innovation input of target enterprises). Financing constraints can amplify the direct effect and the first half mediating effect of peer digitization on the innovation input of target enterprises. In addition, it is found that peer digitization plays a more significant role in improving the innovation input of target enterprises in the growth and maturity stages.#br#　　This paper enriches the research on the peer effect, digital transformation and enterprise innovation input. First ,with the analysis of the impact of the digitalization of peers on the innovation of target enterprises, it examines more than just the direct impact of the digitalization of peers on the innovation input of target enterprises, and the mediating effects of the digitalization of peers through industry competition. Second, it uses the moderated mediating effect model which selects managers' ability and financing constraints to adjust the variables. It further examines the direct and mediating effects that are affected by the moderating variables. Third, it analyzes if the impact of peer digitization on innovation input by enterprises is different when the target enterprises are in different life cycles or if they belong to high-tech enterprises. Therefore, this paper can provide some reference for enterprises to make strategic input decisions and for governments to formulate relevant policies.#br#

Digital technology has empowered the overall economy, but there are still many traditional non-Internet enterprises that take conventional production factors as the core driving force. Under the dual influence of global digitalization and COVID-19, enterprises with the organizational development paths relying on non-digitalization are stuck. This paper argues that only by developing information technology capacity and taking digital transformation as well as digital innovation can these enterprises cope with the destructive challenges of digitization and obtain digital dividends. Digital transformation and digital innovation have emerged as emerging research topics in recent years, and most of the existing research focuses on theoretical construction and the exploration of case studies. However, little literature studies the path mechanism of digital transformation and digital innovation, especially since it is still an unexplored research topic for non-IT companies from developing information technology utilization capabilities to obtaining digital innovation performance. Different from Internet companies, many traditional non-Internet firms(non-IT firms in short) mainly rely on follow-up investment to obtain digital resources, but how to effectively use IT resources and obtain digital innovation performance is still a difficult problem for academia and managers in non-Internet firms.#br#Scholars who study technological innovation based on a resource-based view believe that enterprises should take into account social and technological factors in innovation, and excessive bias towards either of the two factors will make enterprises unable to acquire technology. As a result, in order to differentiate themselves from competitors, non-IT firms must effectively match their IT resources and social resources. Existing research has verified the effectiveness of enterprise IT capabilities to localize the development of enterprise information technology resources and improve business process digitization. As a technical factor, IT capability has a certain positive effect on non-IT firms developing IT resources for digital transformation and digital innovation. However, for non-IT firms, a single technical capability cannot ensure that they obtain high digital innovation dividends. The application of digital technologies for digital transformation and digital innovation is undoubtedly a radical organizational change for non-IT firms, and it transcends their traditional organizational action boundaries and brings many challenges such as competitive logic, institutional complexity and legitimacy. The institutional theory believes that any organizational action and operation are subject to social expectations and social identity. Scholars who study the digital transformation of enterprises from the perspective of institutional theory regard the digital transformation of enterprises as the combined effect of several digital innovations, and they believe that these new innovations have brought about changes or substitutions in the organizations and industries. The digital transformation and digital innovation activities of non-IT firms undoubtedly face many legal obstacles, but few studies deeply explore how they can cross the legitimate threshold and obtain digital innovation performance in digitalization, so this paper attempts to open this "black box".#br#By integrating the theories of resource-based view and institutional theory, this study constructs a theoretical model of non-internet firms’ IT capability, digital transformation, organizational legitimacy and digital innovation performance. To verify the theoretical model, it further uses linear regression analysis and Bootstrap analysis with 275 samples from non-IT firms. The results show that IT capability and the application of digital technology in digital transformation have a positive impact on these firms’ digital innovation performance; digital transformation has a mediating effect on the relationship between IT capability and digital innovation performance; and organizational legitimacy further moderates the mediating effect of digital transformation on IT capability and digital innovation performance.#br#The main contribution of this study is integrating the resource-based view and institutional theory to explore how non-Internet enterprises match their technological resources and social resources to obtain digital innovation performance, while existing literature mostly discusses the different influences of enterprise resources on their digital innovation from a single theoretical perspective. Besides, this paper explores the digitalization process of non-IT firms based on their uniqueness, and combines theoretical and empirical methods to explore how these firms solve the dual obstacles of insufficient technology application ability and social recognition of digital transformation and digital innovation.#br#