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Using a quasi-natural experiment enabled by the synergy between the Artificial Intelligence Innovation Development Pilot Zones and the Public Data-Opening Pilot Policies, this study employs listed-firm data from 2012–2024 and applies a double machine learning approach to investigate the impact of policy synergy on corporate digital innovation bubbles. The findings show: (1) Policy coordination effectively suppresses corporate digital innovation bubbles and demonstrates a more significant effect than either policy alone. (2) Mechanism analysis reveals that policy synergy curbs digital innovation bubbles by enhancing firms’ dynamic capabilities. Further decomposition of dynamic capabilities indicates that absorptive capacity constitutes the primary transmission channel, followed by innovation capability, while adaptive capability plays a relatively weaker role. (3) Heterogeneity analysis indicates that the suppressing effect of policy coordination is more pronounced in regions with favourable business environments, industries with faster product iteration, and firms with weaker technological capital accumulation. This study extends the research perspective on digital innovation governance and provides empirical evidence for firms to optimise their digital innovation structures under the dual drivers of artificial intelligence and data factors.
Tang et al. (Thu,) studied this question.