近年来，数字经济已成为驱动我国经济高质量发展的新动力，其与社会经济各领域深度融合，深刻影响着我国经济发展格局。目前我国虽已进入经济高质量发展阶段，但与发达国家相比还存在较大差距，尤其是作为推动经济发展核心动力的创新能力，还存在创新资源投入低、创新成果产出不足的问题，进而致使创新效率也偏低。而企业作为推动我国科技创新的重要微观主体，其创新效率的提升一直备受关注。随着数字经济的浪潮席卷各行各业，企业为了获取竞争优势、占据更大市场份额，纷纷加入了数字化转型的队伍。企业实施数字化转型不仅可以优化业务流程、变革传统生产模式、重塑组织架构，也会对企业创新效率产生一定的影响，在这一过程中，人力资本素质作为重要的异质性资源，也会对数字化转型与企业创新效率产生一定影响。与此同时，分析师关注和机构投资者持股作为我国资本市场的参与者和企业重要的外部治理机制，也会对数字化转型战略决策和创新项目投资产生一定影响。因此，本文探究了数字化转型对企业创新效率的影响，并进一步分析了人力资本素质、分析师关注和机构投资者持股在其中的作用。

基于此，本文结合以往学者的研究，依据信息不对称理论、信号传递理论、企业创新理论、资源基础理论和股东积极主义理论，提出相关研究假设，选取2013至2022年沪深A股上市公司作为研究样本，从“投入—产出”视角出发，实证检验了数字化转型对企业创新效率的影响，并分别以人力资本素质作为中介变量、分析师关注和机构投资者持股作为调节变量，检验三者在数字化转型对企业创新效率影响中发挥的作用。进一步地，深入探究数字化转型对创新效率的影响在不同产权性质和行业竞争度中的差异。实证结果表明：（1）数字化转型可以促进企业创新效率的提升以及人力资本素质的提升；（2）人力资本素质在数字化转型对企业创新效率的正向影响中发挥着中介作用；（3）分析师关注和机构投资者持股会增强数字化转型对企业创新效率的正向影响；（4）数字化转型对企业创新效率的正向影响在国有企业和处于低竞争行业的企业中更大。最后，本文在总结研究结论的基础上，从政府相关部门和企业相关部门两个层面提出建议，为企业实施数字化转型与提升创新效率提供借鉴。

In recent years, the digital economy has become a new driving force driving the high-quality development of China's economy. It is deeply integrated with various fields of social economy and has a profound impact on the pattern of China's economic development. At present, although China has entered the stage of high-quality economic development, there is still a big gap between China and China and developed countries. Especially for the innovation ability, as the core driving force of economic development, there are also problems of low input of innovation resources and insufficient output of innovation achievements, which result in low innovation efficiency. As an important micro subject to promote China's scientific and technological innovation, the improvement of the innovation efficiency of enterprises has been attracting much attention. With the wave of digital economy sweeping across all walks of life, enterprises have joined the digital transformation team in order to gain competitive advantages and occupy a larger market share. The implementation of digital transformation by enterprises can not only optimize the business process, change the traditional production mode and reshape the organizational structure, but also have a certain impact on the innovation efficiency of enterprises. In this process, human capital, as an important heterogeneous resource, will also have a certain impact on the digital transformation and enterprise innovation efficiency. At the same time, analysts 'attention and institutional investors' shareholding, as participants in China's capital market and an important external governance mechanism of enterprises, will also have a certain impact on the strategic decision of digital transformation and the investment of innovative projects. Therefore, this paper explores the impact of digital transformation on the innovation efficiency of enterprises, and further analyzes the quality of human capital, analyst attention and the role of institutional investors holding shares.

Based on this, this paper, combined with previous scholars research, on the basis of information asymmetry theory, signal theory, enterprise innovation theory, resource base theory and shareholder activist theory, put forward related research hypothesis, selected from 2013 to 2022 Shanghai Shenzhen a-share listed companies as A research sample, from the perspective of "input-output", the empirical test of the efficiency of enterprise innovation, and human capital quality as A intermediary variable, analyst, and institutional investors holding as a variable, test the three in the digital transformation in the influence of enterprise innovation efficiency. Further, explore the differences of the impact of digital transformation on innovation efficiency in the nature of different property rights and industry competition degree. The empirical results show that: (1) digital transformation can promote the improvement of enterprise innovation efficiency and human capital quality; (2) human capital quality plays an intermediary role in the positive impact of digital transformation on enterprise innovation efficiency; (3) analyst attention and institutional investors will enhance the positive impact of digital transformation on enterprise innovation efficiency; (4) the positive impact of digital transformation on enterprise innovation efficiency is greater in state-owned enterprises and enterprises in low competitive industries. Finally, on the basis of summarizing the research conclusions, this paper puts forward suggestions from the two levels of relevant government departments and enterprise relevant departments, so as to provide reference for enterprises to implement digital transformation and improve innovation efficiency.

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