Abstract：The rapid development of digital trade has brought far-reaching impacts on enterprises’ technology, management and market innovation. Taking the A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as samples, and taking the cross-border e-commerce pilot zone as a natural experiment, this paper systematically analyzes the impact of digital trade on the innovation efficiency of enterprises and its mechanism. The results show that digital trade has a significant positive promoting effect on the innovation efficiency of enterprises, and digital trade has shown significant cumulative enhancement characteristics through the pilot policy of the cross-border e-commerce pilot zone. Digital trade optimizes the allocation of human capital of enterprises through skills improvement and knowledge dissemination, eases financing constraints by improving enterprise information transparency and opening up more financing channels, and enhances the governance level of companies by improving corporate governance systems and improving corporate management efficiency, thereby promoting the improvement of corporate innovation efficiency. In addition, digital trade has a more significant effect on enhancing the innovation efficiency of non-state-owned enterprises, large enterprises, capital-intensive and technology-intensive industries, industries with low market competition, manufacturing enterprises, and enterprises in the central and western regions. Government departments should further promote the construction of digital trade infrastructure, optimize digital trade policies, promote the digital transformation of small and medium-sized enterprises, and encourage enterprises to participate in the global digital trade network, to better play the role of digital trade in promoting the innovation efficiency of enterprises.
张夏恒. 数字贸易如何影响企业创新效率：基于跨境电商综试区的自然实验[J]. 《深圳大学学报》（人文社科版）, 2025, 42(2): 68-79.
ZHANG Xia-heng. How Digital Trade Affects the Innovation Efficiency of Enterprise:A Natural Experiment Based on the Cross-border E-commerce Comprehensive Test Area. , 2025, 42(2): 68-79.
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2025, Vol. 42 
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