Abstract: With the ongoing development of the digital economy, digital technology innovation has emerged as a key driver for businesses to enhance profitability and increase market value. The Chinese government has implemented a range of incentive policies to support enterprises in overcoming challenges related to digital innovation. However, many enterprises still face cognitive limitations in understanding and applying digital technology, leading to fragmented innovation efforts that fail to generate a systematic advantage. Additionally, the interplay of multiple government policies can result in negative effects, such as conflicts, resource mismatches, and strategic behavior by firms, ultimately undermining the effectiveness of these policies or creating perverse incentives. Existing research has often overlooked a detailed analysis of the relationship between government incentives and firms' digital technology innovation, particularly from a fine-grained perspective. There is a need for empirical studies that differentiate between various types of incentivizing policies and innovations, and examine the complementarity or substitutability between variables. Furthermore, a theoretical analysis that integrates multiple policy instruments, innovation behaviors, and the resulting benefits is essential for explaining the diverse innovation paths of firms. This study seeks to investigate the impact of mixed government incentives on firms' digital technology innovations and the subsequent economic outcomes, using regression analysis of data from China's A-share listed firms from 2014 to 2020. In particular, the paper introduces the concept of multi-dimensional digital technology innovation, focusing on three key dimensions: degree (overall level of digital investment), breadth (expansion across different technological domains), and depth (intensity of focus on a specific technological path). The study also constructs a conceptual framework for "mixed government incentives", incorporating both financial and institutional incentives, to offer a more comprehensive understanding of how government policies influence firms' multi-dimensional innovation behaviors and the resulting benefits. The findings reveal that: (1) government mixed incentive policies positively influence diversified digital technology innovations, with financial and institutional incentives complementing each other; (2) while the breadth and degree of innovation negatively impact firm earnings, the depth of innovation has a significant positive effect on earnings, and there is a substitution effect between breadth and depth; (3) financial incentives mitigate the negative impact of innovation degree and breadth on earnings, while enhancing the positive effect of depth on earnings, whereas institutional incentives exhibit the opposite moderating effect; (4) while the response to government incentives is consistent across digital industries, the impact on firm earnings varies. Theoretical contributions include: (1) constructing a logical framework linking government incentives, multi-dimensional innovation, and innovation benefits, which challenges the traditional linear analysis of "single incentive - single innovation"; (2) advancing the understanding of policy mix effects by exploring the complementarity between fiscal and institutional incentives; (3) enriching the theoretical framework by incorporating alternative relationships between innovation dimensions and the moderating effect of policies. Empirically, this study addresses how firms can optimize innovation behavior and value creation in a complex policy environment in the digital economy, offering both theoretical insights and empirical evidence to guide the formulation of more targeted, coordinated, and effective digital technology policies. By analyzing the policy-innovation-benefit relationship, the paper aims to uncover the underlying mechanisms linking macro-level policy decisions with micro-level firm behaviors, ultimately promoting policy synergy and strategic pathways for high-quality business development in the digital economy.

摘要： 本文使用2014—2020年中国A股上市公司数据，研究了政府混合激励政策对企业多元数字技术创新的作用，并对后续的经济影响进行了进一步探究。研究发现：政府混合激励政策对企业多元数字技术创新具有显著的正向作用，且财政和制度激励具有互补性。数字技术创新宽度和深度在对企业收益的影响过程中具有相互替代性。在此过程中，财政激励会削弱数字技术创新程度和宽度对企业收益的负面影响，并增强数字技术创新深度对企业收益的正向影响，而制度激励的作用正好相反。上述发现有利于重新审视我国政府混合激励政策的效果，并帮助企业发现数字技术创新的侧重点，为推动我国企业数字技术创新发展提供一定的参考。

关键词: 数字技术创新, 混合激励政策, 互补性, 替代性