数字化转型对企业全要素生产率的影响——基于中国A股上市公司经验数据

The Impact of Digital Transformation on Enterprise Total Factor Productivity—Evidence from China’s A-Share Market

摘要: 从数字化转型角度探究数字化转型对全要素生产率的影响，有助于揭示数字技术与企业发展之间的联系，在政策推动的数字经济时代具有重要意义。本文将2011~2023上市公司数据作为研究对象，实证分析数字化转型对企业全要素生产率之间的关系。实证发现，企业数字化转型会提升全要素生产率，并通过了稳健性检验；机制分析表明：数字化转型通过提升企业价值进而促进企业全要素生产率的提升；异质性检验发现：数字化转型对国有企业、高新技术企业的全要素生产率促进效果更强。研究揭示了企业数字化转型的赋能作用，为企业数字化发展的战略提供了启示。

Abstract: Exploring the effect of digital transformation on total factor productivity from the perspective of digital transformation helps reveal the nexus between digital technologies and corporate development, which carries important implications in the policy-driven digital economy era. This paper takes data of listed companies from 2011 to 2023 as the research sample and empirically analyzes the relationship between digital transformation and corporate total factor productivity. The empirical results show that corporate digital transformation boosts total factor productivity, which has passed robustness tests. Mechanism analysis indicates that digital transformation elevates corporate total factor productivity by enhancing corporate value. Heterogeneity tests reveal that digital transformation exerts a stronger promoting effect on total factor productivity among state-owned enterprises and high-tech enterprises. This study unveils the empowering role of corporate digital transformation and provides insights for enterprises’ digital development strategies.