Abstract
Innovation investment is a crucial means for enterprises to maintain their competitive advantage and achieve transformation and upgrading. This paper examined the impact of innovation investment on the value of Chinese digital creative enterprises based on a sample of listed enterprises in this industry from 2015 to 2020, while considering the moderating role of executive cognitive ability. The findings reveal that innovation investment in Chinese digital creative enterprises has been increasing steadily in recent years and is positively associated with enterprise value. However, an inverted U-shaped relationship exists between innovation investment and enterprise value, as maintaining a moderate level of innovation investment is essential for the healthy development of digital creative enterprises. Moreover, executive cognitive ability can enhance the driving effect of innovation investment on enterprise value. After considering the lag effect of innovation investment, its impact on enterprise value becomes even more apparent.
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