Research on the Driving Mechanism of Investor Interaction and Enterprise Digital Technology Innovation Based on Principal-Agent Theory

Abstract

While the interactivity between investors and listed companies has significantly improved with optimized capital market regulation and the proliferation of information technology, the mechanisms through which it affects corporate digital technology innovation remain unclear. Using data from Chinese A-share listed companies (2013-2023) and combining information from the Shenzhen Stock Exchange's 'Interactive Easy' and the Shanghai Stock Exchange's 'SSE e-Interactive' platforms, this study examines the impact of investor interactivity on corporate digital technology innovation and its underlying mechanisms. The study finds that: First, investor interactivity drives corporate digital technology innovation through three key channels: (1) increasing information transparency, (2) intensifying media scrutiny, and (3) easing financing constraints; Second, the above effects are more prominent in high-tech industries, non-capital-intensive, and environmentally friendly enterprises. Mechanism analysis reveals that interactivity facilitates resource allocation optimization and core technology breakthroughs by mitigating information asymmetry, strengthening external oversight, and diversifying financing channels. This paper reveals the driving role of capital market participants' behavior on corporate digital technology innovation, provides new evidence for the "investor-enterprise" interaction theory, and suggests that government departments optimize the functions of interactive platforms, enterprises formulate differentiated interactive strategies, and investors guide the direction of innovation through technical inquiries.