财经问题研究

企业韧性是保障中国产业链供应链安全、实现经济高质量发展的关键。在数字经济时代，数字技术创新已经成为驱动中国经济发展的核心动力。本文基于2020—2022年中国上市公司的数字专利申请数据，采用双向固定效应模型实证检验数字技术创新对企业韧性的影响及作用机制。研究结果显示：数字技术创新能够提升企业韧性，该结论在一系列内生性检验和稳健性检验后依然成立；数字技术创新通过提高企业生产率、增强企业盈利能力和稳定企业预期提升企业韧性；在市场竞争程度较高行业、创新失败风险较高行业、数字基础设施完善地区和知识产权保护水平较高地区，数字技术创新对企业韧性的提升作用更明显；数字技术创新与非数字技术创新相互协同，共同提升企业韧性。本文研究有助于深化对数字技术创新的认识，为进一步完善数字经济政策、引导企业开展数字技术创新与应用活动、提升企业韧性提供了有益参考。

Enterprise resilience is the key to ensuring the security of China's industrial and supply chains and achieving high-quality economic development. In recent years, the complex and volatile geopolitical situation and heightened uncertainty in the global economy have shifted economic competition from industrial competition to industrial chain competition, which has seriously threatened the security of China's industrial and supply chains.As the backbone of China's economic development, enterprises need enhanced resilience, which essentially means strengthening their risk tolerance, sensitivity to opportunities, and sustainability for long-term development. Improved enterprise resilience not only helps enterprises survive in the market but also enables them to seize opportunities in industrial restructuring, ultimately achieving a leap from short-term survival to long-term leadership, thereby stabilizing industrial and supply chains and enhancing the resilience of China's macroeconomy. In the era of the digital economy, digital technology innovation has become the core driving force for China's economic development. Against this background, studying how digital technology innovation enhances enterprise resilience carries important theoretical and practical significance.Based on digital patent application data of Chinese listed firms from 2020 to 2022, this paper empirically examines the impact and mechanism of digital technology innovation on enterprise resilience using a two-way fixed-effects model. The results show that digital technology innovation significantly enhances enterprise resilience, and this conclusion remains robust after a series of endogeneity and robustness checks. Mechanism tests indicate that digital technology innovation enhances enterprise resilience by improving enterprise productivity, strengthening enterprise profitability, and stabilizing enterprise expectations. Heterogeneity analysis reveals that the positive effect of digital technology innovation on enterprise resilience is more pronounced for firms in industries with higher market competition, higher innovation failure risk, and firms located in regions with better digital infrastructure and stronger intellectual property protection. In addition, further analysis reveals that although non-digital technology innovation cannot directly improve enterprise resilience, it can synergize with digital technology innovation to jointly enhance enterprise resilience.Compared with existing research, the marginal contributions of this paper are mainly reflected in the following three aspects. First, it extends relevant literature on digitalization and enterprise resilience by investigating the impact of digital technology innovation on enterprise resilience, providing a valuable supplement to existing research. Second, it reveals the underlying mechanisms through which digital technology innovation affects enterprise resilience, offering insights into the fundamental reasons why digital technologies strengthen enterprise resilience. Third, it identifies the synergistic effect between digital and non-digital technology innovation, deepening the understanding of how digital technology innovation shapes enterprise resilience.