| Under the background of digital economy,the internal and external environment of enterprises has undergone drastic changes,and enterprises are facing unprecedented challenges and opportunities.In order to enable the digital economy to promote industrial transformation and upgrading and boost economic development,China has elevated the digital economy to the level of national strategy,put forward the goal of building a “Digital China”,and supported relevant policies and supporting measures to encourage the digital transformation of enterprises.In his report to the 19 th National Congress of the Communist Party of China(CPC),General Secretary Xi Jinping made it clear that we should vigorously promote the development of the Internet,big data and artificial intelligence to foster new growth points and form new drivers.Many companies are pursuing digital transformation,but the economic effects of digital transformation are unclear.As an important micro subject of economic activities,the growth of total factor productivity of enterprises is directly related to the overall productivity growth and economic development level of a country.In particular,vigorously promoting total factor productivity is also the essential requirement of supplyside structural reform.Therefore,it is undoubtedly of great practical significance to correctly grasp the development trend of China's digital transformation and understand the internal relationship between digital transformation and total factor productivity for the survival and development of enterprises,industrial transformation and upgrading and high-quality economic development.However,there is still a lack of research on the relationship between digital transformation and productivity.In particular,whether the digital transformation can promote the productivity growth of enterprises and how to promote the productivity growth of enterprises need to be further studied.The purpose of this study is to further explore the theoretical mechanism by which digital transformation promotes the improvement of enterprise total factor productivity,and to conduct a multi-dimensional empirical investigation on the productivity effect of digital transformation,based on the basic facts of the relationship between digital transformation and enterprise productivity in China.Based on the dynamic capability theory,transaction cost theory,upper echelon theory,endogenous growth theory as the foundation,build to executives of digital literacy as regulating variable "digital transformation,enterprise ability,enterprise total factor productivity" concept model,discusses enterprise digital transformation mechanism of the influence of total factor productivity of the enterprise,enterprise ability of medium and senior executives of digital literacy.The main work includes three aspects:Firstly,grasp the current situation of enterprise digital transformation and enterprise productivity and the basic relationship between them.Firstly,this paper takes Chinese Ashare listed companies as research samples,conducts text mining on the annual reports of listed companies,obtains quantitative indicators of digital transformation of enterprises,and analyzes the basic status quo of digital transformation of Chinese enterprises.Secondly,after sorting out the productivity measurement indicators and estimation methods,LP method and WRDG method are used to estimate the total factor productivity of enterprises,so as to analyze the basic status quo of enterprise productivity.Finally,based on the index data of digital transformation and productivity,the correlation between digital transformation and productivity of enterprises is preliminarily discussed.Secondly,a conceptual model of the impact of digital transformation on enterprise productivity is constructed and the corresponding assumptions are put forward.Firstly,based on the transaction cost theory and the endogenous growth theory,this paper proposes the hypothesis that the digital transformation of enterprises will have a positive impact on the productivity of enterprises.Second,after carding enterprise competence theory,enterprise competence can be divided into static and dynamic ability of two dimensions,respectively discussing static ability and dynamic ability in enterprise digital transformation and the mediation role of relationship between productivity,will digital transformation of enterprises are put forward by improving the static and dynamic ability to promote enterprise productivity growth assumptions;Finally,based on the theory of high-level echelon,the author proposes the hypothesis that senior executives' digital literacy has a positive moderating effect on the relationship between digital transformation and enterprise capabilities,and between enterprise capabilities and productivity.Thirdly,the empirical research scheme is designed,and the theoretical hypothesis is tested by establishing an empirical model.Firstly,after a detailed introduction of the research samples and data processing,the empirical research model of this paper is constructed.Secondly,regression analysis is conducted on the relationship between digital transformation and total factor productivity.Thirdly,it analyzes the mediating effect of firm capabilities,including the regression analysis of digital transformation and firm capabilities,the regression analysis of firm capabilities and total factor productivity,as well as the testing results of the mediating effect of firm capabilities.Then,the moderating effect of executive digital literacy is discussed,and the moderating effect of executive digital literacy between digital transformation and enterprise capability,and between enterprise capability and productivity is tested respectively.Finally,the empirical results are summarized and the corresponding results are discussed.Based on the above research,this paper draws the following conclusions: first,the degree of digitalization of Chinese enterprises is increasing year by year from 2007 to 2019,and there is obvious regional heterogeneity,industry heterogeneity and enterprise ownership heterogeneity;Second,the total factor productivity of Chinese enterprises is on the rise,but there are great differences among regions,industries and enterprises of different ownerships.Third,the digital transformation of enterprises can promote the improvement of enterprise productivity on the whole,and there is no "productivity paradox".Moreover,the digital transformation of enterprises,manufacturing enterprises and private enterprises in the eastern region has a more obvious promoting effect on total factor productivity.Fourthly,in the process of enterprise digital transformation affecting enterprise productivity through enterprise capability,the profitability and sales capability reflecting the static capability have a significant positive mediating effect,but the development capability and all dynamic capability indicators have no obvious mediating effect.Fifth,senior executives' digital literacy plays a positive moderating role in the relationship between digital transformation and sales ability,and in the relationship between development ability,sales ability,and total factor productivity.Sixth,based on the theoretical and empirical research conclusions,the corresponding management enlightenment is put forward,and the further research direction is prospected.The innovations of this paper are as follows:First,under the background of digital economy,this paper combines the digital transformation of enterprises,the capability of enterprises and the productivity of enterprises,and provides a new research perspective for the research on the productivity growth of enterprises.According to the available data,there are still very few studies on the productivity effects of digital transformation of enterprises.This paper introduces enterprise capability as a mediating variable and executive digital literacy as a moderating variable to discuss the relationship between the digital transformation of enterprises and the productivity of enterprises.Second,this paper establishes a theoretical analysis framework of the digital transformation and productivity of enterprises.Breaking through the traditional onedimensional and static research paradigm of the research on the sources of firm productivity growth,this paper focuses on the theoretical mechanism and empirical problems of the relationship between firm digital transformation and firm productivity from a multidimensional and dynamic perspective.Third,this paper extends the design of empirical research.At present,most of the relevant studies on digital transformation are based on theoretical analysis,and in the few empirical studies,the data are mainly from questionnaire survey or interview.These two methods have strong pertinence,but the source of samples is limited and subject to the limitation of time and space and subjectivity.In this paper,the unbalanced panel data from the annual reports and financial reports of listed companies are adopted to expand the scope of the research object and the sample size.Meanwhile,enterprises of different regions,industries,scales,and natures are included,which is helpful to obtain richer research conclusions.In addition,listed companies have more stringent information release system and disclosure requirements,and the relevant data are relatively more comprehensive,more specific and more accurate,which enhances the objectivity and accuracy of research conclusions.Fourth,this paper improves the measurement method of key variables.First,in terms of enterprise digital transformation measure,no longer based on the technology of the single perspective,but from the double perspectives of technology and management,the digital transformation is divided into digital infrastructure,digital technology,digital business models and digitized four aspects,enrich the enterprise digital transformation measure with the core of the variables;Secondly,the measurement method of digital literacy of senior executives in existing studies is not clear.Based on the measurement of human capital level by the CEO's years of education,this paper further includes the professional background of the CEO(whether it is related to digital technology),which is novel as the proxy variable of digital literacy of senior executives. |
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