数字化转型对企业新质生产力的影响——基于市场竞争程度和分析师关注视角

The Impact of Digital Transformation on New Productivity of Enterprises—Based on Market Competition and Analyst Focus

摘要: 本文聚焦数字化转型对企业新质生产力的影响，在全球经济变革与中国高质量发展背景下展开研究。基于2012~2022年中国A股上市公司数据，构建综合评价指标体系衡量企业新质生产力，以年报文本分析构建数字化转型指标，并选取市场竞争强度、分析师关注等变量，运用回归分析、中介机制检验、调节机制检验等方法进行实证研究。研究发现，数字化转型对企业新质生产力具有显著促进作用，且通过降低市场竞争强度产生部分中介效应，分析师关注则强化了这一提升效应。稳健性检验通过倾向得分匹配法、替换被解释变量和解释变量、引入工具变量等方法验证了结果的稳健性。异质性分析表明，数字化转型对企业新质生产力的影响存在空间异质性和行业异质性，胡焕庸线东南侧和非重污染行业的数字化转型对企业新质生产力的提升作用更为显著。本文为新质生产力理论提供微观证据，丰富了新结构经济学理论内涵，同时为政府制定差异化政策、企业推进数字化转型提供了实践参考。

Abstract: This paper focuses on the impact of digital transformation on enterprises new-quality productivity, conducting research under the background of global economic transformation and China’s high-quality development. Based on data from Chinese A-share listed companies between 2012 and 2022, a comprehensive evaluation index system is constructed to measure enterprises new-quality productivity. Digital transformation indicators are developed through annual report text analysis, with variables such as market competition intensity and analyst attention selected for empirical study using regression analysis, mediation mechanism tests, and moderation mechanism tests. The findings reveal that digital transformation significantly promotes enterprises’ new-quality productivity, with partial mediating effects through reduced market competition intensity, while analyst attention reinforces this enhancement effect. Robustness tests validate the results through propensity score matching, substitution of dependent and independent variables, and instrumental variable methods. Heterogeneity analysis indicates spatial and industry heterogeneity in digital transformation’s impact on new-quality productivity, with more significant effects observed in regions south of the Hu Huanyong Line and non-heavy pollution industries. This paper provides micro-level evidence for new-quality productivity theory, enriches the theoretical framework of new-structure economics, and offers practical references for governments to formulate differentiated policies and enterprises to advance digital transformation.