数字化转型、企业文化与创新：来自中国上市公司的经验证据

With the rapid development of the global digital economy, implementing digital transformation has become an inevitable choice for enterprises to achieve sustainable development. Based on the annual report data of listed companies from 2013 to 2021, I use text mining technology to depict the level of digitalization and cultural intensity of enterprises, exploring the impact and mechanisms of digital transformation on corporate innovation from both theoretical and empirical perspectives. I also analyze whether digital transformation can significantly improve corporate production efficiency through innovation. The study finds that digital transformation can effectively promote innovation in listed companies, and this conclusion remains valid when considering endogeneity issues and robustness tests. Mechanism analysis shows that the positive impact of digital transformation on innovation is achieved through the establishment of strong competitive, creative, and control-oriented corporate cultures, while cooperative culture plays a somewhat obstructive role. The impact of digital transformation on innovation is highly heterogeneous, with a more pronounced promoting effect in state-owned enterprises, high-tech industries, and competitive sectors. Digitalization enhances total factor productivity by promoting corporate innovation.