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Based on the perspective of the innovation value chain, this paper divides the technological innovation of new energy enterprises into research and development and results transformation stages, uses the panel data of listed Chinese new energy enterprises from 2016 to 2021 to test the impact of urban digital economy development on the two-stage innovation efficiency, and examines the moderating role of organizational inertia and entrepreneurship on the relationship between the two. The study found that the development of the digital economy has significantly improved the efficiency of enterprises’ two-stage innovation, but its role in promoting the stage of research and development is more obvious; Organizational inertia and entrepreneurship have a positive moderating effect on the relationship between the two; Further research found that there are regions, urban class and population size, and enterprise nature differences in the impact of digital economy development on the efficiency of two-stage innovation of enterprises.

The Impact of Digital Economy on Innovation Efficiency of New Energy Enterprises: Evidence from the Perspective of Innovation Value Chain