Research on the Relationship between Digital Technology Innovation and New Quality Productivity of Enterprises

研究基于2015~2023年A股上市公司数据，构建“数字技术创新–数字化转型–新质生产力”框架，考察政府补贴的调节效应及异质性影响。研究发现：数字技术创新通过推动数字化转型提升企业新质生产力，政府补贴对二者关系呈倒U型调节效应，适度补贴强化创新效应，但过量补贴抑制生产力提升。异质性分析显示，东部地区、中小企业及高新技术行业的数字技术创新边际收益更高。研究为优化数字转型政策与精准补贴机制提供理论依据，强调结合企业特征实施差异化策略。Based on the data of A-share listed companies from 2015 to 2023, this study constructs a framework of “digital technology innovation-digital transformation-new quality productivity”, and examines the moderating effect and heterogeneous impact of government subsidies. The findings reveal that digital technology innovation enhances the new quality productivity of enterprises by promoting digital transformation. Government subsidies exhibit an inverted U-shaped moderating effect on the relationship between the two, with moderate subsidies strengthening the innovation effect, but excessive subsidies inhibiting productivity improvement. Heterogeneity analysis indicates that the marginal returns of digital technology innovation are higher in eastern regions, small and medium-sized enterprises, and high-tech industries. This study provides a theoretical basis for optimizing digital transformation policies and precise subsidy mechanisms, emphasizing the implementation of differentiated strategies in line with enterprise characteristics.