数字化转型对企业全要素生产率的影响研究——基于A股上市公司的实证研究

The Impact of Digital Transformation on Firms’ Total Factor Productivity—Empirical Evidence from A-Share Listed Companies in China

摘要: 数字经济时代，数字化转型已经成为企业高质量发展的重要路径。本文基于中国A股上市公司数据，从理论层面梳理了数字化转型提升企业全要素生产率的内在机理，并构建微观层面的数字化转型指数，在此基础上从实证角度检验了数字化转型对企业全要素生产率的影响。考虑内生性等问题后，本文发现数字化转型显著提高了企业全要素生产率，已经成为数字经济时代提升制造业企业生产效率的强劲驱动力，这一结论在进行了一系列稳健性检验后仍然成立。在影响机制方面，数字化转型可以通过缓解代理成本的机制促进全要素生产率提升。基于异质性的研究发现，所有制性质、企业规模、治理结构等企业微观特征对数字化转型的效率提升作用产生差异性影响。本文的研究结论有助于准确评估数字化转型的生产率效应，为政策制定和调整提供经验证据。

Abstract: In the era of the digital economy, digital transformation has emerged as a critical pathway for enterprises to achieve high-quality development. Based on data from A-share listed companies in China, this paper theoretically elaborates the intrinsic mechanisms through which digital transformation enhances firms’ total factor productivity (TFP) and constructs a micro-level digital transformation index. On this basis, it empirically examines the impact of digital transformation on firms’ TFP. After addressing potential endogeneity issues, the results indicate that digital transformation significantly improves firms’ TFP and has become a powerful driver for enhancing production efficiency in manufacturing enterprises under the digital economy. This conclusion remains robust across a series of validation tests. Regarding the underlying mechanisms, the findings reveal that digital transformation promotes TFP by alleviating agency costs. Furthermore, heterogeneity analysis shows that firm-specific characteristics—including ownership type, firm size, and governance structure—lead to differential effects of digital transformation on productivity improvement. The findings of this study contribute to an accurate assessment of the productivity effects of digital transformation and provide empirical evidence to inform policy formulation and adjustment.