数字化已成为当前全球经济发展的重要趋势，随着数字经济不断发展，越来越多的企业开始进行数字化投资，以期通过数字技术的应用进一步提升创新能力。基于此，本文聚焦企业数字化投资行为，探讨数字化投资能否带来创新效率与创新质量的提升。此外，研究关注影响数字化投资效用的内外部因素——高管团队数字化背景、管理层讨论与分析文本语调以及供应链集中度，构建权变模型进一步探讨三者的调节作用。

研究基于2011-2018年A股上市公司数据对上述问题进行检验。结果表明，数字化投资能够促进企业创新效率与创新质量的提升。高管团队数字化背景、管理层讨论与分析积极语调在“数字化投资—创新效率”、“数字化投资—创新质量”作用关系中均能起到正向调节作用。企业供应链集中度负向调节数字化投资与创新效率之间的关系，但正向调节数字化投资与创新质量的关系。进一步，当考虑供应链集中度的三重交互作用时，研究发现供应链集中度将抑制高管团队数字化背景在数字化投资与创新效率之间关系中的正向调节作用。

本研究结论具有如下理论贡献。首先，本文关注数字化投资这一行为，通过揭示数字化投资对企业创新效率与创新质量的作用效果，贡献于数字创新相关研究。同时，通过聚焦效率、质量两个创新特征，本文为理解数字化投资的效用提供了较为新颖的理论视角，有助于更加全面深刻地理解这一战略行为。其次，本文在数字化投资情境下探讨了高管团队成员数字化相关背景的作用，为高管团队工作经历、教育背景因素在数字化相关资源利用中的作用效果提供启示。第三，本文引入数字化投资的情境，探讨了企业年报中管理层讨论与分析的积极语调对数字化投资利用效果的影响，研究结果揭示了管理层讨论与分析披露语调的重要意义，丰富了非财务信息披露相关研究。第四，本文引入供应链集中度这一企业外部知识与技术获取的重要影响因素，在数字化投资情境下探讨其作为边界条件如何影响数字化资源效用，对供应链特征相关研究形成补充。最后，本研究建立权变模型，探讨了内外部因素协同作用对数字化资源配置的影响，丰富了企业数字化投资利用的多重边界条件。

Digitalization has become an important trend in the current global economic development. With the development of the digital economy, more and more firms started to make digital investment in order to further enhance their innovation capability with the help of digital technology.

Endorsing the fact, this study focuses on the firm’s digital investment and explores whether the digital investment can enhance both innovation efficiency and innovation quality. In addition, the study builds the contingency model to explore the internal and external factors that affect the utility of digital investment —TMT’s digital-related background, MD&A’s tone, and supply chain concentration.

Using longitudinal and multisource data drawn from a sample of 3151 listed Chinese firms between 2011 and 2018, this study conducts an empirical study to address the questions above. The study finds that digital investment can enhance both firm’s innovation efficiency and its’ innovation quality. The study also finds that TMT’s digital-related background, as well as MD&A’s positive tone, can play a positive moderate role in the “digital investment-innovation efficiency” relationship and the “digital investment-innovation quality” relationship. Moreover, the supply chain concentration rate moderates the relationship between digital investment and innovation efficiency negatively. In contrast, it moderates the relationship between digital investment and innovation quality positively. Furthermore, the supply chain concentration rate would weaken the positive moderating effect of TMT’s digital-related background on the “digital investment-innovation efficiency” relationship.

This study makes serval contributions to the current literature. First, we focus on firm’s digital investment as a kind of strategic initiatives. We contribute to research on digital innovation by providing new insight on the effectiveness of digital investment on firm’s innovation efficiency and innovation quality. Moreover, by shedding light on the effectiveness of digital investment, this study provides a new and meaningful empirical foundation for understanding how digital investment affects a firm’s innovation outcome. Second, our study providing insights on the effect of TMT’s educational background and working experience on digital innovation by offering a fresh context digital investment. Third, our study explores the effect of MD&A’s positive tone on the utilization of digital investment. The result shed lights on the importance of MD&A’s tone and complements the research on non-financial information disclosure. Forth, our study introduces supply chain concentration as the salient boundary condition on the effectiveness of digital investment, which complements the studies about supply chain management. Finally, based on the contingency model, our finding provides a more nuanced perspective for understanding the intricate relationship between a firm’s digital investment and its innovation outcomes.