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Outline
How digital transformation can effectively promote integrated innovation across the upstream, midstream, and downstream segments of industrial chains has become an important issue in the cultivation of new quality productive forces. Based on dynamic capability theory, Chinese A-share listed firms in Shanghai and Shenzhen from 2000 to 2023 were selected as the research sample. The impact mechanism and boundary conditions of digital transformation on corporate integrated innovation were systematically examined. The results show that the relationship between digital transformation and corporate integrated innovation is not simply linear. A significant inverted U-shaped relationship is found. This indicates that a moderate level of digital investment can significantly promote corporate integrated innovation. However, when digital transformation is promoted excessively, its marginal promoting effect gradually weakens. The conclusion remains valid after a series of robustness tests, including endogeneity treatment, replacement of core variables, and adjustment of the sample period. The moderating effect analysis further shows that economic policy uncertainty and market concentration negatively moderate this inverted U-shaped relationship. The mechanism test further indicates that digital transformation promotes integrated innovation mainly by reducing corporate R&D manipulation and improving resource flexibility. New theoretical explanations are provided for understanding the formation logic of corporate integrated innovation in the digital era. Practical references are also offered for enterprises to scientifically promote digital transformation, optimize innovation ecosystems, and enhance value co-creation capability during the 15th Five-Year Plan period.
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| 科 Family | 属数 Number of genus | 种数 Number of species | 占总种数比例 Percentage of total species (%) | 属 Genus | 种数 Number of species | 占总种数比例 Percentage of total species (%) |
|---|---|---|---|---|---|---|
| 鹅膏菌科Amanitaceae | 2 | 11 | 5.26 | 鹅膏菌属 Amanita | 10 | 4.78 |
| 小菇科 Mycenaceae | 2 | 12 | 5.74 | 丝盖伞属 Inocybe | 5 | 2.39 |
| 多孔菌科 Polyporaceae | 8 | 14 | 6.70 | 蜡蘑属 Laccaria | 5 | 2.39 |
| 红菇科 Russulaceae | 3 | 23 | 11.00 | 小皮伞属 Marasmius | 6 | 2.87 |
| 小菇属 Mycena | 11 | 5.26 | ||||
| 光柄菇属 Pluteus | 5 | 2.39 | ||||
| 红菇属 Russula | 17 | 8.13 | ||||
| 栓菌属 Trametes | 5 | 2.39 |
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