| 企业数字技术创新提升了资本配置效率吗？——来自中国上市公司专利数据的证据 |
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| 引用本文：杜嘉豪1，郭守亭1，彭虎锋2.企业数字技术创新提升了资本配置效率吗？——来自中国上市公司专利数据的证据[J].财经理论与实践,2026,(2):35-42 |
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| 中文摘要:基于中国上市公司的专利数据，从数量与质量两个维度测度企业数字技术创新水平，并选取2007—2023年中国A股上市公司的面板数据，考量数字技术创新对企业资本配置效率的影响效应及其作用机制。结果显示：数字技术创新通过提高市场匹配效率和优化运营效率提升企业资本配置效率，且无论是以数量维度还是质量维度测度数字技术创新，这一影响效应及其作用机制都存在。异质性分析显示，在高市场竞争行业的企业、高新技术行业的企业以及非国有企业中，数字技术创新对企业资本配置效率的提升作用更加显著。鉴于此，应加大数字技术创新投入，推动数字技术与企业核心流程深度融合，从而系统性地提升企业资本配置效率。 |
| 中文关键词:数字技术创新 资本配置效率 市场匹配效率 运营效率 专利 |
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| Does Corporate Digital Technology Innovation Improve Capital Allocation Efficiency? — Evidence from Patent Data of Chinese Listed Companies |
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| Abstract:Based on patent data from Chinese listed companies, this study measures the level of corporate digital technology innovation from both quantitative and qualitative dimensions. Using panel data of Chinese A-share listed companies from 2007 to 2023, it examines the effect and mechanism through which digital technology innovation influences corporate capital allocation efficiency. The results indicate that digital technology innovation enhances corporate capital allocation efficiency by improving market matching efficiency and optimizing operational efficiency. This effect and mechanism hold regardless of whether digital technology innovation is measured quantitatively or qualitatively. Heterogeneity analysis reveals that the promoting effect of digital technology innovation on capital allocation efficiency is more pronounced in enterprises operating in highly competitive industries, high-tech industries, and non-state-owned enterprises. In view of this, it is essential to enhance investment in digital technology innovation and promote its deep integration with core business processes, so as to systematically improve the efficiency of corporate capital allocation. |
| keywords:digital technology innovation capital allocation efficiency market matching efficiency operational efficiency patent |
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