战略差异度与企业数字技术创新——一个有调节的中介模型OACHSSCD

The report of the 20th National Congress of the Communist Party of China clearly proposed to"developing a new generation of information technologies,artificial intelligence,and other new growth engines,emphasizing that"promoting the implementation of the national digital innovation strategy and accelerating the construction of Digital China."Digital technology innovation,as the core driving force of the digital economy,is crucial for the new round of"competition."As an essential microeconomic foundation for economic operation,corporates are key entities in digital technology innovation.It also is the main force in integrating digital technology elements and providing final innovative products or services.For corporates to engage in digital technology innovation activities,they need to develop highly adaptive corporate strategies. In recent years,scholars have conducted extensive research on the driving factors of corporate digital technology innovation.But current research has overlooked considerations based on a holistic strategic perspective,let alone the impact of deviations from industry norms on digital technology innovation.Moreover,since indicators of corporate digital technology innovation are often not reflected in standardized information disclosure channels such as basic company information and annual reports,measuring these indicators presents significant challenges. Based on the aforementioned research,we use panel data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as empirical research samples.We also collected Patent text information through the WinGo data platform and analyzed using text analysis methods to distinguish between digital technology patents and general technology patents,thus characterizing the indicators of corporate digital technology innovation.We improve and refine the existing research methods by enhancing the corporate strategic deviance index and empirically analyze the impact of strategic deviance on corporate digital technology innovation using the OLS estimation method. We found that the greater the difference between corporate strategies,the more it will inhibit corporate digital technology innovation.This conclusion is confirmed by using endogenous tests such as instrumental variable method and propensity score matching method,as well as robustness test of core variable replacement measurement method.Mechanism analysis based on transaction cost theory and organizational learning theory indicates that both external transaction costs and internal control costs reinforce the negative impact of strategic deviance on corporate digital technology innovation,primarily achieved through increased external transaction costs promoting vertical integration.Further analysis reveals that strategic deviance not only reduces the efficiency of digital technology innovation,as reflected in low levels of innovation input-output conversion and per capita innovation output,but also diminishes the willingness for digital technology innovation,as evidenced by constraints on managers'digital technology innovation thoughts.Heterogeneity analysis results show that negative information from media reports and online public opinion plays a corporate governance role and effectively alleviates the adverse effects of strategic deviance on corporate digital technology innovation.Finally,economic consequence analysis of corporate digital technology innovation indicates that the enhancement of"high-quality"digital technology patents can sustainably increase corporate market value,demonstrating that digital technology innovation is the source of corporate value. The contributions are as follows:on theoretical contributions,our research supplements and extends the research framework on the mechanisms affecting corporate digital technology innovation and the economic consequences of corporate strategic deviance.Utilizing the perspectives of corporate boundaries and signaling theory,it explores the relationship between strategic deviance and corporate digital technology innovation from multiple dimensions and levels.On methodological contributions,acknowledging that patent outcomes are a direct indicator of corporate innovation levels,our research employs text analysis methods to isolate patents related to corporate digital technology innovation.This approach more objectively and reasonably reflects the level of digital technology innovation.Additionally,based on two mainstream methods proposed in existing literature,our research innovatively refines indicators that more comprehensively reflect corporate strategic deviance,offering a more accurate measurement of strategic variations within industries.This provides a valuable refinement to previous measurement methods and establishes a solid foundation for future research on the influencing factors and economic consequences of corporate strategic deviance.On practical contributions,our research confirms that corporate strategic deviance is a key factor hindering corporate digital technology innovation.They are significant in disrupting external transaction environments and increasing internal control difficulties,as well as in affecting corporate specialization and division of labor.These findings offer empirical evidence for addressing challenges in digital technology innovation and strategic corporate behavior choices.They also provide important policy insights for implementing innovation-driven development strategies and formulating policies to unleash digital productivity and foster an innovative development system in China.