Impact of Digital Finance on Enterprise Innovation Ability: From the Perspective of Value Co-Creation

Digital finance reshapes the logic of value creation and injects impetus into the enhancement of enterprise innovation ability. This paper uses A-share listed companies from the Shanghai and Shenzhen Stock Exchanges from 2011 to 2023 as the research sample to examine the effect of digital finance on enterprise innovation ability from the perspective of value co-creation. The research results indicate that digital finance significantly enhances enterprise innovation ability. In terms of the impact mechanism, digital finance improves enterprise innovation ability through four value co-creation models: customer economic value co-creation, customer social value co-creation, partner economic value co-creation, and partner social value co-creation. Heterogeneity analysis reveals that the effect of digital finance on enterprise innovation ability is more pronounced among enterprises subject to post-financial regulation, those with lower regional resource endowment, those with a higher level of data elements, and those in the manufacturing sector. This study contributes to the existing literature by deepening the understanding of the determinants and underlying mechanisms driving enterprise innovation ability. The findings provide reliable empirical evidence and policy insights to support digital finance in promoting the development of the real economy.