How the Internet Improves the Innovation Efficiency of Manufacturing Enterprises: Mechanism and Test

Abstract

Abstract: The Internet is not only an important engine to promote the innovation-driven development of the manufacturing industry, but also the main way to solve the “low-quality and low-efficiency” innovation dilemma of the manufacturing industry. This paper constructs a theoretical analysis framework on the improvement of innovation efficiency of Internet-driven manufacturing enterprises, and uses the panel data of China’s A-share listed manufacturing companies from 2012 to 2019 to empirically test the impact of the Internet on the innovation efficiency of manufacturing enterprises and the moderating effect of cost, enterprise innovation openness and enterprise production technology efficiency. The research finds: (1) The Internet has a significant role in promoting the innovation efficiency of manufacturing enterprises, and the conclusion still holds after a series of robustness tests. (2) The results of the mechanism test show that the adjustment effects of enterprise cost, enterprise innovation openness and enterprise production technology efficiency are all positive, that is, the Internet effectively promotes the innovation efficiency of manufacturing enterprises by expanding enterprise innovation openness and improving enterprise production technology efficiency. However, the cost saving of enterprises has inhibited the improvement of innovation efficiency of Internet-driven manufacturing enterprises. (3) The results of the heterogeneity test show that the impact of the Internet on the improvement of innovation efficiency of manufacturing enterprises in different regions, industries, and types of enterprises is significantly different. Especially for manufacturing enterprises in the central and western regions, capital-intensive manufacturing industries, high-asset-specific manufacturing enterprises and state-owned manufacturing enterprises, the promotion effect of Internet-driven innovation efficiency improvement is more significant. The above research results mean that vigorously promoting the embedding and application of the Internet to manufacturing enterprises is an important way to drive the improvement of innovation efficiency of manufacturing enterprises.

Key words: Internet, manufacturing enterprises, innovation efficiency, listed companies

Yu Binbin, Jiang Nanping, Feng Mujia. How the Internet Improves the Innovation Efficiency of Manufacturing Enterprises: Mechanism and Test[J]. Management Review, 2024, 36(9): 83-95.

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