Innovation Performance in High-Tech Enterprises: The Interplay of Innovation Policy, Entrepreneurship, and Digital Transformation

Abstract

This study investigates the intricate relationships between innovation policy, entrepreneurship, and innovation performance in high-tech enterprises, with a particular focus on the mediating role of digital transformation. Utilizing a sample of high-tech enterprises in Hainan, China, and employing structural equation modeling (SEM), the research explores how innovation policy and entrepreneurship drive innovation performance. The results demonstrate that both innovation policy and entrepreneurship significantly enhance innovation performance. Furthermore, digital transformation is found to partially mediate the relationship between these variables, suggesting that it is a crucial mechanism through which innovation policy and entrepreneurship translate into tangible innovation outcomes. The study also highlights the amplifying effect of digital transformation, showing that it enhances the positive impact of innovation policy and entrepreneurship on innovation performance. This underscores the importance of digital transformation as a strategic tool in the digital economy, essential for sustaining competitive advantage. The research makes a valuable contribution to the literature by integrating the concepts of innovation policy, entrepreneurship, and digital transformation into a comprehensive framework and providing empirical evidence of their interplay in the context of high-tech enterprises. The practical implications are significant, indicating that both policymakers and business leaders should prioritize digital transformation initiatives to bolster innovation capabilities and maintain competitive edge in an increasingly digitalized global market. Future research is encouraged to examine the potential moderating effects of organizational culture, market conditions, and technological sophistication on these relationships to further deepen the understanding of innovation dynamics in the digital era.