Does Internationalization Promote Enterprise Digital Technology Innovation? – A Study on the Impact of Internationalization Degree on the Quality of Enterprise Digital Technology Innovation
摘要
In the era of the digital economy, digital technology innovation and internationalization are indispensable components of national policy guidelines. R&D innovation and expanding international development have become key to strategic management of enterprise. Based on this background, this paper selects samples of A-share listed companies and employs the High-Dimensional Fixed Effects Model to empirically test the relationship between the internationalization degree and the quality of digital technology innovation. The study finds that: First, the internationalization of enterprises can significantly improve the quality of their digital technology innovation; Second, an increase in the degree of enterprise internationalization increases the number of executives with overseas backgrounds, enriching the heterogeneity of the executive team, thereby compensating for the limited rationality of individual or similar managers, and promoting the improvement of enterprise digital technology innovation quality; Third, an increase in the degree of enterprises internationalization will significantly encourage institutional investors to increase their holdings, enabling enterprises not only to raise funds for R&D but also to send a positive signal of upward development and favor by institutional investors to internal employees and the external market, thereby promoting the improvement of their digital technology innovation quality.