摘要
实体经济关系着国家经济发展，制造业是实体经济主要组成部分，截至 2021
年 3月，我国已经连续 11年成为最大的制造业国家。但是中国制造业面临着不少传
统问题，如尖端核心技术依赖进口，产品附加值偏低、产品利润不高、产业结构不
合理等问题。随着科技的不断进步，新一代信息技术的发展日新月异，数字技术能
有效改进企业运行机制和运营效率，企业数字化转型已经成为大势所趋。在数字化
时代，企业对于数字化转型能否促进企业创新、降低生产经营成本认识的还不够充
分，很多企业对于数字化转型仍存在不敢转、不会转的问题，在一定程度上限制了
企业的发展。基于上述基本情况，本文从企业层面研究数字化对于创新绩效的影响
具有一定的实践价值以及创新意义。
本文首先通过文献研究的方法对企业数字化投资、人力资本以及创新绩效的概
念及度量指标进行界定，并对数字化投资与企业创新绩效及人力资本之间可能存在
的关系进行梳理。同时，本文对我国制造企业基本情况、创新表现以及面临的主要
问题分别进行了分析总结，进一步明确了研究目的。在理论基础部分，本文梳理总
结了企业资源观理论以及 IT能力理论，同时基于资源互补理论提出数字化投资与人
力资本通过资源互补的方式促进企业创新，并提出了数字化软硬件投资与人力资本
对企业创新绩效影响的研究假设。
在研究设计部分，本文选取 121家实施了数字化转型的制造企业，选取标准为
公司年报披露了相关数字化转型信息的企业，具体包括汽车制造、通讯及电子装备
制造、白电产业、航空航天、医药制造等企业，数据来源于上市公司年报及相关统
计数据库。本文引入数字化软硬件投资作为关键解释变量，企业专利申请总量作为
创新绩效的代理变量，人力资本作为中介变量，同时将净资产收益率、总资产增长
率、资产负债率、研发投入等均作为控制变量，在此基础上构建了研究模型。最后
本文使用固定效应模型进行实证分析，在总体回归的基础上，探究人力资本的中介
效应以及企业规模的调节效应，根据要素密集度进行了异质性检验。
在研究结论与建议部分，第一，在解释变量滞后期为一年的情况下，企业数字
化投资总额对企业创新绩效具有统计上显著的正向促进作用；第二，在滞后期为一
年时，数字化投资的软件部分能显著地提升企业的创新绩效；人力资本在数字化软
件投入对企业创新业绩的影响中存在正向的部分中介作用，而数字化硬件投入对企
业创新绩效的提升作用不显著；第三，对不同类别的制造企业进行了研究，并根据
实证研究结果对不同要素密集度制造企业数字化改造提出了政策性建议。
关键词：数字化投资；创新绩效；人力资本；影响机制；中介作用
Abstract
The real economy is vital to a country's economic development and the foundation for
winning the initiative in international competition. Manufacturing is a major component of
the real economy. As of March 2021, China has been the largest manufacturing country for
11 consecutiveyears. However, China'smanufacturing industry isfaced withmany
traditional problems, such as dependence on import of cutting-edge and core technologies,
low addedvalue ofproducts, lowprofits ofproducts, andunreasonable industrial
structure. With the continuous progress of science and technology and the rapid development
of the new generation of information technology, digital technology can effectively improve
the operation mechanism and efficiency of enterprises, digital transformation of enterprises
has becomethe general trend. Inthe digital era,enterprises donot have sufficient
understanding of whether digital transformation can promote enterprise innovation and
reduce production and operation costs. Many enterprises still have problems that they dare
not or will not convertto digital transformation, which restricts the development of
enterprises to a certain extent. Based on the above basic situation, this paper studies the
influence of digitalization on innovation performance from the enterprise level, which has
certain practical value and innovation significance.
Firstly, this paper defines the concepts and measures of enterprise digital investment,
human capital and innovation performance through literature research, and sorts out the
possible relationship between digital investment, enterprise innovation performance and
human capital. At the same time, this paper analyzes and summarizes the basic situation,
innovation performance and main problems of China's manufacturing enterprises, and
further clarifies the research purpose. In the theoretical basis part, this paper summarizes the
enterprise resourceview theory andIT capabilitytheory, and proposesthat digital
investmentand humancapital canpromoteenterprise innovationthroughresource
complementarity based on the resource complementarity theory, and puts forward the
research hypothesis of the influence of digital hardware and software investment and human
capital on enterprise innovation performance.
In the research design part, this articleselects 121 manufacturing enterprises to
implement the digital transformation, selection criteria for the company annual report
disclosure of the information related to digital transformation of enterprises, including
automotive, telecommunications and electronic equipment manufacturing, white electricity
industry, aerospace, medicine manufacturing, such as data from the annual report of listed
companies and related statistics database. As a key variable, this paper introduced digital