Study on the Impact of Digital Economy on Innovation of Pharmaceutical Companies

Abstract

Objective To study the importance of digital economy to promote the innovation development of enterprises under the background of the era of information technology reform. Methods The maximum entropy method was used to measure the comprehensive level of digital economy development at provincial level. Besides, the impact of digital economy on the innovation performance of pharmaceutical industry was investigated empirically by using A-share pharmaceutical companies listed in China from 2013 to 2020 as a research sample, and the mediating mechanism of R&D investment and financing constraints on the impact was examined. Results and Conclusion It is found that digital economy is significantly and positively related to the innovation performance of enterprises. The mechanism test shows that digital economy improves innovation performance through the expansion effect of R&D investment and alleviating financing constraints. In the context that digital economy has become a new driving force for enterprise innovation, the combination of digital economy and real economy should be actively promoted, R&D investment in pharmaceutical enterprises should be increased, and financing channels should be broadened.

Keywords

enterprise innovation performance / digital economy / mediating effect analysis