Abstract
AbstractWith the advent of the digital age, digital transformation has become an important way for enterprises to enhance their competitiveness. Using a large sample of Chinese A‐share listed companies from 2008 to 2019, we explore the impact of digital transformation on firms' innovation investment volatility. The research conclusions include the following aspects: (1) There is a positive correlation between digital transformation and innovation investment volatility. Mechanism analysis digital transformation promotes the volatility of firms' innovation investment by alleviating financing constraints and enhancing the ability to identify and seize innovation opportunities. (2) The positive correlation between digital transformation and the volatility of firms' innovation investment is more obvious in large‐sized enterprises and non‐high‐tech industrial enterprises. (3) Digital transformation reinforces the positive correlation between the volatility of firms' innovation investment and firms' patent applications for invention. This research expands the relevant research on the micro‐consequences of digital transformation and innovation strategy from a dynamic perspective.
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