Abstract: The new information infrastructure is becoming an important support for China to consolidate and strengthen its foundation of real economy and to build comprehensively a new advantage of digital economy. This study is based on the work reports of Chinese government from 2010 to 2019 and the matching data of listed companies. The findings show that enterprise upgrading is a dynamic process during which production efficiency, organizational management and enterprise value chain can achieve transformation and upgrading. And new information infrastructure has a significant positive promotion effect on enterprise upgrading. This conclusion still holds after the robustness testing which takes endogeneity, sample self-selection and other issues into consideration. The analysis of the mechanism of action shows that the construction of the new information infrastructure and the integrated application will jointly promote the upgrading of enterprises through their improvement of innovation capability, the optimization of human capital structure and the cyberspace agglomeration. The heterogeneity test reveals that for non-state owned enterprises, mature enterprises, enterprises with higher marketization level and technology-intensive enterprises, the new information infrastructures have more significant incentive effects at the level of production efficiency and enterprise value chain, while the promotion effect of new information infrastructures on the upgrading of organizational management of technology-intensive enterprises has not been fully revealed.

Key words: new information infrastructure, production efficiency, organization management, enterprise value chain, enterprise upgrading