数字化转型对企业全要素生产率的影响研究——以制造企业为例

Research on the Impact of Digital Transformation on Total Factor Productivity of Enterprises—Taking Manufacturing Enterprises as an Example

摘要: 在数字经济时代，数字化转型已成为推动社会经济转型升级的关键驱动力，对我国实现高质量经济发展目标具有重要的战略意义。本研究聚焦微观企业层面，以2010~2021年中国A股沪深两市上市公司为研究样本，通过文本挖掘与专利数据分析相结合的方法，构建了可量化的数字化转型指标体系。基于此，本文采用固定效应模型和中介效应分析方法，系统考察了数字化转型对企业全要素生产率(TFP)的影响机制及作用路径。实证结果表明：1) 数字化转型对企业全要素生产率具有显著的正向促进作用，在控制内生性问题后，这一结论依然稳健；2) 机制检验发现，数字化转型通过双重路径影响制造企业生产率：一方面促进企业创新能力升级，提升技术创新效率与质量；另一方面优化劳动力结构，提高高技能人才比例，实现人机协同效应。本研究不仅从微观层面验证了数字化转型的生产力效应，为评估其经济价值提供了实证依据；同时，研究结论对引导企业科学规划数字化转型应用策略、推动技术创新与生产运营深度融合具有明确的政策启示，为我国经济高质量发展提供了理论支撑与实践参考。

Abstract: In the era of digital economy, digital transformation has become a key driving force for promoting socio-economic transformation and upgrading, carrying significant strategic importance for China to achieve high-quality economic development goals. This study focuses on the micro-enterprise level, using listed companies on the Shanghai and Shenzhen stock exchanges in China’s A-share market from 2010 to 2021 as research samples. By combining text mining and patent data analysis, a quantifiable digital transformation index system is constructed. Based on this, this paper employs a fixed-effects model and mediation effect analysis to systematically investigate the impact mechanism and path of digital transformation on enterprise total factor productivity (TFP). The empirical results show that: 1) digital transformation has a significant positive effect on enterprise TFP, and this conclusion remains robust after controlling for endogeneity issues; 2) mechanism tests reveal that digital transformation affects manufacturing enterprise productivity through dual paths: on the one hand, it promotes the upgrading of enterprise innovation capabilities, enhancing the efficiency and quality of technological innovation; on the other hand, it optimizes the labor structure, increases the proportion of high-skilled talents, and achieves a human-machine synergy effect. This study not only verifies the productivity effect of digital transformation at the micro-level, providing empirical evidence for assessing its economic value; but also offers clear policy implications for guiding enterprises to scientifically plan digital transformation application strategies and promote the deep integration of technological innovation and production operations. It provides theoretical support and practical reference for the high-quality development of China’s economy.