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Enterprise's R&D and Innovation Management

Study on the Technological Innovation Efficiency of Listed Inte⁃

grated Circuit Companies in the Yangtze River Delta Region

—Based on the Perspective of Digital Transformation

Zhang Jiafeng, Wang Shihao, Wu Songqiang

(School of Economics and Management, Nanjing Tech University, Nanjing 211816, China)

Abstract: Promoting the digital transformation of the integrated circuit industry plays an im⁃

portant role in upgrading national manufacturing, in line with the State Council's "14th Five

Year Plan for Digital Economy Development" strategy of building a strong digital economy. The

integrated circuit industry is a crucial component of modern manufacturing and holds strategic

significance and competitive advantages globally. Therefore, studying the innovation efficiency

of this industry from a digital transformation perspective is essential for achieving high-quality

development. However, current research on the technological innovation efficiency of the inte⁃

grated circuit industry is limited, especially from the viewpoint of digital transformation. This

study focuses on listed integrated circuit companies in the Yangtze River Delta, utilizing a three

stage DEA model to measure and decompose innovation efficiency and a Tobit regression model

to analyze key influencing factors. The research data mainly come from the CSMAR database

and various statistical yearbooks. Findings reveal low overall innovation efficiency from 2016 to

2020, with significant positive correlations between innovation efficiency and digital transforma⁃

tion levels and government policy support, while negative correlations exist with economic devel⁃

opment level, market competition intensity, and openness. Adjusted DEA-BCC model results

show improvements in comprehensive efficiency, technical efficiency, and scale efficiency. How⁃

ever, overall levels remain low, primarily due to insufficient technical efficiency. According to

the Tobit regression, factors such as debt ratio, major shareholder ownership, R&D personnel ra⁃

tio, company size, net profit margin, and independent director ratio have an impact on innovation

efficiency. Notably, the R&D personnel ratio is negatively correlated with comprehensive effi⁃

ciency, highlighting the importance of quality over quantity. This study suggests actively advanc⁃

ing digital transformation, optimizing capital structure, and improving management models to en⁃

hance operational efficiency. These measures are essential to improve the digitalization level of

the integrated circuit industry. From the theoretical perspective, this study deepens the under⁃

standing of technological innovation efficiency and influencing factors of listed integrated circuit

companies in the Yangtze River Delta region through the three-stage DEA model and Tobit

model. From a practical perspective, the strategies proposed in this study can help the integrated

circuit industry improve innovation efficiency, accelerate the progress of digital transformation,

and help companies assess and mitigate potential risks. Overall, this research not only provides

theoretical support and empirical foundations for improving innovation efficiency in the inte⁃

grated circuit industry but also helps the industry implement digital transformation and improve

technology innovation efficiency amid globalization and rapid technological advancement.

Key words: listed integrated circuit companies; three-stage DEA; technological innovation ef⁃

ficiency; digital transformation