数字化转型能否提升制造业企业产能利用率？——基于上市公司数据的检验

Can Digital Transformation Improve Capacity Utilization in Manufacturing Firms? —Evidence from Data on Listed Companies

摘要: 本文基于2010~2024年沪深A股制造业上市公司面板数据，运用文本分析法构建企业数字化转型指标，采用随机前沿模型测算产能利用率，并通过固定效应回归模型实证检验数字化转型对制造业企业产能利用率的影响。实证结果显示，数字化转型显著提升企业产能利用率。机制检验表明数字化通过促进创新投入与提升供需匹配效率两个路径发挥作用。内生性与稳健性检验进一步确认了结果的稳健性。此外，异质性分析发现数字化对非国有企业的产能利用提升效应更为显著。本文不仅丰富了数字经济与企业资源配置效率研究，还为制造业数字化实践提供了政策启示。

Abstract: Based on panel data of Chinese listed manufacturing firms from 2010 to 2024, this study measures corporate digital transformation using text analysis and capacity utilization by stochastic frontier analysis. Using fixed effects regressions, we find that digital transformation significantly enhances capacity utilization. Mechanism tests show that digital transformation improves capacity utilization by promoting innovation and reducing supply-demand deviations. A series of robustness and endogeneity tests confirm the findings. Heterogeneity analysis reveals stronger effects for non-state-owned enterprises. Our results deepen the understanding of the economic consequences of digital transformation and offer practical implications for manufacturing enterprises.