摘要：The digital economy is a driving force for economic growth in various countries. When the digital economy is deeply integrated with Internet companies, it also brings about great challenges to corporate innovation. This paper used the DEA-Malmquist model to measure the efficiency of the science and technology investment of 30 Internet-listed companies in China from 2011 to 2019, constructing a long-distance function and displaying the dynamic changes in the comparative efficiency of time and space. This research evaluated the digital maturity and digital experience of Internet companies under the continuous investment of science and technology, concluding that the investment in science and technology under the digital economy can improve the innovation efficiency of China’s Internet companies. Research shows that technology investment has a significant positive impact on the digitalization of Internet companies, but there is heterogeneity among different companies. Based on the theoretical research in this article and the empirical experience of in-depth digitalization, it also provides path suggestions for the in-depth development of digitalization of Internet companies. This research has important theoretical significance and practical value for further promoting the development of Internet companies and promoting the application of the digital economy.
