Intelligent Transformation, Economic Policy Uncertainty and Manufacturing Innovation: From the Perspective of Innovation Motivation

LIU Wei; LU Hong-fang; YU Long-zhen; JIANG Yu-chen

Volume 39 Issue 3

May 2024

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2024 > 39(3): 4-19

LIU Wei, LU Hong-fang, YU Long-zhen, JIANG Yu-chen. Intelligent Transformation, Economic Policy Uncertainty and Manufacturing Innovation: From the Perspective of Innovation Motivation[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(3): 4-19.

Citation:

LIU Wei, LU Hong-fang, YU Long-zhen, JIANG Yu-chen. Intelligent Transformation, Economic Policy Uncertainty and Manufacturing Innovation: From the Perspective of Innovation Motivation[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(3): 4-19.

Citation:

LIU Wei, LU Hong-fang, YU Long-zhen, JIANG Yu-chen. Intelligent Transformation, Economic Policy Uncertainty and Manufacturing Innovation: From the Perspective of Innovation Motivation[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(3): 4-19.

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Intelligent Transformation, Economic Policy Uncertainty and Manufacturing Innovation: From the Perspective of Innovation Motivation

School of Economics and Management, Qingdao University of Science and Technology, Qingdao 266061, China

Received Date: 2024-02-04
Available Online: 2024-06-15
Publish Date: 2024-05-28

Abstract

Abstract

Intelligent transformation is the key driving force to promote the digital-real integration and accelerate the development of manufacturing innovation. Based on the data of listed manufacturing enterprises in Shanghai and Shenzhen A-share markets from 2015 to 2022, this paper investigates the direct impact of intelligent transformation on manufacturing innovation, the indirect regulation mechanism of economic policy uncertainty and the multi-dimensional heterogeneity from the perspective of innovation motivation through theoretical analysis and empirical testing. The findings indicate that intelligent transformation promotes corporate innovation and has a stronger role in fostering substantive innovation. This conclusion is maintained after a series of robustness tests. Intelligent transformation is further analyzed by dividing it into the breadth and the depth of intelligent transformation. In addition, it is found that the former has a facilitating effect while the latter has an inhibiting effect. The mechanism analysis reveals that economic policy uncertainty has a moderating effect between intelligent transformation and enterprise innovation, weakening the facilitating effect of intelligent transformation on enterprise innovation in general; however, it enhances the facilitating effect of intelligent transformation on substantive innovation for enterprises seeking long-term competitive advantage instead. The heterogeneity analysis shows that the promoting effect of intelligent transformation on innovation is more significant for sample enterprises with high-level human capital structure and state-owned equity structure in the decline stage of the life cycle. In conclusion, enterprises should focus on the future and create long-term competitive advantages with substantive innovation. The government should stabilize policy expectations and create a good environment for enterprise innovation. At the same time, both government and enterprises should reach out to each other, to promote in-depth development of intelligent transformation in manufacturing.
- intelligent transformation,
- economic policy uncertainty,
- enterprise innovation,
- manufacturing,
- high-quality development

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References(47)

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