Article(id=1315372071568392794, tenantId=1146029695717560320, journalId=1308397381743640680, issueId=1315372022658613552, articleNumber=null, orderNo=null, doi=null, pmid=null, cstr=null, oa=null, hot=null, price=null, onlineType=0, articleFormat=0, articleType=null, articleTypeStr=research-article, receivedDate=1737043200000, receivedDateStr=2025-01-17, revisedDate=1741881600000, revisedDateStr=2025-03-14, acceptedDate=null, acceptedDateStr=null, onlineDate=1791538740293, onlineDateStr=2026-10-09, pubDate=1773504000000, pubDateStr=2026-03-15, doiRegisterDate=null, doiRegisterDateStr=null, onlineIssueDate=1791538740293, onlineIssueDateStr=2026-10-09, onlineJustAcceptDate=null, onlineJustAcceptDateStr=null, onlineFirstDate=null, onlineFirstDateStr=null, sourceXml=null, magXml=null, createTime=1791538740293, creator=13701087609, updateTime=1791538740293, updator=13701087609, issue=Issue{id=1315372022658613552, tenantId=1146029695717560320, journalId=1308397381743640680, year='2026', volume='44', issue='3', pageStart='449', pageEnd='672', issueExtLink='null', onlineDate='null', pubDate='1773504000000', pubDateStr='2026-03-15', beforeIssueId=null, nextIssueId=null, price=null, status=1, issueComplete=1, articleOrder=1, issueType=-1, specialIssue=null, createTime=1791538728624, creator='13701087609', updateTime=1791538856865, updator='13701087609', preIssue=null, nextIssue=null, articleTotal=null, ext={EN=IssueExt(id=1315372560565523080, tenantId=1146029695717560320, journalId=1308397381743640680, issueId=1315372022658613552, language=EN, specialIssueTitle=, coverIllustrator=null, specialIssueEditor=, specialIssueAbout=), CN=IssueExt(id=1315372560569717385, tenantId=1146029695717560320, journalId=1308397381743640680, issueId=1315372022658613552, language=CN, specialIssueTitle=, coverIllustrator=null, specialIssueEditor=, specialIssueAbout=)}, issueFiles=null, downloadFileDto=null}, startPage=632, endPage=643, ext={EN=ArticleExt(id=1315372071773913691, articleId=1315372071568392794, tenantId=1146029695717560320, journalId=1308397381743640680, language=EN, title=Research on the impact of digital regulation on corporate digital innovation, columnId=1309226375089840648, journalTitle=Studies in Science of Science, columnName=Frontiers and Opinions, runingTitle=null, highlight=null, articleAbstract=
With the rapid development of the digital economy and the increasing challenges of digital governance, exploring the impact of digital regulation on corporate digital innovation is of critical importance for promoting the sustainable and healthy development of the digital economy. Using data from Chinese listed companies from 2012 to 2023, this study theoretically analyzes and empirically examines the impact of digital regulation on corporate digital innovation and its underlying mechanisms. The findings reveal that digital regulation significantly promotes corporate digital innovation, with this effect being more pronounced in firms located in provincial capitals, non-high-tech firms, and private enterprises. Mechanism tests indicate that digital regulation fosters corporate digital innovation by strengthening digital intellectual property protection, facilitating data element circulation, and enhancing digital security governance. Further analysis shows that digital regulation drives innovation in digital production/service processes. However, its effect on advancing core technological innovations remains limited. The conclusions provide a valuable reference framework for formulating and improving digital regulation policies and offer important insights for enterprises seeking to advance their digital innovation practices.
, authors=Zhong-hua CHENG
1, 2, Lan WANG
3, Lian-shui LI
1, 2, authorsList=Zhong-hua CHENG, Lan WANG, Lian-shui LI, authorCompany=null, correspAuthors=Lian-shui LI, authorNote=null, correspAuthorsNote=null, copyrightStatement=null, copyrightOwner=null, extLink=null, articleAbsUrl=null, sourceXml=null, magXml=null, pdfUrl=null, pdf=null, pdfFileSize=null, pdfExtLink=null, richHtmlUrl=null, mobilePdfUrl=null, reviewReport=null, pdfFirstPage=null, abstractGraph=null, abstractGraphContent=null, abstractVideo=null, citation=null, cebUrl=null, magXmlContent=null, mapNumber=null, fund=null), CN=ArticleExt(id=1315372072415642206, articleId=1315372071568392794, tenantId=1146029695717560320, journalId=1308397381743640680, language=CN, title=数字规制对企业数字创新的影响研究, columnId=1309226375303750154, journalTitle=科学学研究, columnName=前沿与观点, runingTitle=null, highlight=null, articleAbstract=
随着数字经济的快速发展以及数字治理挑战的不断加剧,探究数字规制对企业数字创新的影响对推动数字经济持续健康发展具有至关重要的意义。本文利用2012-2023年中国上市企业的数据,理论分析并实证考察了数字规制对企业数字创新的影响及其内在机理。研究发现,数字规制显著推动了企业数字创新,这种促进作用在位于省会城市的企业、非高科技企业和民营企业中更加显著。机制检验表明,数字规制通过加强数字产权保护、促进数据要素流通、增强数字安全治理来推动企业数字创新。进一步分析发现,数字规制推动了企业数字生产/服务流程方面的创新,但对关键核心技术创新的提升作用尚未凸显。本文的研究结论为制定和完善数字规制相关政策提供了有益的参考框架,同时也为企业推进数字创新实践提供了重要的借鉴依据。
, authors=程中华
1, 2, 王兰
3, 李廉水
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程中华(1983-),男,教授、博士生导师。
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3 东南大学经济管理学院, 江苏南京 211189, bio={"content":"
王兰(2001-),女,博士研究生。
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王兰(2001-),女,博士研究生。
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等. 网络安全治理与股价崩盘风险——基于上市公司年报文本分析的证据[J].
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et al. Cybersecurity governance and stock price collapse risk: Evidence based on text analysis of annual reports of listed companies[J].
Chinese Review of Financial Studies,
2024: 86-106., articleTitle=Cybersecurity governance and stock price collapse risk: Evidence based on text analysis of annual reports of listed companies, refAbstract=null)], funds=[Fund(id=1315372081475338903, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, awardId=23BJY061, language=CN, fundingSource=国家社会科学基金资助项目(23BJY061), fundOrder=null, country=null)], companyList=[AuthorCompany(id=1315372072788935263, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, xref=1, ext=[AuthorCompanyExt(id=1315372072797323872, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, companyId=1315372072788935263, language=EN, country=null, province=null, city=null, postcode=null, companyName=null, departmentName=null, remark=
1 School of Management Science and Engineering, Nanjing University of Information Science & Technology, Nanjing 210044, China), AuthorCompanyExt(id=1315372072805712481, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, companyId=1315372072788935263, language=CN, country=null, province=null, city=null, postcode=null, companyName=null, departmentName=null, remark=
1 南京信息工程大学管理工程学院, 江苏南京 210044)]), AuthorCompany(id=1315372074223387234, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, xref=2, ext=[AuthorCompanyExt(id=1315372074231775843, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, companyId=1315372074223387234, language=EN, country=null, province=null, city=null, postcode=null, companyName=null, departmentName=null, remark=
2 China Institute of Manufacturing Development, Nanjing University of Information Science & Technology, Nanjing 210044, China), AuthorCompanyExt(id=1315372074244358756, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, companyId=1315372074223387234, language=CN, country=null, province=null, city=null, postcode=null, companyName=null, departmentName=null, remark=
2 南京信息工程大学中国制造业发展研究院, 江苏南京 210044)]), AuthorCompany(id=1315372074349216357, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, xref=3, ext=[AuthorCompanyExt(id=1315372074357604966, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, companyId=1315372074349216357, language=EN, country=null, province=null, city=null, postcode=null, companyName=null, departmentName=null, remark=
3 School of Economics and Management, Southeast University, Nanjing 211189, China), AuthorCompanyExt(id=1315372074365993575, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, companyId=1315372074349216357, language=CN, country=null, province=null, city=null, postcode=null, companyName=null, departmentName=null, remark=
3 东南大学经济管理学院, 江苏南京 211189)])], figs=[ArticleFig(id=1315372076127601283, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Figure 1, caption=
Theoretical analysis diagram, figureFileSmall=zN714zRvHM7y4Fyrw3ZXqg==, figureFileBig=pfWWJI/0uy0IiAioKb2Z3w==, tableContent=null), ArticleFig(id=1315372076198904452, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=图1, caption=
理论分析图 资料来源:作者整理。
, figureFileSmall=zN714zRvHM7y4Fyrw3ZXqg==, figureFileBig=pfWWJI/0uy0IiAioKb2Z3w==, tableContent=null), ArticleFig(id=1315372076437979781, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 1, caption=
Evaluation index system of digital regulation
, figureFileSmall=null, figureFileBig=null, tableContent=
| 一级指标 | 二级指标 | 指标解释 | 指标属性 |
| 数字产权 | 产权确权 | 是否存在明确的数字产权确权机制 | + |
| 产权规则 | 是否参与国际数字产权规则制定 | + |
| 产权保护 | 是否存在保护数字产权的法律或措施 | + |
| 产权纠纷 | 是否设有解决数字产权纠纷的机构 | + |
| 流通交易 | 交易规则 | 是否存在明确的跨境数据流通规则 | + |
| 交易平台 | 是否建立数据要素交易平台 | + |
| 交易限制 | 是否制定严格的数字要素市场准入标准 | + |
| 负面清单 | 是否制定数据交易负面行为清单 | + |
| 收益分配 | 数字税征收 | 是否征收数字税 | + |
| 分配机制 | 是否有政策指导数据价值收益在各主体之间的分配 | + |
| 收益共享 | 是否建立公共数据资源开放收益合理分享机制 | + |
| 安全治理 | 数据治理 | 是否建立数据安全检测评估机制 | + |
| 安全合作 | 是否与其他国家或地区签订跨境数字安全合作协议 | + |
| 应急响应 | 是否制定数字安全应急预案 | + |
| 违规处罚 | 是否有针对数字侵权的严格违规处罚 | + |
), ArticleFig(id=1315372076505088646, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表1, caption=
数字规制评价指标体系
, figureFileSmall=null, figureFileBig=null, tableContent=
| 一级指标 | 二级指标 | 指标解释 | 指标属性 |
| 数字产权 | 产权确权 | 是否存在明确的数字产权确权机制 | + |
| 产权规则 | 是否参与国际数字产权规则制定 | + |
| 产权保护 | 是否存在保护数字产权的法律或措施 | + |
| 产权纠纷 | 是否设有解决数字产权纠纷的机构 | + |
| 流通交易 | 交易规则 | 是否存在明确的跨境数据流通规则 | + |
| 交易平台 | 是否建立数据要素交易平台 | + |
| 交易限制 | 是否制定严格的数字要素市场准入标准 | + |
| 负面清单 | 是否制定数据交易负面行为清单 | + |
| 收益分配 | 数字税征收 | 是否征收数字税 | + |
| 分配机制 | 是否有政策指导数据价值收益在各主体之间的分配 | + |
| 收益共享 | 是否建立公共数据资源开放收益合理分享机制 | + |
| 安全治理 | 数据治理 | 是否建立数据安全检测评估机制 | + |
| 安全合作 | 是否与其他国家或地区签订跨境数字安全合作协议 | + |
| 应急响应 | 是否制定数字安全应急预案 | + |
| 违规处罚 | 是否有针对数字侵权的严格违规处罚 | + |
), ArticleFig(id=1315372076588974727, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 2, caption=
Variable description
, figureFileSmall=null, figureFileBig=null, tableContent=
| 类型 | 名称 | 符号 | 定义 |
| 被解释变量 | 企业数字创新 | DI | 数字经济专利申请数量的自然对数 |
| 解释变量 | 数字规制 | DR | 详见正文 |
| 控制变量 | 企业规模 | Size | 总资产的自然对数 |
| 企业年龄 | ListAge | 企业上市年限加1的自然对数 |
| 盈利能力 | ROA | 净利润/平均资产总额 |
| 企业成长性 | Growth | 本年营业收入/上一年营业收入-1 |
| 财务杠杆 | Lev | 负债总额/资产总额 |
| 董事会规模 | Board | ln(董事会人数) |
| 第一大股东持股比例 | Top1 | 第一大股东持股数/总股数 |
| 托宾Q值 | TobinQ | 总资产的市场价值/账面价值 |
| 现金流比率 | Cashflow | 经营活动产生的现金流/总资产 |
| 企业研发 | RD | 以亿元为单位的企业研发投入 |
), ArticleFig(id=1315372076664472200, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表2, caption=
变量说明
, figureFileSmall=null, figureFileBig=null, tableContent=
| 类型 | 名称 | 符号 | 定义 |
| 被解释变量 | 企业数字创新 | DI | 数字经济专利申请数量的自然对数 |
| 解释变量 | 数字规制 | DR | 详见正文 |
| 控制变量 | 企业规模 | Size | 总资产的自然对数 |
| 企业年龄 | ListAge | 企业上市年限加1的自然对数 |
| 盈利能力 | ROA | 净利润/平均资产总额 |
| 企业成长性 | Growth | 本年营业收入/上一年营业收入-1 |
| 财务杠杆 | Lev | 负债总额/资产总额 |
| 董事会规模 | Board | ln(董事会人数) |
| 第一大股东持股比例 | Top1 | 第一大股东持股数/总股数 |
| 托宾Q值 | TobinQ | 总资产的市场价值/账面价值 |
| 现金流比率 | Cashflow | 经营活动产生的现金流/总资产 |
| 企业研发 | RD | 以亿元为单位的企业研发投入 |
), ArticleFig(id=1315372076752552585, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 3, caption=
Descriptive statistics of variables
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| Variable | Obs | Mean | Std. Dev. | Min | Max |
| DI | 30875 | 0.6411 | 1.0937 | 0.0000 | 7.9298 |
| DR | 30875 | 0.6305 | 0.6291 | 0.0000 | 3.1513 |
| Size | 30875 | 22.2770 | 1.3178 | 19.5850 | 26.4403 |
| ListAge | 30875 | 2.2330 | 0.8757 | 0.0000 | 3.4340 |
| ROA | 30875 | 0.0351 | 0.0682 | -0.3750 | 0.2539 |
| Growth | 30875 | 0.1444 | 0.3986 | -0.6535 | 3.8082 |
| Lev | 30875 | 0.4279 | 0.2075 | 0.0349 | 0.9246 |
| Board | 30875 | 2.1151 | 0.2049 | 0.0000 | 2.7081 |
| Top1 | 30875 | 0.3336 | 0.1470 | 0.0000 | 0.7578 |
| TobinQ | 30875 | 2.0294 | 1.3944 | 0.7888 | 16.6472 |
| Cashflow | 30875 | 0.0458 | 0.0676 | -0.1989 | 0.2656 |
| RD | 30875 | 15.3933 | 6.4127 | 0.0000 | 24.4103 |
), ArticleFig(id=1315372076836438666, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表3, caption=
变量描述性统计
, figureFileSmall=null, figureFileBig=null, tableContent=
| Variable | Obs | Mean | Std. Dev. | Min | Max |
| DI | 30875 | 0.6411 | 1.0937 | 0.0000 | 7.9298 |
| DR | 30875 | 0.6305 | 0.6291 | 0.0000 | 3.1513 |
| Size | 30875 | 22.2770 | 1.3178 | 19.5850 | 26.4403 |
| ListAge | 30875 | 2.2330 | 0.8757 | 0.0000 | 3.4340 |
| ROA | 30875 | 0.0351 | 0.0682 | -0.3750 | 0.2539 |
| Growth | 30875 | 0.1444 | 0.3986 | -0.6535 | 3.8082 |
| Lev | 30875 | 0.4279 | 0.2075 | 0.0349 | 0.9246 |
| Board | 30875 | 2.1151 | 0.2049 | 0.0000 | 2.7081 |
| Top1 | 30875 | 0.3336 | 0.1470 | 0.0000 | 0.7578 |
| TobinQ | 30875 | 2.0294 | 1.3944 | 0.7888 | 16.6472 |
| Cashflow | 30875 | 0.0458 | 0.0676 | -0.1989 | 0.2656 |
| RD | 30875 | 15.3933 | 6.4127 | 0.0000 | 24.4103 |
), ArticleFig(id=1315372080334488203, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 4, caption=
Benchmark regression results
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | DI |
| (1) | (2) | (3) | (4) |
| DR | 0.0405***
(0.0123) | 0.0401***
(0.0123) | 0.0417***
(0.0123) | 0.0426***
(0.0123) |
| Size | | 0.0523***
(0.0084) | 0.0514***
(0.0088) | 0.0598***
(0.0094) |
| ListAge | | 0.0031
(0.0127) | 0.0168
(0.0131) | 0.0107
(0.0137) |
| ROA | | | 0.0693***
(0.0693) | 0.3019***
(0.0720) |
| Growth | | | -0.0160*
(0.0090) | -0.0163*
(0.0090) |
| Lev | | | -0.0207
(0.0361) | -0.0266
(0.0362) |
| Board | | | | -0.0193
(0.0296) |
| Top1 | | | | 0.0206
(0.0588) |
| TobinQ | | | | 0.0137***
(0.0039) |
| Cashflow | | | | -0.1229**
(0.0619) |
| RD | | | | 0.0012
(0.0010) |
| _cons | 0.6156***
(0.0084) | -0.5552***
(0.1829) | -0.5683***
(0.1890) | -0.7455***
(0.2060) |
| Year FE | YES | YES | YES | YES |
| Company FE | YES | YES | YES | YES |
| R2 | 0.7756 | 0.7759 | 0.7761 | 0.7763 |
| Observations | 30875 | 30875 | 30875 | 30875 |
), ArticleFig(id=1315372080456123020, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表4, caption=
基准回归结果
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | DI |
| (1) | (2) | (3) | (4) |
| DR | 0.0405***
(0.0123) | 0.0401***
(0.0123) | 0.0417***
(0.0123) | 0.0426***
(0.0123) |
| Size | | 0.0523***
(0.0084) | 0.0514***
(0.0088) | 0.0598***
(0.0094) |
| ListAge | | 0.0031
(0.0127) | 0.0168
(0.0131) | 0.0107
(0.0137) |
| ROA | | | 0.0693***
(0.0693) | 0.3019***
(0.0720) |
| Growth | | | -0.0160*
(0.0090) | -0.0163*
(0.0090) |
| Lev | | | -0.0207
(0.0361) | -0.0266
(0.0362) |
| Board | | | | -0.0193
(0.0296) |
| Top1 | | | | 0.0206
(0.0588) |
| TobinQ | | | | 0.0137***
(0.0039) |
| Cashflow | | | | -0.1229**
(0.0619) |
| RD | | | | 0.0012
(0.0010) |
| _cons | 0.6156***
(0.0084) | -0.5552***
(0.1829) | -0.5683***
(0.1890) | -0.7455***
(0.2060) |
| Year FE | YES | YES | YES | YES |
| Company FE | YES | YES | YES | YES |
| R2 | 0.7756 | 0.7759 | 0.7761 | 0.7763 |
| Observations | 30875 | 30875 | 30875 | 30875 |
), ArticleFig(id=1315372080581952141, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 5, caption=
Endogeneity test results
, figureFileSmall=null, figureFileBig=null, tableContent=
| Variable | 工具变量法 |
| (1) First Stage | (2) Second Stage |
| IV | 0.0815***
(0.0032) | |
| DR | | 0.9665***
(0.0726) |
| Constant | 0.2711***
(0.0834) | -2.4869***
(0.1525) |
| L.DR | NO | NO |
| Controls | YES | YES |
| Year FE | YES | YES |
| Company FE | YES | YES |
| Observations | 27523 | 27523 |
| Cragg-Donald Wald F | 3453.627*** | -- |
| Anderson canon. corr. LM | 3069.518*** | -- |
), ArticleFig(id=1315372080678421134, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表5, caption=
内生性检验结果
, figureFileSmall=null, figureFileBig=null, tableContent=
| Variable | 工具变量法 |
| (1) First Stage | (2) Second Stage |
| IV | 0.0815***
(0.0032) | |
| DR | | 0.9665***
(0.0726) |
| Constant | 0.2711***
(0.0834) | -2.4869***
(0.1525) |
| L.DR | NO | NO |
| Controls | YES | YES |
| Year FE | YES | YES |
| Company FE | YES | YES |
| Observations | 27523 | 27523 |
| Cragg-Donald Wald F | 3453.627*** | -- |
| Anderson canon. corr. LM | 3069.518*** | -- |
), ArticleFig(id=1315372080774890127, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 6, caption=
Robustness test results
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | (1) | (2) | (3) |
| 替换被解释变量 | 替换解释变量 | 剔除特殊行业 |
| DR | 0.0699***
(0.0107) | 0.0326**
(0.0149) | 0.0538***
(0.0125) |
| _cons | -0.8387***
(0.1794) | -0.6839***
(0.2070) | -0.5239**
(0.2067) |
| Controls | YES | YES | YES |
| Year FE | YES | YES | YES |
| Company FE | YES | YES | YES |
| R2/Pseudo R2 | 0.7983 | 0.7766 | 0.7493 |
| Observations | 30875 | 30736 | 28069 |
), ArticleFig(id=1315372080850387600, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表6, caption=
稳健性检验结果
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | (1) | (2) | (3) |
| 替换被解释变量 | 替换解释变量 | 剔除特殊行业 |
| DR | 0.0699***
(0.0107) | 0.0326**
(0.0149) | 0.0538***
(0.0125) |
| _cons | -0.8387***
(0.1794) | -0.6839***
(0.2070) | -0.5239**
(0.2067) |
| Controls | YES | YES | YES |
| Year FE | YES | YES | YES |
| Company FE | YES | YES | YES |
| R2/Pseudo R2 | 0.7983 | 0.7766 | 0.7493 |
| Observations | 30875 | 30736 | 28069 |
), ArticleFig(id=1315372080925885073, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 7, caption=
Heterogeneity test
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | DI | DI | DI |
(1)
省会城市企业 | (2)
非省会城市企业 | (3)
高科技企业 | (4)
非高科技企业 | (5)
国有企业 | (6)
民营企业 |
| DR | 0.0698***
(0.0178) | 0.0092
(0.0174) | 0.0315
(0.0203) | 0.0573***
(0.0151) | 0.0210
(0.0204) | 0.0649***
(0.0185) |
| _cons | -1.0365***
(0.3108) | -0.5431**
(0.2752) | -2.5639***
(0.3926) | -0.3082
(0.2487) | 0.5813
(0.3732) | -1.3627***
(0.2793) |
| Controls | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
| Company FE | YES | YES | YES | YES | YES | YES |
| R2 | 0.7783 | 0.7750 | 0.7943 | 0.7387 | 0.8012 | 0.7720 |
| Observations | 14126 | 16749 | 13202 | 17673 | 10687 | 18365 |
), ArticleFig(id=1315372081022354066, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表7, caption=
异质性检验
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | DI | DI | DI |
(1)
省会城市企业 | (2)
非省会城市企业 | (3)
高科技企业 | (4)
非高科技企业 | (5)
国有企业 | (6)
民营企业 |
| DR | 0.0698***
(0.0178) | 0.0092
(0.0174) | 0.0315
(0.0203) | 0.0573***
(0.0151) | 0.0210
(0.0204) | 0.0649***
(0.0185) |
| _cons | -1.0365***
(0.3108) | -0.5431**
(0.2752) | -2.5639***
(0.3926) | -0.3082
(0.2487) | 0.5813
(0.3732) | -1.3627***
(0.2793) |
| Controls | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
| Company FE | YES | YES | YES | YES | YES | YES |
| R2 | 0.7783 | 0.7750 | 0.7943 | 0.7387 | 0.8012 | 0.7720 |
| Observations | 14126 | 16749 | 13202 | 17673 | 10687 | 18365 |
), ArticleFig(id=1315372081110434451, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 8, caption=
Mechanism test
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | (1) | (2) | (3) |
| 数字产权保护 | 数据要素流通 | 数字安全治理 |
| DR | 0.0844***
(0.0018) | 0.0750***
(0.0227) | 0.0135***
(0.0049) |
| _cons | 4.9618***
(0.0340) | 5.8451***
(0.2832) | -0.4639***
(0.0831) |
| Controls | YES | YES | YES |
| Year FE | YES | YES | YES |
| Company FE | YES | YES | YES |
| R2 | 0.7220 | 0.9431 | 0.5881 |
| Observations | 28135 | 21775 | 30821 |
), ArticleFig(id=1315372081202709140, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表8, caption=
机制检验
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | (1) | (2) | (3) |
| 数字产权保护 | 数据要素流通 | 数字安全治理 |
| DR | 0.0844***
(0.0018) | 0.0750***
(0.0227) | 0.0135***
(0.0049) |
| _cons | 4.9618***
(0.0340) | 5.8451***
(0.2832) | -0.4639***
(0.0831) |
| Controls | YES | YES | YES |
| Year FE | YES | YES | YES |
| Company FE | YES | YES | YES |
| R2 | 0.7220 | 0.9431 | 0.5881 |
| Observations | 28135 | 21775 | 30821 |
), ArticleFig(id=1315372081299178133, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=EN, label=Table 9, caption=
Extended analysis
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | (1) | (2) | (3) | (4) |
| 数字产品创新 | 数字生产/服务流程创新 | 关键核心数字技术 | 一般核心数字技术 |
| DR | -0.0011
(0.0200) | 0.0511***
(0.0156) | -0.0095
(0.0065) | 0.0359***
(0.0106) |
| _cons | -2.8845***
(0.4000) | -2.4068***
(0.2991) | 8.6211***
(0.0913) | -0.9070***
(0.1782) |
| Controls | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES |
| Company FE | YES | YES | YES | YES |
| R2/Pseudo R2 | 0.7875 | 0.7995 | 0.9903 | 0.7658 |
| Observations | 19506 | 19006 | 25587 | 30875 |
), ArticleFig(id=1315372081366286998, tenantId=1146029695717560320, journalId=1308397381743640680, articleId=1315372071568392794, language=CN, label=表9, caption=
拓展分析
, figureFileSmall=null, figureFileBig=null, tableContent=
| variable | (1) | (2) | (3) | (4) |
| 数字产品创新 | 数字生产/服务流程创新 | 关键核心数字技术 | 一般核心数字技术 |
| DR | -0.0011
(0.0200) | 0.0511***
(0.0156) | -0.0095
(0.0065) | 0.0359***
(0.0106) |
| _cons | -2.8845***
(0.4000) | -2.4068***
(0.2991) | 8.6211***
(0.0913) | -0.9070***
(0.1782) |
| Controls | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES |
| Company FE | YES | YES | YES | YES |
| R2/Pseudo R2 | 0.7875 | 0.7995 | 0.9903 | 0.7658 |
| Observations | 19506 | 19006 | 25587 | 30875 |
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