Abstract: This paper uses the data of Chinese listed companies from 2006 to 2019 to measure the level of firms digital transformation using natural language analysis method，and constructs an econometric model to empirically analyze the impact of firms digital transformation on innovation The results show that：（1） Digital transformation has significantly improved the quantity，quality and efficiency of firm patents （2） The degree of digital transformation has a “ushaped curve” effect on firm innovation，indicating that there is a positive “threshold value” of the degree of digitalization （3） Digital transformation promotes firm innovation through innovation network spillover effect and trade network spillover effect，and there is correlation spillover effect of upstream and downstream firms （4） The innovation effect of digital transformation is greater in industries with lower competition degree and higher average digital transformation degree and digital intensity degree

Key words: digital transformation, firm innovation, innovation networks, trade networks, technology spillover

摘要： 本文使用2006—2019年上市公司的数据，在使用文本分析方法刻画微观企业数字化转型水平的基础上，构建计量模型实证分析了企业数字化转型对创新的影响。研究结果表明：（1）总体上，数字化转型显著提升了企业创新水平（专利数量、质量和效率）；（2）数字化转型程度与企业创新呈现U型曲线作用关系，表明存在正向创新效应的数字化程度“门槛值”；（3）数字化转型通过创新网络溢出效应和贸易网络溢出效应促进企业创新，且存在上下游企业的关联溢出效应；（4）在竞争程度较低的行业和平均数字化转型程度及数字密集程度较高的行业，企业数字化转型的创新效应更大。

关键词: 数字化转型, 企业创新行为, 创新网络, 贸易网络, 技术溢出