数字化转型对全要素生产率的影响——来自制造业上市公司的证据

The Impact of Digital Transformation on Total Factor Productivity—Evidence from Manufacturing Listed Companies

摘要: 数字经济与制造业的协同发展有助于实现产品质量和生产效率的提升，从而重构制造业的核心竞争力。论文基于2011~2024制造业上市公司的数据，从直接传导机制、间接传导机制和异质性传导机制三个维度阐述了数字化转型提升制造企业全要素生产率的内在机理，实证研究也验证了数字化转型对企业全要素生产率的影响。主要结论如下：(1) 企业数字化对制造业企业全要素生产率具有显著促进作用。经过工具变量法、替换变量、滞后检验等多重稳健性检验后这一结论依然成立。(2) 数字化对生产率的促进作用呈现明显的异质性特征。在企业层面，国有企业的数字化提升效应更为突出；在区域层面，东部地区的促进作用显著强于中西部地区。(3) 机制分析表明，数字化通过创新驱动路径增强创新产出能力水平来推动企业全要素生产率提升；数字化有效降低信息壁垒，通过成本优化路径来推动企业全要素生产率提升。论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: The synergistic development of the digital economy and manufacturing contributes to the enhancement of product quality and production efficiency, thereby reconstructing the core competitiveness of manufacturing. Based on data from listed manufacturing companies from 2011 to 2024, this paper elucidates the intrinsic mechanisms through which digital transformation enhances total factor productivity (TFP) in manufacturing enterprises from three dimensions: direct transmission mechanisms, indirect transmission mechanisms, and heterogeneous transmission mechanisms. Empirical research also validates the impact of digital transformation on enterprises’ TFP. The main conclusions are as follows: (1) Enterprise digitalization significantly promotes TFP in manufacturing enterprises. This conclusion remains robust after multiple tests, including instrumental variable methods, variable replacement, and lag tests. (2) The productivity-enhancing effect of digitalization exhibits notable heterogeneity. At the enterprise level, the enhancing effect is more pronounced in state-owned enterprises; at the regional level, the promoting effect is significantly stronger in the eastern region compared to the central and western regions. (3) Mechanism analysis indicates that digitalization drives TFP improvement through an innovation-driven path by enhancing innovation output capacity, and it effectively reduces information barriers to promote TFP through a cost optimization path. The research findings of this paper help accurately assess the productivity effects of digital transformation and provide empirical evidence for policy formulation and adjustment.