## 5 Empirical Test and Result Analysis
### Influencing Mechanism Analysis
#### 5.4.2 Enhancing Innovation Capacity  
Digital transformation improves the eidos of innovative development. According to the 'digital technology for good' effect discussed in the third part of the theoretical mechanism and hypothesis, digital transformation is conducive to the formation of enterprise innovation and development eidos. First of all, in terms of technological tool innovation, traditional manufacturing production processes generate massive amounts of information. \begin{table}
\begin{tabular}{c c c c c} \hline  & **(1)** & **(2)** & **(3)** & **(4)** \\ \cline{2-5}  & _Myopia_ & _ESG_ & _Myopia_ & _ESG_ \\ \hline _Ludigital_ & \(-0.0045\)*** & \(0.0165\)*** & \(-0.0042\)*** & \(0.0148\)*** \\ \hline  & (0.0007) & (0.0027) & (0.0007) & (0.0025) \\ \hline _Myopia_ & & \(-0.0783\)** & & \(-0.0836\)** \\ \hline  & & (0.0390) & & (0.0366) \\ \hline \multirow{2}{*}{Insize} & & \(-0.0041\)* & \(0.0431\)*** \\ \cline{2-5}  & & (0.0022) & (0.0073) \\ \hline \multirow{2}{*}{lev} & & \(-0.0089\)* & \(0.0457\)** \\ \hline  & & (0.0050) & (0.0186) \\ \hline growth & & \(-0.0012\) & \(-0.0040\) \\ \hline  & & (0.0008) & (0.0028) \\ \hline roa & & \(-0.0792\)*** & \(0.179\)*** \\ \hline  & & (0.0158) & (0.0504) \\ \hline cashflow & & \(0.0020\) & \(0.238\)*** \\ \hline  & & (0.0136) & (0.0452) \\ \hline mb & & \(0.0079\)*** & \(0.0946\)*** \\ \hline  & & (0.0018) & (0.0073) \\ \hline fsh1 & & \(0.0123\)** & \(0.0607\)*** \\ \hline  & & (0.0056) & (0.0185) \\ \hline dlzb & & \(-0.0056\) & \(0.166\)*** \\ \hline  & & (0.0153) & (0.0498) \\ \hline big4 & & \(-0.0061\)** & \(0.211\)*** \\ \hline  & & (0.0027) & (0.0099) \\ \hline Image & & & \(0.00534\)** & \(0.127\)*** \\ \hline  & & & (0.0023) & (0.0088) \\ \hline \multirow{2}{*}{\(\_\)cons} & \(0.0763\)*** & \(2.991\)*** & \(0.0752\)*** & \(2.540\)*** \\ \hline  & (0.0054) & (0.0220) & (0.0110) & (0.0414) \\ \hline Industry & control & control & control & control \\ \hline Year & control & control & control & control \\ \hline \(N\) & 9559 & 9559 & 9559 & 9559 \\ \hline \(R^{2}\) & 0.096 & 0.108 & 0.105 & 0.241 \\ \hline adj. \(R^{2}\) & 0.092 & 0.103 & 0.100 & 0.236 \\ \hline \end{tabular}
\end{table} 
Table 9: The mediating role of managers’ myopia (* \(p<0.1\), ** \(p<0.05\), *** \(p<0.01\)). However, due to the lack of a good production process information entry system and an instant personnel communication system, such information is more difficult to be effectively utilized. For example, product production quality information, product production design information, and consumer product preferences are often obtained through rough estimation methods and are difficult to adapt to consumers' escalating requirements for product quality, resulting in distortions in the distribution of production resources. It is difficult to efficiently adapt to real-time random changes in the market. However, the use of big data technology not only realizes the collection and precise utilization of massive data [62] but also changes the characteristics of closed production in traditional manufacturing enterprises. This change also provides an opportunity for enterprises to create products that are more in line with market expectations and obtain innovation dividends [21], which greatly improves the efficiency of enterprise innovation resource allocation. This paper uses R&D intensity (R&D investment/operating income) as a measure of innovation capability. Columns (1) and (2) in Table 10 report the regression results of the mediating effect without adding control variables. The results show that _Ludigital_ is 0.0761 for _Lntd_, which is significant at the 1% level, so there is a significant positive correlation between digital transformation and enterprise innovation ability. The regression coefficients of _Ludigital_ and _Lntd_ for ESG are 0.0043 and 0.0571, respectively. The coefficient of digital transformation is not significant, and the coefficient of enterprise innovation ability is significant at the 1% level. Therefore, the mediating effect does not hold.