Abstract:
The high-quality "going global" of digital industries is of strategic significance for China to build new competitive advantages under the new system of a higher-level open economy. However, the impact of technology innovation activities driven by financial support on the international competition of regional digital industries has not been fully explored. This article took the software and information technology service industry as an observation and used a panel two-way fixed effects model to explore the situation of financial support for innovation driven the export of digital services enterprises. Then, a hierarchical progression model and an interaction term models were constructed to explore their incentive effects and guiding effects, respectively. It found that financial support for innovation significantly enhanced the performance of the regional digital industry international competition, and revealed that current generalized fiscal support for scientific and technological innovation had significantly incentivized its "overseas expansion" innovation behavior, generating positive stimulative effects; however, after its guiding intervention, no notable effect emerged. It confirmed the robustness of the conclusion via correction and verification by ways of Bootstrap bias correction, dynamic observation, introduction of instrumental variables, and placebo. While, the local government in China should reduce "remote-control" style innovation support to build international competitive advantages in the digital industry, and actively foster an open innovation ecosystem that facilitates "going global," thereby strengthening the foundation for independent innovation among enterprises in the digital sector through foreign demand.