DATA and CODE-Research on Digital Infrastructure Construction and Corporate Innovation Efficiency: Evidence from Broadband China Strategy

Adopting the Broadband China Strategy as a quasi-natural experiment, we construct a multi-period Difference-in-Differences (DID) modelto examine the relationship between digital infrastructure construction and corporate innovation efficiencywith panel data from Chinese listed companies spanning from 2010 to 2022. Results reveal that the digital infrastructure development significantly enhances corporate innovation efficiency by alleviating financing constraints and optimizing the structure of human capital. Furthermore, the Broadband China Strategy exerts a pronounced impact on non-state-owned enterprises, non-high-tech enterprises, and enterprises located in the eastern region. Overall, our research presents valuable insights for enterprises striving to augment their innovation efficiency, while also providing robust evidence of the innovation-enhancing effects of digital infrastructure.

本研究以宽带中国战略（Broadband China Strategy）为准自然实验（quasi-natural experiment），采用2010至2022年中国上市公司的面板数据（panel data），构建多期双重差分（Difference-in-Differences，DID）模型，探究数字基础设施建设与企业创新效率之间的关联。研究结果显示，数字基础设施发展可通过缓解企业融资约束、优化人力资本结构，显著提升企业创新效率。进一步分析表明，宽带中国战略对非国有企业、非高新技术企业以及东部地区企业产生了更为显著的影响。综上，本研究为致力于提升创新效率的企业提供了极具价值的实践启示，同时也为数字基础设施的创新增效效应提供了稳健的实证证据。