Abstract: In the digital economy era, digital technology innovation has become an intrinsic driving force to promote the high-quality development of enterprises. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2022, this paper empirically examines the value effect of enterprise digital technology innovation from the perspective of product market performance. It is found that enterprise digital technology innovation can significantly enhance the competitive advantage of the product market, and the conclusion still holds after a series of robustness tests. The mechanism test suggests that enterprise digital technology innovation enhances product market competitive advantage through improving operational efficiency, optimizing internal control and enhancing corporate reputation. Further research found that the role of enterprise digital technology innovation in enhancing the competitive advantage of products in the market is more obvious in enterprises with a better marketized environment, more competitive industries and high-tech industries. The study not only expands and deepens the theoretical understanding of the impact of digital technology innovation on the behavior of micro-enterprises, but also provides empirical evidence for enterprises to improve product market performance and accelerate digital transformation.

Key words: Digital Transformation, Product Market Competitive Advantage, Operational Efficiency, Internal Control, Corporate Reputation

摘要： 数字经济时代,数字技术创新已成为推动企业高质量发展的内在驱动力。本文基于2011—2022年沪深A股上市公司数据,从产品市场表现角度实证检验了企业数字技术创新的价值效应。研究发现,企业数字技术创新能够显著提升产品市场竞争优势,且该结论经过系列稳健性检验后仍然成立。机制检验表明,企业数字技术创新通过提高运营效率、优化内部控制和增强企业声誉来提升产品市场竞争优势。进一步研究发现,企业数字技术创新对产品市场竞争优势的提升作用在市场化环境较好、行业竞争较激烈和高科技行业的企业中表现得更为明显。研究结论不仅拓展和深化了数字技术创新对于微观企业行为影响的理论认识,而且为企业提高产品市场绩效和加快推进数字化转型提供了经验依据。

关键词: 数字技术创新, 产品市场竞争优势, 运营效率, 内部控制, 企业声誉