Abstract:

The Cybersecurity Law focuses on cybersecurity governance and risk prevention and control, and creates a safe and stable cyber environment for enterprises to carry out innovation activities. This paper regards the implementation of the Cybersecurity Law as a quasi-natural experiment, and selects the data of Shanghai and Shenzhen A-share listed companies to explore the impact of the implementation of the Cybersecurity Law on enterprise innovation. The study finds that the implementation of the Cybersecurity Law promotes enterprise innovation. The analysis of the mechanism of action shows that the Cybersecurity Law affects enterprise innovation by improving enterprise risk-taking and optimizing human capital structure. Further research finds that the promoting effect of the Cybersecurity Law on enterprise innovation is more obvious in areas with strong legislative ability, areas with a high degree Confucian cultural influence, private enterprises and enterprises with more senior executives with information technology backgrounds. The conclusion of this study provides policy references for China to improve network security supervision and achieve self-reliance in science and technology.

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