The Impact of Digital-Intelligent Integration Level on Innovation Capacity of Chinese Listed Enterprises: An Empirical Analysis Based on Machine Learning

Digital-intelligent integration, defined as the integration of data factors and artificial intelligence technologies, serves as a core driver of the high-quality development of enterprises. Its relationship with enterprise innovation capacity and the underlying influencing mechanisms have attracted extensive academic attention. Based on panel data of Chinese A-share listed enterprises from 2000 to 2023, this study employs fixed-effects models, mediation analysis, robustness tests, heterogeneity analysis, and machine learning methods to examine the relationship between digital-intelligent integration and enterprise innovation capacity and explore its underlying mechanisms. The empirical results show that (1) digital-intelligent integration is significantly and positively associated with enterprise innovation capacity, and this core finding remains robust after alternative measures are employed; (2) mediation analysis indicates that digital-intelligent integration is positively associated with R&D intensity, which, in turn, is associated with higher enterprise innovation capacity, providing evidence consistent with the proposed mediating mechanism; (3) heterogeneity analysis indicates that the innovation-promoting association of digital-intelligent integration is significantly stronger among enterprises with lower managerial shareholding ratios, enterprises located in regions with weaker intellectual property protection, and state-owned enterprises. This study provides empirical evidence and practical implications for governments to optimize digital development policies and for enterprises to accelerate the deep integration of digital and intelligent technologies.